RBA unlikely to advance interest rate moves after lower than expected inflation figures

The consumer price index (CPI) came in materially lower than what was forecasted across markets

Australia’s inflation, a key metric in the RBA’s future interest rate calls, rose 0.6 per cent over the March quarter, according to data released by the ABS.

The consumer price index (CPI) came in materially lower than what was forecasted across markets and broadly in line with the RBA’s below market expectation.

Westpac was forecasting a one per cent lift in the CPI, with AMP Capital forecasting a 0.9 per cent rise.

The RBA say they will not increase the cash rate until actual inflation is sustainably within the two to three per cent range.

Seafarers 731 Flinders Street, Docklands VIC 3008 

For this to occur, wages growth will have to be materially higher than it is currently, which will require significant gains in employment and a return to a tight labour market, the RBA noted at its April board meeting.

The latest results will unlikely change the RBA’s thinking that rates won’t move until 2024 at the earliest.

CPI was 1.1 per cent up annually, compared to the forecasted 1.4 per cent.

New dwelling prices declined 0.1 per cent over the quarter, namely due to the impact of the Federal Government’s HomeBuilder grant and similar grants by Western Australian and Tasmania state governments.

“Without the offset from these grants, the price of new dwelling would have risen, reflecting increases in materials and labour prices in response to strong demand”, head of prices statistics at the ABS Michelle Marquardt said.

 

Article Source: www.urban.com.au

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Brisbane house prices hit record-breaking highs

Brisbane house prices have soared to record heights for the seventh consecutive quarter, with five blue-chip pockets now topping the $1 million median mark.

According to the latest Domain House Price Report, greater Brisbane house prices shot up by 1.7 per cent price over the March quarter to an unprecedented $632,999, with the average home in the capital’s inner ring – as well as Indooroopilly and Sherwood – now likely to set you back more than a $1 million.

Those key hot spots included Brisbane inner city, inner east, inner west and the inner north – where house prices skyrocketed by 13 per cent over the past year to $1.2 million, 13.2 per cent to $1.053 million, 10.4 per cent to $1.17 million and 13.1 per cent to $1.1 million, respectively.

Sherwood and Indooroopilly were the only suburbs outside the inner-city sanctum to reach seven figures after a 5.8 per cent price rise over the same period placed houses in the combined area at a hefty $1.035 million.

Property punters have put the ongoing growth spurt down to cheap credit, low stock levels and rising house rents, while citing skyrocketing interstate migration as a key driver with reports out-of-state home hunters now make up a whopping 50 per cent of buyers in some pockets.

While it’s a perfect storm that’s lead to historically high house prices, Domain senior research analyst Nicola Powell said, for Sydney and Melbourne buyers, the sunshine state capital was still seen as a haven for bargain abodes.

“[The current house price] is 6.2 per cent higher than the same time last year … but [despite that growth] Brisbane is still affordable compared to other capitals … and buyers moving from Sydney and Melbourne will have deeper pockets so I think the fundamentals are there for continued price growth,” Dr Powell said.

Top house prices

Region	Mar-21	Mar-20	Mar-16	YoY
Caboolture Hinterland	$475,000	$405,000	$370,000	17.3%
Brisbane Inner – East	$1,053,000	$930,000	$795,000	13.2%
Brisbane Inner – North	$1,100,000	$972,500	$830,000	13.1%
Brisbane Inner	$1,200,000	$1,061,500	$883,750	13.0%
Carindale	$890,000	$790,000	$697,000	12.7%
Redcliffe	$540,000	$485,000	$427,250	11.3%
Sandgate	$569,000	$515,000	$451,000	10.5%
Brisbane Inner – West	$1,170,000	$1,060,000	$850,000	10.4%
The Hills District	$685,585	$621,750	$560,000	10.3%
Wynnum – Manly	$700,000	$640,000	$570,000	9.4%
North Lakes	$500,000	$460,000	$420,000	8.7%
Holland Park – Yeronga	$900,000	$828,750	$699,000	8.6%
The Gap – Enoggera	$731,900	$675,000	$590,000	8.4%
Nathan	$750,000	$693,500	$615,000	8.1%
Kenmore – Brookfield – Moggill	$866,000	$810,813	$710,000	6.8%
Bribie – Beachmere	$548,500	$513,500	$415,000	6.8%
Jimboomba	$561,000	$527,500	$470,750	6.4%
Sherwood – Indooroopilly	$1,035,000	$978,000	$806,500	5.8%

Domain House Price Report, March 2021

But while the latest data will hit some home hunters with shallow pockets where it hurts, Dr Powell said, aspects of the market were still moving at a snail’s pace.

“Brisbane still has a two-speed market, with unit prices falling over the quarter and year, down 0.5 per cent and 1.1 per cent lower respectively. Affordability has improved for buyers who are paying a multi-year low for a unit at $398,612.

“The divergence of house and unit prices has made the value gap between purchasing a house and unit the largest on record.”

Despite the lag, unit prices in some sectors soared, with Redcliffe leading the charge after prices rose a whopping 23.4 per cent over the past year to $480,000.

It’s a surge that Ray White Redcliffe business owner Andrew Campbell said came off the back of incredibly tight house stock, sparking the agency to post record month after record month since January this year.

“A lot of our stock now is units and when we have houses, they are sold at the first open home,” Mr Campbell said. “A lot of people are now downsizing … and we are seeing some of our highest unit sales in three months.

“We sold a unit at 501/2 Prince Edward Parade, Redcliffe, for $1.345 million about six weeks ago – which was a great result – so while it’s hard to say what units will do as they always tend to lag, I think we’ll see some significant growth.

“There’s definitely still room on the peninsula as a whole because it has been so undervalued for so long.”

While interstate buyers have helped fuel the growth, Mr Campbell said, most home hunters were local – and their appetite was insatiable.

Top unit prices

SA3	Mar-21	Mar-20	Mar-16	YoY
Redcliffe	$480,000	$389,000	$380,000	23.4%
Brisbane Inner – West	$480,000	$445,000	$515,000	7.9%
Bald Hills – Everton Park	$483,000	$450,000	$430,000	7.3%
Cleveland – Stradbroke	$489,500	$458,250	$455,000	6.8%
Chermside	$409,500	$385,000	$455,000	6.4%
Narangba – Burpengary	$292,000	$275,000	$252,500	6.2%
Capalaba	$412,500	$390,000	$382,000	5.8%
Carindale	$509,300	$482,000	$470,000	5.7%
Brisbane Inner – North	$480,000	$465,000	$492,000	3.2%
Bribie – Beachmere	$371,250	$360,500	$333,000	3.0%

Domain House Price Report, March 2021

“In March we clocked 21 home transactions, which was $14.9 million in sales. This time last year was $3.3 million from six but that was pandemic mode. The year before [at the same time] we did 15 sales totalling $7 million and that was our benchmark,” he said.

