Construction Delays Pushing Builders into Red

More than one in 10 construction businesses are struggling to pay their bills on time as the industry emerges as the worst hit by Covid.

The Creditor Watch report on business arrears showed the construction industry universally remained the worst performer when it came to businesses in arrears, often due to stalled project financing or other delays.

The construction industry, at 12.3 per cent of businesses overdue on payments, was closely followed by the hospitality sector at 11.2 per cent, which was historically a high-risk industry but even more so due to the impact of Covid.

Meanwhile, price pressures, labour shortages, supply issues and lockdowns were also slowing the sector.

Banks were contributing to the problems faced by construction businesses with project equity tied up, with lengthy settlement timelines.

Proportion of businesses 60+ days past due invoices 

^Source: Creditor Watch, July 2021 

Across the country, the ACT was the worst performing state or territory while Sydney was the worst performing city, experiencing much higher rates of arrears than the other capitals.

Isolated cities such as Darwin and Perth were performing better than others with self-contained economies and mining boosting those areas.

Creditor Watch CEO Patrick Coghlan said a lot of smaller businesses were failing due to challenges with cash flow.

“With the Covid situation worsening across Australia, it’ll be interesting to see if the government income support for New South Wales and Victoria delays insolvencies in these states,” Coghlan said.

“Insolvencies across Australia have remained largely flat over the past year, particularly during the JobKeeper period.

“However, even regional businesses that mostly escaped the worst of the 2020 lockdowns are now facing the damaging financial impacts of the Delta strain.

“In the next 12 months, we expect there to be a roll through of postponed insolvencies now businesses are fending for themselves.”

Currently a quarter of all insolvencies in the country were within the construction industry with tiny profit margins impacting companies big and small.

 

Article Source: www.theurbandeveloper.com

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Land Developers’ Bid for Coastal 35-Storey Apartment Tower

Queensland developers Gallery Group is beefing up its portfolio with plans for a 35-storey residential tower on the Gold Coast.

The 102-apartment tower is on a 2064sq m parcel of land at 203-211 Surf Parade at Surfers Paradise, two blocks back from the beach.

Five two-storey houses would make way for the development to be called Chalk, which, according to architects Raunik Design Group, would fuse art deco with contemporary design.

The design report said the brief had been to create something inspired by the naturally formed chalk mineral “by exposing the beauty of raw, unfiltered natural materials to unveil a purer way of living”.

“Naturally formed materials such as concrete, glass and stone are intertwined carefully with earthy tones to create a grounded atmosphere both in and around the building,” the report states.

“Chalk’s character is inspired by art deco fused with a contemporary feel … precise geometric shapes integrated with simplistic design elements achieve timeless results.”

▲ Five two-storey dwellings would make way for the 35-storey tower at the southern end of Surfers Paradise. Image: Raunik Design Group 

A glass minimalist facade will capture views of the coastline and Broadbeach, while communal amenities including a pool, gym and function space are provided on level 4 and the rooftop.

The development comprises 17 two-bedroom apartments and 85 three-bedroom apartments, which includes larger three-bedroom penthouses and sub-penthouses.

The land is zoned for high density, with no building height restrictions. A 17-storey development has been approved by the Gold Coast City Council on a neighbouring site on Old Burleigh Road.

▲ A minimalist glass facade will help to frame expansive views of the coastline. Image: Raunik Design Group 

Gallery Group’s land development and projects arms have both squarely focused on house and land communities in south-east Queensland.

But, like some other Gold Coast-based developers, Gallery Group is now swooping on the hot Gold Coast apartment market, where average apartment sales are more than $1 million.

Sherpa recently lodged plans for a 17-storey apartment building at Palm Beach, while south-east Queensland house builder Urbane Homes lodged plans for a 14-storey beachfront apartment tower at Coolangatta.

Colliers research has shown the Gold Coast has recorded almost a year’s worth of apartment sales in the first three months of 2021.

About $800 million of apartment stock was sold in the March quarter—just $112 million short of the total sales in 2020.

The average price for an apartment was $1.06 million, with prices increasing 42 per cent during the past two years.

 

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Targets for Construction Code Shake-Up Revealed

Homes across Australia will be more energy efficient if proposed changes to the National Construction Code are pushed through for 2022.

Consultation has begun on the final tranche of the Australian Building Codes Board’s National Construction Code 2022, which has been flagged as the most substantial change to the residential construction code since 2010.

Proposed changes include raising the thermal performance of homes to a 7-star NatHERS rating, whole-of-home annual energy usage, and improving the provisions for retrofitting on-site renewables and electric vehicle charging equipment on multi-dwelling and commercial buildings.

RMIT University senior lecturer in the Sustainable Building Innovation Lab Dr Trivess Moore welcomed the more stringent energy efficiency requirements, which he said could reduce heating and cooling costs substantially.

“An increase from 6 to 7 stars would result in an average reduction in energy for heating and cooling of 24 per cent across Australia,” he said.