“The number of buyers has increased dramatically by 20 and 30 per cent.”

Ray White New Farm agent Christine Rudolph said in the city’s inner pockets such as Paddington, Teneriffe/New Farm, Hawthorne and out to Indooroopilly, the mass interstate migration had reached record highs, sparking a severe rent shortage that was further fuelling house prices.

“We are continuing to see a massive drive of interstate and expat inquiry … in the prestige market 50 per cent of our sales are driven by local buyers and the other 50 per cent are from interstate and overseas,” Ms Rudolph said.

“In New Farm a high degree of our traffic is coming from the Sydney eastern suburbs and they say they can’t believe the value and how affordable it is here.”

In Sydney, house prices have soared to an unprecedented $1.3 million median, the Domain House Price Report showed, while Melbourne’s unit and house prices were both at record highs.

 

But while sun-seeking southerners forking out the big bucks were sparking major growth, Ms Rudolph said, the ongoing lack of stock, particularly at the prestige end, and COVID-fuelled property trends had further shot up house medians.

“We’ve definitely seen a change in trends since COVID – people have had more opportunity to spend time in their homes … and people are craving space and they are craving a view and beautiful gardens,” she said.

“It’s spurring the price growth and there’s also a degree of ‘FOMO’ at the moment because a lot of the local buyers are mindful of this continued interstate migration.”

Place Estate Agents Bulimba joint managing director Paul Curtain said in some prime pockets of the city’s inner east, price growth had averaged 12 per cent in the past quarter alone, with the traditionally lower end of the market nothing short of booming.

“An average house in somewhere like Camp Hill with perhaps three bedrooms and one bathroom on a 405-square-metre block might have sold for low $700,000s about 12 months ago … but now [homes like these] are selling for over $900,000,” Mr Curtain said.

He said interstate buyers were also making up about 50 per cent of buyers in his patch and said the cosmopolitan vibes and abundance of cafes and top eateries made the region particularly appealing to migrants from Melbourne, Sydney and overseas – especially for those who could snap up a house for 25 per cent less than in suburbs such as New Farm.

Across the city, the Domain data further revealed the Brisbane north region – which spans Stafford to Brighton – was one of the capital’s top performing regions after house prices rose 4.9 per cent over the past quarter to $670,094 – up almost 10 per cent year on year.

 

Article Source: www.domain.com.au

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Green Light for Gold Coast Turf Club Redevelopment

Night racing will come to the Gold Coast as part of the long-awaited $38-million redevelopment plans for the city’s turf club.

Premier Annastacia Palaszczuk on Tuesday announced the approval of $31.5 million to redevelop the 75-year-old racecourse, saying that it would become Australia’s “most impressive night racing venue”.

“This multi-million-dollar redevelopment will transform the Gold Coast Turf Club into one of the best racing venues in the country,” Palaszczuk said in a statement.

The project, which had been mooted for many years, was announced ahead of the state election last year.

To date, $1.5 million has been put towards feasibility and planning. The turf club is contributing $5 million towards the project.

The redevelopment will include the racing surfaces modernised to an all-weather synthetic track, the latest technology in lights for night racing and an in-field tunnel.

▲ The Gold Coast Turf Club will undergo a $38-million transformation.

Work on the new track is expected to start later this year and is slated to be completed before the Magic Millions race day in January next year. The project will also go to tender later this year.

Racing Minister Grace Grace described the club’s redevelopment as the “next game-changer for Queensland racing”.

“This investment means Australia’s favourite holiday destination will now have another thrill to offer, potentially rivalling Hong Kong’s massive tourism drawcard, Happy Valley.” she said

The project is expected to provide an 330 jobs during construction.

 

Article Source: theurbandeveloper.com

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Massive Rises Set House Price Records in March

House price rises have reached a record high during the March quarter, surging to an average of $899,509 across the country, with Sydney recording a $100,000 increase to the median house price.

According to Domain’s Quarterly House Price Report, the 5.7 per cent quarterly gain was the steepest rise in almost 18 years and the first time in more than a year that the capital cities have outperformed the regions.

Domain senior research analyst Dr Nicola Powell said all capital cities had posted growth in house prices, and it was the first time they had risen simultaneously for two consecutive quarters since 2009 post-GFC.

“Record low interest rates, improved household savings, low listing volumes, post-lockdown lifestyle changes, consumer sentiment roaring to an 11-year high, returning cashed-up expats and government incentives have all fuelled demand for housing and a strong market performance,” she said.

“National unit prices are now just above the previous price peak reached in mid-2017 at $594,340.

“The 8 per cent drop from mid-2017 to early 2019, as well as the 2.1 per cent COVID decline mid-2020, have now been recouped.”

Median House Prices – March 2021

^Source: Domain House Price Report 

SYDNEY

Sydney house prices increased more than $100,000 during March to a new record of $1.3 million, which, according to Powell, was the fastest quarterly acceleration of house prices since Domain records began in 1993.

“This has pushed annual house price gains into double digit percentage growth, making it the steepest increase since the lead up to the previous price peak in mid-2017, at 12.6 per cent,” she said.

“Houses at the upper end are leading the charge, with the strongest quarterly gains recorded in the eastern suburbs, northern beaches, Baulkham Hills and Hawkesbury. All Sydney regions have hit record high house prices.

“For homeowners, this is the fastest rate of capital growth on record … low mortgage rates have improved the affordability of repayments, but saving for a deposit is a challenge due to rapidly rising prices, low wages growth and low interest on savings.”

MELBOURNE

For the first time in 12 months Melbourne’s housing prices have risen at a faster pace than regional Victoria.

House prices surged 4.8 per cent to a median of $974,397, an annual increase of 7.3 per cent.

Dr Powell said she believed the city’s house market would crack the $1-million median house price during the next quarter.

“It will take just over half of the percentage growth recorded during the March quarter to achieve this milestone,” she said.

“The Mornington Peninsula continues to be the standout performer with house prices leaping 16.6 per cent compared to last year.”

Melbourne’s unit market continues to underperform but it was the only capital city to record a new unit price high, banking a 2.2 per cent rise during the March quarter to a median price of $568,793.

Powell said record low interest rates, and state and federal housing incentives had fuelled housing demand in Melbourne as residents reassessed lifestyle choices during multiple lockdowns.

“This will undoubtedly have spurred homeowners to rethink lifestyle choices, bring forward decisions or even readjust housing needs, resulting in booming levels of home loans financed,” she said.

“While this has been led by owner-occupiers, investors have started to make a comeback.”

BRISBANE

Greater Brisbane has recorded a new record high median house price of $632,999. House prices have risen 6.2 per cent from the same time last year, which Powell said offered homeowners “steady capital growth”.

“Brisbane still has a two-speed market with unit prices falling during the quarter and year, down 0.5 percent and 1.1 per cent lower respectively,” she said.

“The divergence of house and unit prices has made the value gap between purchasing a house and unit the largest on record.”

Powell said the Gold and Sunshine coasts continued to perform, despite a slight easing off the pace of price acceleration on the Gold Coast.

“Prices hit new records on the Sunshine Coast, with houses providing some of the strongest rates of annual growth across Australia,” she said.

“Sunshine Coast house prices increased 6.9 per cent during March to $770,000, a staggering 19.4 per cent higher than one year ago. Units on the Sunshine Coast jumped 10.2 per cent during the quarter to $550,000, 18.3 per cent higher than last year.

“This is the quickest rate of price increases in roughly 17 years.”

Median Unit Prices – March 2021

^Source: Domain House Price Report 

ADELAIDE

Adelaide house prices rose 3.7 per cent during the March quarter to a new record high of $599,706.

Powell said Adelaide’s south recorded double-digit annual house price growth at 11.6 per cent, but it remained the third most affordable city in which to buy a house after Perth and Darwin.

“For the first time on record it is now more affordable to purchase a house in Adelaide than Hobart,” she said.

“For houses and units, current sale transactions are at the highest level since 2007 … the flow of new listings has not been able to keep pace with buyer demand.

“Interstate migration has been a constant drain on housing demand, however the stark turnaround has netted a positive flow of residents into South Australia for two consecutive quarters – the first half year rise in almost three decades.”

Unit prices in Adelaide increased 1.1 per cent during the quarter to $344,062.

PERTH

Perth house prices have reached their highest point in about five years and unit prices are the highest in almost three years according to Domain’s quarterly report.

“House prices rose 2.4 per cent over the March quarter, the fourth consecutive quarter of growth. Units notched a third consecutive quarter of growth, up 3.9 per cent … this uninterrupted run of price growth has not occurred since 2013 in the lead-up to the previous price peak reached in 2014,” Powell said.

“Houses remain $37,000 lower and units $50,000 lower than the 2014 record highs, with the price gap rapidly closing.

“It would take another three consecutive quarters at the exact same pace of percentage growth recorded over the March quarter for house prices to surpass the 2014 high.”

Powell said while Perth remained an affordable housing market, the rising prices were creating pressure to purchase before they accelerated too far.

HOBART

Median house prices in Hobart have cracked $600,000 to a hit a record high.

Prices soared 7.6 per cent over the March quarter to $601,567 according to Powell.

“This is the steepest quarterly jump since 2017,” Powell said.

“This has pushed annual gains 15.9 per cent higher, the biggest jump since 2018… [and] it appears that house price growth is accelerating.

“At the end of 2019 Hobart was the most affordable capital to purchase a house.”

According to Powell, house and unit prices have increased 73 per cent and 67 per cent respectively during the past five years, surpassing every other capital city in Australia.

CANBERRA

Canberra house prices are inching closer to a median value of $1 million after a 9.7 per cent lift during the March quarter. It has experienced the fastest acceleration of house price growth since Domain began recording the data in 1993, now with a median value of $927,577.

“This has pushed annual house price gains to 19.5 per cent, the steepest annual increase in 17 years,” Powell said.

“Canberra is a breakaway performer compared to the other capital cities, recording the strongest annual and quarterly house price growth.”

Powell said the strongest gains were at the upper end of the market in North Canberra, South Canberra and Woden Valley with a median above $1 million. She said it was largely due to higher average wages, job security and low mortgage rates encouraging people to upsize.

“Another quarter at the same percentage growth rate would push house prices above $1 million,” she said.

“This level of quarterly growth is normally the output of an entire year and is extremely rare for Canberra to experience in one single quarter.”

DARWIN

Following a multi-year downturn, prices have begun to improve in Darwin, according to Powell.

“For houses, this recovery continued and prices have hit the highest point since late 2018,” she said.

“House prices jumped 9.1 per cent during the March quarter to $554,295, the steepest quarterly rise since 2009.

“Unit prices declined a marginal 1.8 per cent over the quarter to $293,731.”

Powell said while prices had increased they were still $124,000 below the 2013 peak.

 

Article Source: theurbandeveloper.com

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Brisbane CBD office market heats up

Brisbane has emerged as the country’s hottest CBD office sales market with more than $1 billion in transactions expected to close through the first six months of 2021.

There are at least six major deals in motion around the Brisbane CBD as an increasing number of owners test the market in a city agents say is “poised” for further growth.

The catalyst has been strong post-COVID-19 prices paid for office towers at 10 Eagle Street, which fetched $285 million, and 310 Ann Street, sold to Ashe Morgan for $210 million.

“I think what we’ve seen off the back of assets like 310 Ann Street and 10 Eagle Street is a bit more influx of activity in the Brisbane CBD,” said Justin Bond from Knight Frank.

He said investors like the rental returns, which can reach 6 per cent on a passing yield, and are not intimidated by relatively high office vacancy rates of 14 per cent or sector uncertainty caused by rise of remote working.

“Obviously the return in Brisbane compared with Melbourne and Sydney is quite strong,” he said.

“We’re pretty well poised with major infrastructure like Cross River Rail, and also now with the Olympics potentially coming, there’s a lot of activity in Brisbane. The CBD in my mind is looking quite healthy.”

Knight Frank research said $740 million of Brisbane CBD offices had already sold so far this year – compared with $607 million in all of 2020.

Mr Bond is marketing the latest CBD property to hit the market: a 27-level office building managed by Investa at 179 Turbot Street that market observers expect will attract interest around the $200 million mark.

Meanwhile, expressions of interest close on Wednesday for No. 1 Brisbane, a package of three buildings owned by Charter Hall on Queen Street Mall that has been marketed with a price guide of around $120 million.

An off market campaign is also being run for the 10 level office building at 299 Adelaide Street, owned by FA Pidgeon & Son, which developed the site in the mid 2000s after buying the land a decade earlier for $3.5 million.

Marketing is under way for 444 Queen Street, a 56-year-old building owned by Abacus Property Group and the Public Trustee of Queensland, and is being cast as a repositioning opportunity for between $50 million to $60 million.

Local agents say 545 Queen Street is being sold by Axis Capital, which bought it in 2017 for $70 million, to Cromwell Property Group for $118 million, a deal that requires Foreign Investment Review Board approval.