“The likely increase from 6 to 7 stars as a minimum performance requirement is a critical step on the path towards near zero carbon/energy housing … this will be the most significant revision to the residential construction code since [2010].”

▲ NCC 2022 changes include provisions to make retrofitting properties with solar panels and electric car charging points easier. 

Moore said the performance of Australian housing was at least 40 per cent worse than its peers in similar climate zones in many other developed countries.

“Research undertaken at RMIT University found that more than 80 per cent of new housing in Australia is only built to the minimum 6-star standard, with less than 1.5 per cent built to the optimal environmental and economic performance of 7.5 stars,” Moore said.

Proposed changes will also provide for enhanced condensation management and whole-of-house energy usage, to help ratchet energy consumption ahead of the 2050 net zero carbon target.

Stage 1 of the consultation on the NCC 2022 proposed amendments included draft provisions for accessible housing, including wider hallways and reinforced bathroom walls, amendments to allowable lead levels for plumbing products that contact drinking water, egress windows for early childhood centres and primary schools, bushfire protection for non-residential buildings (fire resistance levels of construction materials), and the weatherproofing and waterproofing of commercial buildings.

HIA executive director of building policy Simon Croft said the 2022 code would be most the significant change to the national building code since its inception.

“[The changes are] shaping up as the largest single amendments … in terms of the volume of changes and the scope and impact of the proposed reforms, particularly for houses and low-rise apartments,” he said.

Plumbing product prices could go up between 10 and 30 per cent as a result of the changes, and the changes to accessibility could cause upwards pressure on pricing for new builds.

The National Construction Code is updated every three years, based on required regulatory practices, industry research, public feedback and Government directions. Each state and territory is responsible for administering it.

The Australian Building Codes Board said it would undertake a Regulation Impact Statement to determine the financial impact of the new provisions.

The board would also determine the timing for implementing the new provisions, including potential transitional arrangements with a view to adoption in the third quarter of 2022.

Consultation on Stage 2 of the National Construction Code 2022 relating to the energy efficiency measures closes on October 17.

 

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Abadeen launch Villea, Palm Beach apartment development

It’s a rare affordable entry point for prospective buyers, with current and future projects targeted at the luxury owner-occupier

The respected Sydney-based developer, Abadeen Group, has officially launched its first Gold Coast project.

Abadeen, founded and run by property industry veteran Justin Brown, is behind the latest Palm Beach tower, Villea.

The 69-apartment tower at 26 Mawarra Street has one, two and three-bedroom apartments, designed for owner-occupier.

All of the one-bedroom apartments have already been snapped up pre-launch.

Villea offers a rare affordable entry point in Palm Beach, with current and future projects in the pipeline predominantly targeted at the luxury owner-occupier, many with prices starting from $2 million and up.

Villea prices start from $655,000 for the two-bed, two bath apartments with parking, and rise incrementally to the three-bedroom apartments, which start from $1.41 million.

Brown said Abadeen was delighted to have purchased such a strategic site to enter the Gold Coast market.

“We are extremely excited with the purchase in what we believe is one of Australia’s premier beachfront locations,” Brown said.

“The location of the site is close to northern Palm Beach’s pristine beachfront precinct as well as Tallebudgera Creek and is located in an area where there are very few development opportunities for such a project.

“We know the market is running very strongly on the southern Gold Coast, in Palm Beach particularly, and believe the market is primed for this project.”

Villea Palm Beach 26 Mawarra Street, Palm Beach QLD 4221 

There will be private facilities at Villea solely for residents, which includes a resort-style pool, fully equipped gym and a recreational BBQ area.

Villea will also revitalize the street level, with a cool retail strip.

BDA says the project offers the opportunity to reimagine the existing neighbourhood retail centre, as well as introducing a residential component.

“The design approach will result in the addition of high quality, engaging development within this area, that provide a considerable amenity for residents, visitors and neighbours alike,” BDA advise.

One of the biggest drivers for buyers will be the location, 400 metres to the sand of Palm Beach and around the corner from Palm Beach’s thriving cafe and dining precinct.

Palm Beach is also set to be connected to the rest of the Gold Coast by the expanding Gold Coast light rail.

Villea Apartments have views west to the Gold Coast hinterland, north to Burleigh Heads and east across the Pacific Ocean.

Each apartment will have premium finishes and inclusions, including stone benchtops, timber flooring, high quality European appliances, porcelain tile and full height windows to take advantage of the Gold Coast sun.

Abadeen secured the site through GV Property Group’s Antonio Mercuri, who handled the sale on behalf of Gold Coast developer Cru Collective.

It was a well-timed entry in to the Gold Coast market for Abadeen, with the market currently undergoing its highest demand in years.

CBRE Gold Coast agent Nicholas Clydsdale is handling the sales campaign.

About the developer

Abadeen has developed more than $1.3 billion in residential and retail projects over the last 20 years, including high end residential and commercial projects in the Sydney area and a large land estate in the Hunter Valley.