Yet another property on the market is the office high-rise at 50 Ann St, with talk that around $210 million is being asked for the 25,519 square metre building.

Tom Phipps from CBRE, who is marketing No. 1 Brisbane and is also involved in the sale of 444 Queen Street with Knight Frank, said there is good depth of capital chasing investment opportunities.

He said most of it is local and coming from a mix of syndicates, high net worth individuals and private investment companies. “Good quality office stock in the CBD is getting attention again,” Mr Phipps said.

 

Article Source: www.afr.com

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Beautiful Queenslanders: Family home goals in Brisbane’s inner south

A Brisbane property power couple have placed their exquisite Queenslander on the market – offering a timeless slice of renovated real estate they say was the ultimate pandemic-proof paradise.

Dubbed ‘Magnolia’ and perched on a rare 1012-square-metre parcel ensconced in greenery, the magnificent five-bedroom homestead, at 108 Plimsoll Street, Greenslopes, was slowly transformed from an ageing cottage into a luxurious family abode by James and Angela Curtain, of Place Estate Agents Woolloongabba – with the result being a masterclass in old-world charm and modern elegance.

Featuring a wine cellar, a glass-framed saltwater pool, wool carpets and a carefully crafted layout blending resort sophistication with warmth and functionality – the home oozes a sense of style that Mrs Curtain said they spent over a decade cultivating before finally deciding it was time to downsize.

108 Plimsoll Street is on more than 1000 square metres of land in inner-city Greenslopes. Photo: Place Estate Agents

“This is one of our more memorable renovations and, because we’ve lived in it for longer than any other home, we will miss it,” Mrs Curtain said.

“We’ve hosted big family Christmases here and two 21st birthdays. We have lived in it and loved it for 12 years and even during COVID we had all our family here. We had our three boys and even their girlfriends and we had some beautiful times just cooking and entertaining and drinking wine so that it (the quarantine) was actually wonderful.”

The couple, who have had a long love affair with the quintessential Queenslander, said it was easy to see the potential of the grand old abode all those years ago, inspiring them to snap up the property off-market and undertake a series of major makeovers that included removing an old forte, extending the second level and transforming the carport underneath the house.

“We have moved quite a lot and we have renovated homes and built them, but then we found Plimsoll Street and we fell in love in with this home and the potential it had,” Mrs Curtain said.

A beautiful old tree shades the sprawling backyard. Photo: Place Estate Agents

“Because it was in its original form it had all the original fretwork there and the beginnings of some beautiful gardens with magnolia trees and then there was the privacy of the pool which we loved.

“But the garage was underneath the house and it wasn’t built in at all. It was just cement floors. Up the back was an old forte and that in time we got rid of and we also carpeted all the bedrooms.

The house features generous bedrooms. Photo: Place Estate Agents 

“In the last three years, we completely renovated the whole home and we dug in underneath the garage. We’ve put in a new kitchen with marble, we built in the side verandah and created the study with timber shutters that provided a closed in space. We also installed an internal staircase to go downstairs to the wine cellar.”

With attention to detail at the forefront (an aspect of renovating that Mrs Curtain said was arguably the most important) the home now features a fireplace, three bathrooms, a full-sized home office, a home gym, the insulated wine cellar with a humidifier and 130 square metres of lawn alongside the kitchen, which opens up to the al fresco area with a professional bar set-up.

108 Plimsoll Street, Greenslopes. Photo: Place Estate Agents 

Additional elements include the airconditioning, ceiling fans, automated awnings and an outdoor firepit, alongside a full push sound and vision technology system on both levels that add modern functionality to the original character features such as high ceilings, VJ walls and timberwork.

For Mr Curtain, who is the Woolloongabba office director, these features combine to make an incredible family abode with the x-factor being the land.

“The thing that first caught my eye was (not only) the 1000-square-metre block but that both of the neighbouring blocks are the same size and even the blocks behind are of a similar size so you have a great sense of space from your neighbours,” Mr Curtain said.

“It offers a beautiful level of privacy and it’s a great place to relax and getaway. The other thing when we bought it is I could see that the living spaces had the ability to be transformed into the type of space we wanted.

The downstairs of the house is also spacious and bright. Photo: Place Estate Agents 

“As a real estate agent, you do look at a lot of beautiful properties but the ones you think will work for you are few and far between.”

While they love the enduring style of the classic Queenslander while understanding the intricate details that make a home work for the modern family, even they couldn’t have predicted just how much their meticulous renovation would suit a post-pandemic world.

“I think you can see now that post-COVID there is a greater pressure to study from home and work from home and even the fact that we haven’t had the ability to travel means the space we have has become more critical,” Mr Curtain said.

“When we were renovating, we weren’t expecting it but when it [COVID] struck we were more than comfortable and able to accommodate teenage boys and girlfriends but also maintain our exercise and then when it came to entertaining and that wine cellar (we were thrilled).

The original character of the Queenslander has been preserved and extended to incorporate modern luxuries. Photo: Place Estate Agents 

“We are certainly going to miss the house and it will be a difficult transition but it’s time to move on.”

The property will go up for auction on May 15 at 11am through Denis Najzar and Chris Dixon, of Place Woolloongabba, and has already accrued buyer interest from locals, interstate buyers and offshore home-hunters.

 

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Inside Surfers Paradise’s Stunning New Five-Star Luxury Resort

Unless you’ve been fast asleep under a rock, then you’ll know the Marriott in Surfers Paradise has been undergoing massive renovations since early last year—$35 million dollars’ worth to be exact, which practically makes it an entirely new venue.

Drawing inspiration from both the coastal and hinterland surrounds, Australian design studio DBI has transformed the iconic property into a luxe, serene retreat that reflects the new JW Marriott brand and, spoiler alert: she’s a stunner.

Just in case you’re wondering what the difference between a Marriott and a JW Marriott is, it’s pretty straightforward: the JW Marriott is in a higher tier than traditional Marriott hotels, which means that you can expect a more luxurious experience at the new, glowed-up venue (which is definitely our favourite kind of experience).

So what does a $35 million-dollars refurbishment look like? Well, we’re talking a total refresh of the 223 rooms and suites, as well as the Marriott’s two original restaurants, the lobby lounge and bar, and pool bar.

The resort’s teppanyaki restaurant, Misono, was expanded to incorporate new Japanese-inspired dining experiences, including an intimate izakaya, tearoom, sushi bar and a Japanese whisky bar with a stunning new outdoor terrace—we’ll happily confirm that sipping Japanese whiskey while staring out into a Surfers Paradise sunset never gets old.