 

Article Source: www.urban.com.au

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Silk One, Woolloongabba’s front row apartments to the 2032 Olympics

Brisbane’s legendary cricket ground, The Gabba, will be the global centrepiece of the 2032 Olympic Games and some homeowners are set to have the best seats in the house

Brisbane’s legendary cricket ground, The Gabba, will be the global centrepiece of the 2032 Olympic Games and some homeowners are set to have the best seats in the house.

Silk Lane, the Woolloongabba apartment development to be developed by Southlake Group and Sarazin, is set to be built overlooking the iconic stadium.

The ground-breaking precinct, the second of three exciting stages, will boast the city’s first and only rooftop ‘Skystand’, offering an unobstructed, birds-eye view into The Gabba stadium.

The 306 one, two and three-bedroom apartments have been designed by Nettletontribe Architects and start from just $449,000.

The development will feature a rooftop infinity pool with views across Brisbane, and ground-level commercial spaces.

Located at 8-12 Trafalgar Street, Silk will be positioned just 350 metres from the future Cross River Rail station, just one stop to Albert Street.

Over the next decade, a rush of global infrastructure investment is set to transform Brisbane into a new world city.

The Gabba is the jewel in the city’s Olympic crown, with the stadium undergoing a $1 billion rebuild increasing capacity to 50,000 spectators.

It will host the opening and closing ceremonies, as well as the track and field events.

The 2032 Brisbane Olympics will not only deliver an economic boost to trade and tourism but is set to have a big impact on the local property market, according to PRD Research chief economist, Dr Diaswati Mardiasmo.

Mardiasmo predicted this month that Brisbane’s median house price could increase to $1.7 million by 2023, 2.5 times its current median of $674,738.

With major projects including Woolloongabba’s new Cross River Rail station, Brisbane Metro and Queen’s Wharf completed by 2032, it is no doubt that Silk Lane residents will reap the benefits.

Around The Gabba, a new pedestrian plaza will link the stadium to the new transport stations.

“For local sports, the promise of new and revitalised Olympic venues is a game-changer, encouraging families and junior athletes into sporting endeavours and creating potential future champions competing at a home Olympics”, the project marketing reads.

This landmark sporting and cultural hub will write a new chapter in Woolloongabba’s rich story.

Residents can surround themselves with grand panoramas of the Brisbane city skyline on your private residents’ rooftop with views across the river and a front-row seat to every game at the Gabba.

The building’s architectural façade draws inspiration from the angular shapes of metal structure incorporated in the neighbouring stadium.

Silk Lane is expected to reach completion in mid-2024.

 

Article Source: www.urban.com.au

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Sherpa Plans 14-Storey Beachfront Tower

Gold Coast-based developer Sherpa has lodged plans for a 14-storey apartment building overlooking Palm Beach and Currumbin Creek.

Sherpa Property Group chief executive Christie Leet recently spoke with The Urban Developer about the appeal of the Gold Coast.

The developer is ramping up its pipeline on the Gold Coast following the acquisition of two sites, at Biggera Waters and Burleigh Heads, recently with more than $250 million in projects on the coast.

Three houses at 949-953 Gold Coast Highway would make way for a 34-apartment development designed by HAL Architects for an aggregated 1581sq m lot.

The building height and number of bedrooms are in excess of planning overlays, but the planning documents indicate there are other developments of this scale in the area.

“The tower includes large recesses and projections and high-quality materials to break up the extent of building mass,” the report states.

“The upper levels are tapered to soften the building’s appearance and minimise the shadow cast on the surrounding area.”

▲ The development as seen from the Gold Coast Highway, which developers say is consistent with other building heights in the area. Image: Sherpa 

The building would comprise 30 three-bedroom apartments, and 4 four-bedroom apartments as well as a communal space on level 2.

“The communal area will be located on the eastern side of the building and contain a pool, gymnasium, yoga room, sauna, steam room, breakout spaces and amenities,” according to the application.

“[There is] a strong focus on wellbeing and revitalisation, and complements the site’s context in terms of access to Currumbin Creek, Palm Beach, parklands, and footpaths and boardwalk.”

There are 77 car parks across the ground level and a basement level.

Leet said strong employment and migration growth made the Gold Coast an appealing market to invest in, as well as the development opportunities on offer.

Record apartment sales on the Gold Coast have dragged supply to historic lows, particularly on the southern beaches where supply was down to 2.1 months, compared to the northern strip which had more than 13 months’ supply.

Colliers research has shown the Gold Coast has recorded almost a year’s worth of apartment sales in the first three months of 2021.

About $800 million of apartment stock was sold in the March quarter—just $112-million short of the total sales in 2020.

The average price for an apartment was $1.06 million, with prices increasing 42 per cent during the past two years.

 

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Brisbane’s best property buys starting from $275,000

House-hunting can be a chore, especially when the affordable homes are few and far between, so we’ve rounded up some of the best for sale in Brisbane right now.