Citrique, the resort’s main restaurant, now features a new interactive show kitchen, placing fresh local produce and seafood at the heart of its daily menu. Citrique has also scored a new JW Market, which is the hotel’s café and provedore, serving freshly ground coffee and healthy bites you can grab on the go, which is pretty genius because no one wants to waste precious holiday minutes hunting for snacks.

And because we’re big fans of sustainability, it means we’re also big fans of the JW Marriott’s gorgeous new garden, that’s stocked with all sorts of fresh herbs (they even have bees!) and ingredients to provide guests with an authentic farm-to-table dining experience. You can also sign up for hands-on cooking classes or herb planting activities, all scheduled to keep both adults and kids entertained amidst all the relaxing downtime.

“Our philosophy is to help guests focus on feeling whole, whether that is present in mind, nourished in body or revitalised in spirit, fused with the distinctive warm hospitality the Gold Coast is known for,” says Ravinder Dhesi, the resort’s General Manager.

So if you’ve been looking for a new spot to staycation, take this article as a sign. You can hit up the JW Marriott’s website for more info or bookings.

Can’t get enough of fabulous resorts with stunning pools? Swim your way through the most glamorous hotel pools in Australia.

 

Article Source: www.theurbanlist.com

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Brisbane rich lister snaps up popular Noosa hotel

A Brisbane property and retail entrepreneur has snapped up one of the Sunshine Coast’s favourite pubs with arguably Noosa’s best views.

Sources at the auction said Greg Josephson paid $13.9m under the hammer for the two-storey Noosa Reef Hotel which sits on an expansive 5069sq m site.

Based in Brisbane, Mr Josephson with his brother Michael founded Universal Store in 1999 with a their first store in Carindale.

They built up an Australian-wide network of 53 stores before selling out to a consortium of private equity investors in 2018 for $100 million.

Before his retail career Mr Josephson was an executive with Westfield and Lendlease.

JLL joint head of retail investments – Australia Sam Hatcher and Jacob Swan marketed the property on Noosa Hill, which provides views out over Noosa Main Beach and the North Shore. They refused to comment on the buyer.

The Noosa Reef Hotel on Noosa Hill. 

The property was owned by ASX-listed ALE Property Group and has a long term, net lease to Endeavour Group – a subsidiary of Woolworths Group – with initial ­expiry in 2029 plus four 10-year options. The sale realised a yield of 4.98 per cent.

The auction produced 10 registered bidders and the campaign generated more than 200 inquiries including one from overseas.

Mr Hatcher said Noosa’s local economy was one of the strongest in the country over the last 12 months, with record domestic tourism from both locally within Queensland and also the southern states.

“The Noosa housing market has continually seen record results over this period, with cashed up southern buyers looking to secure their own slice of Noosa,” he said.

 

Article Source: www.northernstar.com.au

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Rent Growth Strongest in 14 Years

National rental rates rose by 3.2 per cent during the first quarter of this year, the largest quarterly increase in the national rental index in 14 years.

Housing rents may be rising at the fastest pace since 2007, but CoreLogic’s research director Tim Lawless said this hide the diversity of rental conditions in Australia’s markets.

“At one end of the spectrum is Perth and Darwin where annual rental growth is well into double digits and accelerating,” he said.

“At the other end is Melbourne and Sydney where rents are down for the year.”

Houses and units in Darwin showed the strongest growth in rental rates for the quarter, up 8.2 per cent and 7 per cent for units, CoreLogic’s Rental Review figures showed.

Lawless said the annual decline in rents in Australia’s two largest cities was due to falling rents in the unit sector, which had experienced curbed demand thanks to internal border closures, on top of already existing supply challenges.

Australia’s rental markets

Region	Median Rent	Month	Quarter	12 months	Gross Yields	12 months ago
Sydney	$570	0.6%	2.8%	-0.2%	2.74%	2.96%
Melbourne	$443	0.2%	1%	-3%	2.92%	3.2%
Brisbane	$463	0.9%	3%	4.2%	4.28%	4.41%
Adelaide	$419	1.1%	2.9%	4.9%	4.31%	4.5%
Perth	$456	2%	5.9%	14.2%	4.4%	4.3%
Hobart	$486	2.2%	6.1%	3.8%	4.5%	5.02%
Darwin	$519	2.4%	7.7%	16.5%	6.2%	5.86%
Canberra	$612	1.3%	2.6%	5.1%	4.43%	4.79%
Combined Capitals	$481	0.8%	2.9%	2.2%	3.25%	3.46%
Combined Regionals	$431	1.4%	4.1%	8.6%	4.69%	4.97%
National	$466	1%	3.2%	3.9%	3.55%	3.76%

^ Table reflects change in rents and gross yields for all dwellings. CoreLogic’s Q1 Rental Review.

Melbourne recorded the weakest growth in rents during the three months to March, with house rents up 1.6 per cent and unit rents unchanged for the quarter.

Melbourne unit rents have fallen by 8.2 per cent for the year while Sydney unit rents are 4.9 per cent lower, according to CoreLogic.

“Some inner-city precincts of Melbourne have seen unit rents fall by more than -20 per cent during the past 12 months,” Lawless said.

“Prospects for a material improvement in rental conditions in these inner-city high-density precincts are largely dependent on a return of tenancy demand from international students and visitors, who were previously a key component of rental demand.”

Lawless said that housing values had been rising at a faster rate, which meant rental yields had compressed across most of the capital cities.

“The exceptions are Perth and Darwin where rents have risen at a faster pace than housing values, driving a rise in yields,” he said.

“Outside of Sydney and Melbourne, with mortgage rates so low, yields are generally high enough to provide investors with positive cash flow opportunities from the outset.”

Across the combined regional markets, rents increased 4.1 per cent in the first quarter of the year while rents in the combined capitals increased 2.9 per cent.

Regional units recorded the highest quarterly rental growth of 4.8 per cent compared to the 2 per cent rise in capital city units.

Capital city house rents were up 3.3 per cent while regional houses rose by a higher 4 per cent in the three months to March.

Canberra was not only the most expensive market to rent a house across the capital cities, but also the most expensive capital city unit rental market in the quarter at $513 per week.

 

Article Source: theurbandeveloper.com

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Tasmania Leads Australia’s Economies

Tasmania has held the top spot in CommSec’s State of the States quarterly report for the fifth consecutive quarter, bolstered by population and economic growth, and equipment investment.

The quarterly report ranks the states based on eight key measurable indicators, reflecting the state of the local economies.

The Australian Capital Territory was second, while Western Australia has had a strong quarter, moving from sixth to third place.

CommSec chief economist Craig James said the ACT had continued its best performance in the economic rankings during the past four years.