6 Pirrie Street, The Gap 

6 Pirrie Street, The Gap QLD 4061 

Some areas attract people to move in and put down roots. Postcode 4061 is a case in point, with its leafy pockets on the fringe of the hinterland, established amenities and easily commutable location about 10 kilometres from the CBD bustle. This double-storey house last settled 18 years ago, in a street where 85 per cent of the residents are owner-occupants. The post-war three-bedroom house atop 607 square metres of land is about 600 metres from the local state primary school.

$699,000-plus

Private sale

VZ Real Estate, Franco Zaini 0411 382 525

905/477 Boundary Street, Spring Hill 

905/477 Boundary Street, Spring Hill QLD 4000 

This is a one-bedroom apartment with a gobsmacking view from its ninth-floor vantage; what buyers sacrifice in terms of indoor floor space, they gain in the boundless north-facing outlook. This 47-square-metre pad is position-perfect for anyone hunting a contemporary base central to the city action. Tower occupants have access to onsite facilities including a gym, a sundeck and a 50-metre lap pool. The title comes with a car space.

$425,000

Private sale

Accor Realty, Rosemary Pope (07) 5631 2586

10 Belinda Crescent, Springwood 

10 Belinda Crescent, Springwood QLD 4127 

Designed with families in mind, this low-set house has four bedrooms and a study room that could become a fifth bedroom or private studio. There is a double garage, a funky galley kitchen and 610 square metres on title. Springwood Central and Chatswood Hills primary schools are within 700 metres, while Springwood Conservation Park is about 300 metres east.

$699,000-plus

Private sale

Ray White, Tracey Steuart 0402 246 291

7 Hutton Street, Clayfield 

7 Hutton Street, Clayfield QLD 4011 

Its sale listing gushes with real estate catchphrases including “renovator’s delight” and, an old favourite, “diamond in the rough”. A genuine roll-up-the-sleeves or roll-out-the-bulldozer prospect, Domain cannot confirm if there are actually diamonds in its mortar but it does have a genuine gemstone-quality location – a corner from Sandgate Road cafes and a few blocks from schools and Albion Train Station. The high-set weatherboard sits on a 304-square-metre block and was last sold in 1991. Restoration of the original hardwood floors, high ceilings and decorative plaster roses awaits a handy buyer.

$700,000-plus

Expressions of interest: Close 4pm, September 2

Ray White, Tony Cicchiello 0418 747 266

2/100 Butterfield Street, Herston 

2/100 Butterfield Street, Herston QLD 4006 

With the Brisbane property market running red-hot in 2021, inner-suburb abodes priced at under $300,000 are always worth a second look. Here, savvy buyers get a likeable one-bedroom in a group of only five in a neat double-storey sand-brick walk-up. Its timber floorboards are polished. There is a garage and a private paved and fenced rear courtyard area.

$275,000-plus

Private sale

Place, Mario Sultana 0428 282 223

33/83 Dibar Street, Wynnum 

33/83 Dibar Street, Wynnum QLD 4178 

Modern families should discover this stylish three-bedroom, tri-storey townhouse with onsite perks to match some resorts. A snazzy pool and barbecue area are for residents only. Parents with teenagers get easy access to the local high school, about 700 metres away. If you are seeking more open-water adventures, the Moreton Bay foreshore is a similar distance to the east. There are two bathrooms and a garage.

$475,000-plus

Private sale

LJ Hooker, Liza Martinez 0408 111 840 

 

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Countdown Begins for Build-to-Rent’s Breakthrough Year

Australia’s emerging build-to-rent sector has been on the launchpad for a while now but the final countdown has begun for the sector to become one of the country’s major asset classes.

According to industry expert and JLL’s head of build-to-rent, Paul Winstanley, market fundamentals indicate that 2024 is shaping up as the “breakthrough year” for the asset class in Australia.

Winstanley, speaking at The Urban Developer’s Build-to-Rent v Summit, said that by 2024 there will be some degree of normality beyond Covid, international borders will be open and stock will be up-and-running—giving Australians their first taste of the build-to-rent experience.

“Hopefully by then we will also see that the federal and state governments are getting a clear understanding of what all the fuss is about, what we’ve all been talking about for all these years and actually that we are delivering a much better way to rent for customers,” he said.

Winstanley was among a number of speakers and panellists who deemed reform of policy settings of government at all levels as “critical” to the future growth of build-to-rent in Australia.

“Build-to-rent has absolutely evolved in Australia over the last 12 months … we’ve come an awful long way as an industry and really started to make in-roads into what build-to-rent is going to look like as we go forward,” he said.

Comparing it to the rise of the asset class in the UK, he described it as like “going back to the future”.

“If we look back to the UK model by 2015 it was about where we will likely be in Australia in 2024,” he said. “Schemes were up and running and people were really starting to understand the sector and actually that was the point at which the sector truly took off.”