“Tasmania and the ACT have firmly held their positions at the top of the performance rankings due to above-average population growth in Tasmania and a strong job market in the ACT,” he said.

“As a result, it’s unlikely we’ll see any considerable change at the top of the rankings in the near future.

“The main challenge will come from Western Australia … [its] economy has significant momentum provided by mining and home building.

State of the States rankings

Rank	State
1	Tasmania
2	Australian Capital Territory
3	Western Australia
4	Victoria
5	South Australia
6	Queensland
7	New South Wales
8	Northern Territory

^Source: State and Territory Economic Performance Report – April 2021

1. Tasmania

Tasmania remains on top of the charts after leading three of the eight economic indicators used in the State of the States quarterly report. These were relative economic growth, relative population growth and equipment investment.

Equipment investment in Tasmania was up 27.8 per cent on the decade average. Investment was up 43.5 per cent on the previous year.

2. ACT

The territory is leading on relative economic growth. Economic activity in the ACT in the year to December was 22.1 per cent above its ‘normal’ or decade-average level of output, ahead of Western Australia with output of 19.3 per cent above the ‘normal’ level of output.

The ACT recorded the fastest nominal economic growth, up 5.2 per cent during the year to December, supported by a firm job market.

It was also the strongest performer for retail spending, 19.4 per cent above decade-average levels in the December quarter, ahead of Tasmania and Queensland.

It also topped the relative unemployment measure. Despite the Covid-19 shock, unemployment in the ACT is at 3.4 per cent, 14.8 per cent below the decade average.

3. Western Australia

CommSec chief economist said the robust Western Australian economy could topple Tasmania’s footing at the top, underpinned by strong mining and homebuilding markets.

It also has a strong jobs market with a 4.8 per cent jobless rate, 12.6 per cent below the decade average.

It also experienced strong population growth up 1.24 per cent, second only to Queensland at 1.33 per cent.

4. Victoria

Victoria’s construction rate is 17.5 per cent up on its decade average. It is a shining beacon of economic recovery for the state, which also tops the rankings for housing finance.

The value of home loans in Victoria is up 87.7 per cent on the long-term average.

Victoria eased from equal third place, to fourth in the latest report. It was ranked seventh on relative unemployment and relative population growth.

5. South Australia

South Australia has moved from equal third place to fifth in this quarter’s rankings, despite strong relative population growth.

Dwelling starts were also high—South Australia remained in third place with starts up 15.6 per cent on the decade average.

6. Queensland

While Queensland ranked sixth, Commsec chief economist Craig James said the state could be the dark horse in the near future with strong population growth and housing finance.

“Queensland also has scope to lift its ranking in 2021 due to improvement in the job market, rising in-bound migration and increased domestic tourism demand,” James said.

The state ranked eighth for equipment investment and relative economic growth.

7. New South Wales

Urban Taskforce chief executive Tom Forrest said New South Wales was “lagging behind”, ranking last for relative economic growth across the country.

“The NSW government oversaw a slowdown of planning approvals well before Covid-19,” he said.

“The planning system ground to a halt at the end of 2019 and stayed there in 2020 … that is bad news for NSW.

“The property development and construction industry represents 10 per cent of the NSW economy.”

New South Wales also ranked last for annual population growth, the slowest in more than 25 years.

8. Northern Territory

Northern Territory ranked second on equipment investment and sixth on relative economic growth, but continued to lag behind the rest of the country on all other six indicators according to CommSec chief economist Craig James.

“Equipment investment in the Northern Territory rose by 53.8 per cent in the quarter to 5.5-year highs,” he said.

 

Article Source: theurbandeveloper.com

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Top 20 Brisbane Development Projects

Brisbane is preparing to add a succession of new major development projects to its ever-changing skyline.

Australia’s third-largest city recently welcomed the completion of the $1.1-billion second runway at the Brisbane International Airport and has been boosted by a $50-billion infrastructure and transport pipeline. The city is also lining up an Olympic bid.

While Brisbane’s infrastructure backlog has finally started to move, the Queensland capital is still coming to terms with a stagnant apartment market.

The city’s resources-dependent economy has been thriving in recent years with rental growth across the commercial sector growling steadily within the A-grade asset class.

Despite the increase in new supply during the half-year period, Brisbane is still in for a lean period of new office buildings.

Sizeable residential masterplans and commercial precincts have added to the city’s burgeoning development pipeline, with strong population growth prior to Covid-19 unlocking development opportunities.

From the city-shaping cross-river rail to a new multi-billion-dollar casino as well as a number of high-profile high-rise commercial, hotel and residential projects, the city is primed for major development projects and growth.

Waterfront Place

Property giant Dexus is pushing ahead with plans for a $2.1-billion transformation of Eagle Street Pier and its Waterfront Place commercial precinct in Brisbane’s CBD.

The country’s biggest office landlord lodged plans in June for its 9000sq m riverfront site and secured approval in February.

Plans include two new commercial towers, riverfront dining, public plazas, extended riverwalk and ferry terminal.

The existing Eagle Street Pier building, next to the Harry Seidler-designed Riparian Plaza and Riverside Centre, will be replaced.

The 75,300sq m north tower will reach 49-storeys and the 43-storey south tower with 60,000sq m of office space in total. Both towers will sit above four levels of underground car parking.

Dexus plans to begin construction on the Eagle Pier site in 2022 with the first stage to be delivered by 2026.

Status:
Approved

Key facts:
• Designed by FJMT and Arkhefield
• The project will feature 9000sq m of riverside public open space
• It is projected to create more than 1,000 construction jobs

Queens Wharf

Brisbane’s $3.6-billion Queen’s Wharf development—which has taken more than a significant footprint of the CBD—has moved ahead with construction and is now well under way.

Destination Brisbane Consortium—which includes the Star Group, developers Far East Consortium and Hong Kong-based Chow Tai Fook—is responsible for the integrated resort, after being selected by the Queensland government to transform the riverfront site.

The project, the largest private sector development in Queensland, is spread over 12ha of land and 15.3ha of water and will eventually comprise a total gross floor area of 390,000 square metres.

The development, earmarked for completion by late 2022, will offer four luxury hotels, 2000 residential apartments and a casino.

Status:
Under construction

Key facts:
• Designed by Cottee Parker
• The project is being delivered by builder Multiplex
• Will offer 50 bars and restaurants and a 100m-high ‘sky deck’
• The project has earned a 6-Star Green Star Communities rating

205 North Quay

Super fund developer Cbus Property, in conjunction with its local partners Nielson Properties and the Raniga family, is moving ahead with plans for a $600-million office tower in Brisbane’s fast-growing North Quarter precinct.