Winstanley said the investment thesis for build-to-rent in Australia remains “as clear as it ever was”.

“We’ve got strong population growth, we’ve got considerable housing affordability constraints and we’ve got very clear demographic drivers,” he said.

“In the next 12 months or so we will have all the major players really starting to move close to, if not, opening their first big schemes that are purposely designed as build-to-rent products.

“That’s going to be a gamechanger… with more and more people living in build-to-rent we’ll start to really see how the market is really engaging with this new and exciting product.”

Also, he said the focus on Australia’s emerging build-to-rent sector had sharpened in recent times as the investment scales had recalibrated.

“We’re now at the position where the scales are in fine balance between investors needing build-to-rent because the core sectors are not providing enough diversity, they’re not providing enough opportunity … and certainly in the case of office and retail, the risks have changed over the last couple of years.

“The other thing to point out is that the government actually does need build-to-rent to work. We’re seeing support in New South Wales, we’re seeing support in Victoria and that’s really important because ultimately governments are realising the housing crisis is not going to solve itself and just relying on developers to keep building strata stock isn’t going to work.”

An audience survey of the participants in The Urban Developer’s build-to-rent vSummit also provided an insight into current industry perceptions of the fledgling asset class.

Of the 370 surveyed, 27 per cent believed build-to-rent’s global players will lead the emergence of the sector in Australia while 48 per cent suggested local knowledge was vital for the success of the sector.

Twenty-seven per cent indicated that they thought build-to-rent was under-priced while 39 per cent admitted they had no idea of the state of build-to-rent in Australia.

 

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Buyer demand for property eases from its peak as affordability constraints bite

Affordability constraints are starting to bite for home-buying hopefuls, with the level of buyer demand easing compared to a few months ago, new research shows.

Although the latest lockdowns prompted some potential buyers to put their plans on hold, others had already been scaling back their property searches as prices spiralled out of reach.

Interest is still stronger at this point in late winter than it usually is at this time of year across most capital cities except Sydney and Hobart, and in regional Australia, as potential buyers who missed out in recent months continue their search.

But the white-hot competition seen in March, when crowds of bidders were paying huge sums at auction, has started to come back.

The Domain Buyer Demand Indicator (BDI) measures search behaviour on domain.com.au to identify active buyers who are more likely to purchase, such as those who shortlist a home or send an inquiry. It tracks changes in demand over time.

Demand peaked in March for Sydney, Melbourne and Brisbane, and in July for Canberra, the indicator found.

“Buyer demand across all cities has come off its peak,” Domain chief of research and economics Nicola Powell said.

“Demand is easing overall and that is going to be the impact of affordability, and the fact we have seen price rises across all of our capital cities.”

House prices have soared in the wake of interest rate cuts, government stimuli and a widespread shift to working from home that has prompted owners to upgrade into more spacious residences. Sydney house prices jumped 24 per cent in the year to June, on Domain data, with Melbourne up 16.2 per cent and all cities up by double digits.

“Affordability [is an issue] for all buyers, not just first-home buyers but all buyers, because we’ve seen such significant jumps over the year to date,” Dr Powell said.

The research also tracked the state of the late-winter market, comparing buyer demand over a 30-day period to August 15, to average demand at this time of year.

Melbourne buyer demand is now 10 per cent higher than average at this time of year amid pent-up demand from those who have not yet been able to find their dream home, with Canberra a stunning 60 per cent higher, Brisbane up 7 per cent and Perth up 30 per cent, while regional Australia is 26 per cent higher.

Sydney is 4 per cent lower as the city goes through an extended lockdown, with the real estate industry still open for private inspections.

The lockdowns also cause some buyers to pause their plans until they can get more clarity about when restrictions will lift, Dr Powell said.

“What we do see during lockdown is hesitation creeps in between buyers and sellers – we see a pullback in activity,” she said. “Clarity is really important for buyers and sellers to make decisions.”

Online auctions were still offering good outcomes for those keen to press ahead, allowing buyers to secure a home when there was less competition or sellers to ink a deal quickly, she added.

Once cities reopen, Dr Powell said, we could expect a rebound in activity due to pent-up demand and supply, but she doubted the price jump would be a strong as it was earlier this year given affordability had already become a hurdle.

The affordability challenge is clear in some of the most sought-after neighbourhoods.

Buyer demand in Sydney’s eastern suburbs and northern beaches is down 14 per cent compared to the average for this time of year, as buyers reckon with eye-watering price growth that has sent prices in those pockets up 26.4 per cent and 38.7 per cent in a year, respectively.

“We’ve seen some extraordinary rates of growth in our premium areas,” Dr Powell said. “That becomes a hurdle – it’s a financial impact.”

The more affordable Central Coast, by contrast, recorded a 22 per cent jump in buyer demand as remote workers cast their eyes further afield.

In Melbourne, where prices have not boomed as much in the current cycle as Sydney, prestige neighbourhoods are still in hot demand.

Buyer demand is up 20 per cent in the inner south, 13 per cent in the inner suburbs and 10 per cent in the inner east this winter.

As for Canberra, where overall demand is up 60 per cent compared to the average for this time of year, Dr Powell highlighted the resilient jobs market, high average wage, more affordable housing than Sydney, and little impact from the pandemic until the current lockdown.

She warned the lockdowns in the ACT and Victoria could start to impact buyer demand, as is happening in Sydney.

 

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First look exclusive: Gurner reveals $1.25 billion, four-tower Surfers Paradise apartment development La Pelago

La Pelago centralises on a private island theme, where each building is surrounded by over 9,000 sqm of amenity

The Melbourne-based developer Gurner, led by the high-profile developer Tim Gurner, has revealed its $1.25 billion plans for their Ferny Avenue, Surfers Paradise mega site.

The 11,000 plus sqm site at 108 Ferny Avenue will be known as La Pelago, and will comprise four huge towers with nearly 1,000 apartments, around a quarter dedicated to a hotel.

Gurner swooped for their first residential development on the Gold Coast, and only their second in Queensland, following the collapse of Ralan, who had planned for two towers on the sprawling Budds Beach site.

La Pelago, likely named after the small commune in Italy, centralises on a private island theme, where each building is surrounded by over 9,000 sqm of amenity, lush tropical landscaping by SWA and pool-side water retreats, creating four private islands.

Gurner has had his go-to architect in Melbourne Warren Mahoney draw up the plans.

Tower three, the short-term accomodation tower, will be the biggest of the four, spanning 55 levels, taking the building to over 190 metres high. That will make it the fifth tallest building on the Gold Coast.

Tower three will have 596 apartments, between two and 17 apartments per floor, and nearly 55,000 sqm of gross floor area. The tower is mainly made up of studio and one-beds, and will be the location of the hotel.

Tower two proposed. Image source: Warren & Mahoney Architects – Gold Coast City Council 

Two-bedroom apartments are the most popular across the three residential buildings, accounting for more than half of the apartments in each tower.

Tower four is the second biggest, and will home 248 apartments, with between four to 16 per floor across its 34 levels.

Tower one will have 150 apartments across 30 levels and tower two the most boutique, with between two and four apartments per floor across its 25 levels, totalling 95 apartments.

All up the proposal will see 1088 apartments built.

“La Pelago will allow us to draw on our unique experience in the retail, signature amenity and urban regeneration space, and apply it on a grand scale,” Gurner said.

“When designing the project it was really about me dreaming about where we all want to be right now and for me that is a hot and sunny luxury private island. Something that offers sun, pools, amazing service, luxury amenities and residences – something right now you cannot get in Australia.”

Tower four proposed. Image source: Warren & Mahoney Architects – Gold Coast City Council 

Warren and Mahoney design principal, Barrington Gohns, said La Pelago’s design will provide much more immersive experiences than previous projects, with stunning attention to detail across the four towers.

“The design very much respects the crisp, natural island experience utilising integrated landscape and pools, lots of white, timber and glass in its form, with bespoke elements in each ‘island’,” Gohns said.

“The foundation of La Pelago is steeped in context and identity, acknowledging the tension between river and coastline, and the design only takes what it can give back. A strong focus on health wellness resonates throughout, along with a carbon neutral manifesto we continue to drive with GURNERTM.”

Snapshot:

Mixed use development consisting of:

• 4 x multi-storey Residential towers
• Three level podium
• Ground floor indoor/ outdoor communal recreation and amenities
• Food and Beverage
• Residential lobbies with on-site porte cochere drop offs
• Service areas/ Back of house
• 1,000 car parks across two basement levels and two above grade levels
• 200 hotel rooms
• Over 5,500sqm of retail, commercial, conferencing amenity, a day spa and business club
• A world-class retail precinct anchoring the ground plane
• 2,000sqm private health and wellness Club
• Over 12,000sqm of resident and hotel amenity across the four towers

 

Article Source: www.urban.com.au

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Record Sales Absorb Gold Coast Apartment Supply

Red-hot demand due to pandemic-inspired sea-changers and downsizers has led to record apartment sales on the Gold Coast, dragging supply levels to new historical lows.

The main driver has been intrastate migration, while interstate migration from lockdown affected states such as Victoria and NSW has also been a factor, with present stock levels now set to be absorbed by the end of the year.

Urbis senior consultant Lynda Campbell said supply had reached a “critical low” across the Gold Coast at the end of June following another quarter of robust sales activity.

“While the [sales] numbers in the latest quarter failed to match the first three months of this year, it was still the second-highest quarterly result in five years,” Campbell said.

New apartment sales for the first six months of this year have now reached 1200, leaving the city at a seven-year low of just four months of supply at current sales rates.

According to Urbis, 450 apartment sales were made in June quarter, leading to 14-project sellouts—three of which were new launches. The result follows a record first quarter of 750 sales.