The development, a 37-storey A-grade office tower, was approved in February for a 3000sq m riverfront corner site, created from the amalgamation of properties at 205 North Quay and 30 Herschel Street.

The development will be known as 205 North Quay and will add 50,000sq m of net lettable area to the Brisbane CBD office market in the fast-growing North Quarter precinct.

Status:
Approved

Key facts:
• Designed by Hassell, REX and Richards & Spence
• Features a whole-floor wellness facility and rooftop facilities
• Targeting 6 Green Star and 5.5 Star NABERS Energy ratings

Griffith University

Griffith University is moving forward with $1-billion plans to leave Mount Gravatt Campus, lodging a development application in September to create a new vertical campus at Roma Street Station.

New and existing students will be welcomed at the 55-storey tower in Brisbane’s CBD as well as the growing Logan campus.

The ground floor of the building includes a public auditorium to be used for presentations on scientific developments, debates and community services.

Status:
Under assessment

Key facts:
• The uni plans to take up 15 of the 55 floors
• Will help accommodate 4000 students transitioning from Griffith’s Nathan Campus
• Will act as a hub for the uni’s IT, business and law schools and student accommodation

No.1 Brisbane

Fund manager Charter Hall has secured approval for major commercial development in the heart of the CBD.

The 35-storey project is slated for a 1850sq m corner site at the top of the CBD’s Queen Street Mall, created from the amalgamation of three properties at 217 George Street, 231 George Street and 60 Queen Street, ranging from three to eight storeys in height.

The development will be known as 60 Queen Street and, if approved, will add 29,000sq m of net lettable area to the Brisbane CBD office market.

In March, Charter Hall listed the amalgamated site after investors in the partnership decided to release the asset.

Status:
Approved

Key facts:
• Charter Hall purchased the site for $94 million mid-2018
• Proposal designed by Blight Rayner
• Targeting 6 Green Star and 5.5 Star Nabers energy ratings

251 Wickham Street

Brisbane-based developer Cornerstone has plans before the council for a major commercial project in Brisbane’s Fortitude Valley.

The proposal, for a high-rise commercial tower alongside the landmark McWhirters building, calls for a 28-storey development spanning 14,500sq m of net lettable area.

The development is slated for a 1357sq m site between 251 to 253 Wickham Street, together with part of 47 Warner Street, currently occupied by a derelict and dilapidated building.

Plans feature meeting and recreation spaces on levels 15 and 27, a gym with lap pool, sky terraces and balconies.

The building will offer 55 car parking spaces across three basement levels as well as 108 bicycle spaces and end-of-trip facilities.

Status:
Under assessment

Key facts:
• Designed by Brisbane-based firm Bureau Proberts
• The site currently holds approval for an 11-storey proposal

Cross River Rail

Construction on Queensland’s biggest infrastructure project, the fully funded $5.4-billion Cross River Rail being built by a consortia of several government agencies and the private sector, is well under way.

The major project will comprise a 10.2km rail line from Dutton Park in Brisbane’s southern suburbs to Bowen Hills in the north, with a 5.9km tunnel under the CBD.

The development includes four underground stations, at Boggo Road, Woolloongabba, Albert Street and Roma Street, as well as eight upgraded stations across Brisbane’s fringes and three new Gold Coast stations—Pimpama, Helensvale North and Merrimac.

The Pulse consortium—a partnership led by CIMIC Group companies, Pacific Partnerships, CPB Contractors, and UGL with international partners DIF, BAM and Ghella—is set to deliver the tunnels, stations and above-ground development.

Status:
Under construction

Key facts:
• Early works for the project began in August 2017
• At peak, the project will create 7700 construction jobs
• First trains are expected to be running in 2024

360 Queen Street

Charter Hall and Investa Commercial Property Fund’s $650-million Queen Street tower is quickly taking shape.

The joint venture acquired the 2150sq m site in June, 2017 for $53.75 million before lodging plans for a commercial development.

The project will deliver 45,000sq m of A-grade office space, a publicly accessible retail component within its podium, childcare centre, supermarket, and indoor sport and recreation centre.

Status:
Under construction

Key facts:
• Designed by Blight Rayner
• The building is targeting a 5-Star Green Star design rating
• It is also targeting a5 Star NABERS Energy Base Building rating

Victoria Park

A masterplan for the transformation of Victoria Park golf course into a 45ha public parkland in Brisbane’s inner north is moving forward.

The masterplan includes a 1.4ha lake, boardwalks and trails, a high-ropes course, children’s water park, skate park and tennis courts.

A cultural hub with indigenous art, a community garden and urban farm is also slated for the park which if realised, will be more than double the size of the City Botanic Gardens.

It will cost $83 million to convert the 18-hole golf course—located two kilometres from the CBD—into Brisbane’s first new park in 50 years, with construction tipped to commence in 2021, if approved.

Status:
Under assessment

Key facts:
• The public consultation process included 16,300 people
• Designed by Lat 27, Aurecon, Wilkinson Eyre Architects, CDM Smith, Codesign, Design Flow, Project for Public Spaces and Catherine Brouwer Landscape Architects

Albion Exchange

Geon Property will soon break ground on the first stage of its $750-million Albion Exchange project in Brisbane’s inner north, after winning approval for the two-tower mixed-use development earlier this year.

The transit-oriented development, which will be delivered over 15 years, will revitalise a 4900sq m state government-owned development site adjacent to the existing Albion train station.

The 10 Stage redevelopment of the state-owned site will be bordered by Mawarra Street, Albion and Hudson Roads.

Stage one of the Albion Exchange masterplan also includes a $28.7-million upgrade of transport facilities and access to the Albion Train Station.

Status:
Approved

Key facts:
• Designed by Hames Sharley
• The project will include a 20-storey tower and a 19-storey tower
• The project will deliver a total of 253 units

443 Queen Street

Cbus Property’s 47-storey apartment building at 443 Queen Street is rapidly taking shape.

The $375-million residential tower, consisting of 264 apartments, will include a private dining room, catering kitchen, outdoor lounge cabanas, a gymnasium and 25m pool perched on the river’s edge.

The building was recently awarded a 6 Star Green Star design rating by the Green Building Council of Australia, the first residential building in Australia to be recognised with this rating.

Originally scheduled for completion this year, the building won’t be finished until at least August 2021.

Status:
Under construction

Key facts:
• Designed by WOHA and Architectus
• Construction is being overseen by Probuild
• The building includes a boardwalk level restaurant
• Cbus Property acquired the site for $49 million in 2014

NPAV

The state government-funded New Performing Arts Venue (NPAV), a new $150-million theatre, is currently being built as part of the Queensland Performing Arts Centre (QPAC).