Gold Coast central remained the most active precinct, accounting for 240 sales.

Campbell said owner occupiers represented just over half of buyers, with one in five investors from Queensland and only 4 per cent of buyers from overseas, down from 25 per cent of the market pre-pandemic.

The “north shore” from Runaway Bay to Hope Island, currently has 13.1 months supply while the “southern beaches”, from Mermaid Beach to Coolangatta, holds just 2.1 months supply.

Drift of development

David Higgins, Colliers International director for the Gold Coast, said sales from the southern beaches precinct had now eclipsed the central Gold Coast.

“This shift is highlighting the current drift of development activity to the southern coastal areas,” Higgins said.

“The market performance over the first quarter was incredible, one of the best we’ve ever experienced.”

Strong demand for apartments in the southern beaches precinct has now made it the most expensive for new apartments on the Gold Coast.

The weighted average sale price in this market has surged by $142,000 to $1.36 million, compared to the first quarter of this year, up more than 42 per cent in just two years.

▲ Forme’s 15-apartment development Norfolk in Burleigh Heads achieved $63 million in pre-sales, with most buyers Brisbane-based. 

The average price was lower in the Gold Coast central precinct, from Labrador to Broadbeach, where it dropped by $210,000 to $1.02 million.

“Overall, we’ve seen a smaller volume of construction work completed in the past five years at a time when demand has peaked,” Higgins said.

“Along with the rising cost of materials and greater demand for lifestyle properties, this has led to a significant increase in prices for new apartments.”

Construction costs caution developers

Mosaic Property director Brook Monahan told The Urban Developer that prospective sites would not be purchased to simply fill its pipeline and remained “extremely cautious” about future acquisitions.

“It’s times like these—when the market is performing well—that we are at our most cautious,” Monahan said.

“Costs are escalating on the construction front, putting pressure on margins as well as competition for sites intensifying rapidly with southerners particularly bidding up land values, especially on the Gold Coast.

“We are always fairly conservative in our outlook and approach, and we apply this to all of the decisions we make.

“We want to continue doing what we are doing for a very long time to come, so all decisions are framed with a long-term view in mind and not by maximising perceived short-term opportunities.”

▲ Mosaic recently completed its sold-out 26-level Bela development, built by Hutchinson Builders, at 43 Peerless Avenue in Mermaid Beach. 

Development over the next 20 years is supported by state government forecasts that the Gold Coast will attract 14,700 people a year with the city’s population reaching 940,000.

The city is expected to need 6300 dwellings a year to accommodate this growth with the combined economic benefit to create more than 150,000 new jobs by 2041.

For developers in sought after locations like the Gold Coast, building costs are now rising at a faster rate than inflation as construction demand continues to outstrip supply for both labour and materials.

“There is no doubt the industry is going to feel the pinch on both fronts and naturally, we are not immune either,” Monahan said.

“One of the reasons we established our own construction arm was to have the ability to have greater control over the process.

“We have worked hard to establish strong supply chain relationships to better mitigate such risks.

“We have also established a solid network of loyal tradespeople across south east Queensland which has enabled us to build such a strong track record of delivery through multiple cycles.

“Again, we can expect a shake out of the sector as for many, the challenges will be insurmountable.”

 

Article Source: www.theurbandeveloper.com

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Mirvac Begins Dual Tower Build-to-Rent Development

The Queensland government is finally getting its hands dirty in Australia’s burgeoning build-to-rent sector with construction kicking off on a purpose-built project in inner-city Brisbane.

In a partnership with Mirvac, it is helping deliver one of the first large-scale build-to-rent developments in Brisbane as part of the state’s Covid-19 economic recovery plan.

The $270-million dual-tower LIV Anura project is being built simultaneously with Mirvac’s $180-million high-end Quay Waterfront Newstead riverside project.

Combined, the developments at 60 Skyring Terrace, Newstead, will comprise 538 apartments, with the build-to-rent component totalling 395 units across two buildings of 23 and 25 levels.

The Brisbane development follows the success of Mirvac’s first build-to-rent project LIV Indigo in Sydney Olympic Park, which opened its doors to renters late last year and already 80 per cent of its 315 apartments are tenanted.

In Melbourne, construction is under way on the diversified property group’s LIV Munro project opposite the Queen Victoria Market with completion due in late 2022.

It also has been granted development approval for LIV Aston, a 32-level build-to-rent tower with 472 apartments on the site of the former Melbourne Convention Centre that it expects to complete by mid-2024. Meanwhile, planning is progressing on another build-to-rent project, LIV Albert Fields, at Brunswick in the city’s inner-north.

▲ An artist’s render of the interior of one of the Newstead apartments. 

Mirvac’s general manager build-to-rent, Angela Buckley, said the start of work on its Newstead projects was part of the group’s plans to ramp up its pipeline in Brisbane, with significant demand across all sectors of the property market.