The 1500-seat theatre will make the QPAC precinct the largest performing arts centre in Australia and is expected to deliver capacity for an extra 260 performances annually.

The Palaszczuk government promised $125 million in its 2018 budget to help fund the theatre, while QPAC will make up the remaining $25 million.

Early works on QPAC’s fifth theatre commenced last year and will be completed by 2022.

Status:
Under construction

Key facts:
• Designed by Snøhetta and Blight Rayner
• QPAC will be to host an extra 300,000 visitors per year

80 Ann Street

Listed developer Mirvac is progressing on its $836-million 80 Ann Street tower in the CBD.

Mirvac acquired the 5000sq m site between Turbot and Ann Streets adjacent to Brisbane City Hall from Singaporean group Wee Hur for $79 million in late 2017.

The commercial project, spanning an entire block, will reach 35-storeys and offer 60,000sq m of net lettable area across some of Brisbane CBD’s largest floor plates at 2,200 square metres.

Financial services giant Suncorp will anchor the tower, taking 66 per cent of the total space.

Along with the 10-year pre-commitment from Suncorp, Mirvac has also closed a deal to build the tower with M&G Real Estate, which will own a half stake for $418 million, reflecting a yield of 5 per cent.

Status:
Under construction

Key facts:
• Designed by Woods Bagot
• The project is scheduled for completion in 2022
• It is targeting 6 Star Green Star, 5 Star NABERS Energy and Gold Shell and Core WELL ratings

44 Roma Street

Plans for a 26-storey slimline hotel in the Brisbane CBD just outside the Roma Street priority development area are under assessment.

The 44 Roma Street application envisages a double-storey glass entrance to the tower, which has a ground floor foyer, cafe and lounge bar leading up to 212 hotel suites.

The hotel would include 212 hotel suites along with a ground floor restaurant and bar.

It neighbours Mirvac’s 80 Ann Street development and would sit in close proximity to Queen Street Mall and the proposed Brisbane Live precinct.

Status:
Under assessment

Key facts:
• Designed by Buchan
• Project site located at the corner of Turbot Street

Springfield CBD

Billionaire developer Maha Sinnathamby is pressing forward with plans for a $88-billion residential and commercial masterplan in Springfield, near Brisbane.

Planning approval for 2,685,600sq m of mixed-use development is in place, making Springfield Australia’s largest masterplanned city.

The region, about 26km south of Brisbane, is projected to be home to 140,000 people and 50,000 jobs by 2030.

Earlier this year, Sinnathamby appointed investment bank Moelis Australia to find a partner with deep pockets to help complete the masterplanned city.

Key facts:
Under construction

Key facts:
• About 25 per cent of development has been completed so far
• At least $18 billion has already been invested
• A further $70 billion needed to fully realise the masterplan

West Village

Sekisui House is closing in on its third stage of its West Village project in Brisbane’s West End, featuring the heritage-listed former Peters Ice Cream factory as its centrepiece.

The $800-million mixed-use precinct, which is the company’s first inner-city masterplanned project in Queensland, is broken up into three stages and includes seven residential buildings.

Upon completion, the development will comprise 1200 apartments, townhouses and heritage residences, two commercial buildings, and one hectare of open space.

It will also feature a playground, a Woolworths supermarket, carparks, a gym, theatre precinct, medical precinct and 35 retailers.

Status:
Under construction

Key facts:
• Plans for residential masterplan were first lodged in April 2015
• The development spans the 2.6ha former Absoe site
• Construction being overseen by Hutchinson Builders
• The project is scheduled for completion in 2023

Brisbane Metro

The Brisbane Metro project will see the delivery of a new transport system along 21km of existing busway between the Royal Brisbane Women’s Hospital and Eight Mile Plains.

The project was initially proposed as a subway line to supersede the Northern and Southern Busways, taking hundreds of the council’s yellow-and-blue buses off the road and replacing them with 24 metre long electric bi-articulated buses capable of carrying up to 150 people.

A new underground station will be built at the Cultural Centre in South Brisbane as well as new busway tunnel underneath Adelaide Street in the CBD connecting to the Central Busway near King George Square underground station.

The project, which will be split into two parts and include 18 stations and 11 interchanges, is underway.

Status:
Under construction

Key facts:
• Originally proposed during the 2016 council election
• Brisbane Council has committed $644 million to the project
• The federal government has committed $300 million to the project
• Services expected to start running by the end of 2023

309 North Quay

Charter Hall has two sets of plans before council for a significant riverfront site in Brisbane’s fast-growing North Quarter precinct.

The single tower scheme will feature large, which is Charter Hall’s preferred option, will feature campus-size floor plates of over 2700sq m as well as a 1550sq m outdoor garden terrace at the top of the building’s podium.

The dual tower scheme, lodged in a bid to recognise “growing flexibility in tenant requirements”, will be developed through a staged approach and will hold a more public-centric focus with a number of pedestrian laneways featuring cafes and pop-up venues.

Status:
Under assessment

Key facts:
• Charter Hall and Quadreal paid $65 million for the site
• Proposal designed by Blight Rayner

Brisbane Live

The $2-billion Brisbane Live arena, a 17,000-seat entertainment venue pegged for Brisbane’s CBD, has been touted since 2007.

The 65,000sq m arena, now part of the wider Roma Street Cross River Rail precinct, is still shrouded in uncertainty, with state government recently tapping the private-sector for investment.

If realised, the open-air precinct, likened to Melbourne’s Federation Square, would be built above the existing Roma Street rail lines under the Cross River Rail Delivery Authority in partnership with AEG Ogden’s Harvey Lister.

The demolition of the original Brisbane Transit Centre on the site moved ahead last year to make way for the new Cross River Rail station at Roma Street.

Status:
Planning

Key facts:
• Projected to generate $2.5bn in GRP over the next two decades
• If realised, the venue will support 600 ongoing jobs

117 Victoria Street

Sydney-based developer Crown Group has rebooted plans for its controversial $460-million residential development in Brisbane’s West End.

Crown Group originally submitted an application in January 2018, soon after picking up the 1.25ha site—the former home of Computershare—at 117 Victoria Street for $35 million.

The contentious development, which has been paused since mid-2019, will be completely redesigned after initial plans for an FJMT-designed scheme were scrapped.

Crown Group is now preparing to resubmit plans shortly to provide for larger apartments with a greater project gross floor area in response to market conditions.

Status:
Planning

Key facts:
• Original proposal designed by FJMT
• New concept to be designed by Kengo Kuma and Plus Architecture

 

Article Source: theurbandeveloper.com

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