“Developments like LIV Anura are crucial, with the city’s residential vacancy rate plummeting in the last year due to an extremely tight rental market,” Buckley said.

“Designed and delivered exclusively for tenants, it is expected to be the first project of its scale to open to residents in Brisbane.

“All these elements ensure we are creating a home and a fantastic lifestyle, not just a place to live, giving residents a sense of safety, belonging and personalisation, along with opportunities to connect with their neighbours.”

▲ An artist’s impression of the now-under-way build-to-rent twin towers in Brisbane’s Newstead. 

The development is due for completion in 2024 and will provide 100 per cent renewable energy to all apartments. A quarter of the apartments will be offered at a discount rent via a government subsidy to increase affordable housing.

Queensland Treasurer and Minister for Investment Cameron Dick said final planning was also under way for the commencement of construction of the second project to be delivered under the government’s build-to-rent program—Frasers Property Australia’s 210 Brunswick Street development in Brisbane’s Fortitude Valley.

He said the government was also currently evaluating expressions of interest for two further build-to-rent developments.

“Mirvac and Pacific Living have been shortlisted for one to be located at the state-owned 50 Quay Street, Brisbane, on the site of the former Children’s Court,” he said.

“Lendlease, Greystar, Australian Unity and Make Ventures have all been shortlisted for a second Build-to-Rent development to be constructed on a privately-owned site identified by the successful proponent.”

 

Article Source: www.theurbandeveloper.com

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Esprit, S&S Projects new Rainbow Bay, Coolangatta apartments to feature Gold Coast’s first rooftop wellness centre

S&S director Paul Gedoun says Esprit will re-shape the way residents experience their new beachside home

The Gold Coast is set for its first ever residential rooftop wellness centre at Esprit, the new Rainbow Bay, Coolangatta apartment development by S&S Projects.

Dubbed Club Esprit, the wellness rooftop will sit above 97 apartments at 6432 Boundary Street, two interconnected buildings above Rainbow Bay Village. It’s being dubbed as fit for purpose for an elite athlete.

Club Esprit will sit on the rooftop of the 11-level building. KMSM agent Jayde Pezet will handle the sales.

S&S director Paul Gedoun says Esprit will re-shape the way residents experience their new beachside home.

Esprit 6432 Boundary Street, Coolangatta QLD 4225

“We wanted to create a recreational space that went beyond functionality, we wanted an oasis catered to creating a sense of community among like-minded residents,” Gedoun said.

“There is nothing in the same league of Club Esprit across the entire Gold Coast and we believe it will revolutionise the way our residents experience the beachside way of life.”

Club Esprit will span over 1,100 sqm and will feature an extensive list of wellness and recreational amenity. There will be exercise and recovery facilities, including a gym and yoga lawn, as well as a private remedial treatment room, ice bath, infrared sauna, and steam rooms.

A 25-metre lap pool and poolside cabanas will run the whole length of the rooftop, offering 360 degree views, from Snapper Rocks and Rainbow Bay to the city skyline and hinterland.

Club Esprit will include a children’s play lawn, complete with play equipment and breakout recreational spaces. Residents will be able to book the private dining room, designed with hosting a number of guests. There’s a number of private terraces, barbecue areas, and an outdoor cinema.

“Rainbow Bay’s natural amenity organically inspires an active lifestyle, whether it’s surfing the world class point breaks or traversing the beachside recreation paths, and so we wanted our residences to provide the necessary outlets to complement this,” Gedoun added.

Esprit has been designed by Cottee Parker Architects.

Sandra Brown, director of Cottee Parker, says they  wanted to evoke that feeling of a Queenslander by the beach.

“The generous interiors, deep balconies and nods to coastal design provide a relaxed sense of luxury,” Browne said.

S&S are now strangers to the area, having sold out their $74 million Flow Residences, as well as the recent sell out of Awaken Residences.

 

Article Source: www.urban.com.au

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Winten secure 60% sales in Main Beach apartment tower Belvedere

Winten’s national head of residential sales Karl Rameau said the line share of buyers have been locals that already live in the area

The local Gold Coast developer Winten Property Group has already secured over 60 per cent of its apartment sales in their latest Main Beach tower, Belvedere.

That’s seen construction of the 24-level tower at 25 Woodroffe Avenue fast-tracked, with Hutchinson Builders now kicking off the build of the 127 apartment building toward the start of October

Winten’s national head of residential sales Karl Rameau said the line share of buyers have been locals that already live in the area, as well as those from interstate who already own.

Rameau says nature of the site and the sheer size of the BDA Architecture-designed building and the apartments has been a defining difference for buyers.

Belvedere 25 Woodroffe Avenue, Main Beach QLD 4217

“It’s a fairly big building on a generous block of land”, Rameau said.

“A lot of 27-level buildings are on anywhere between 500 sqm and 1000 sqm, but Belvedere is on 2,655 sqm which gives residents a higher level of movability around the building.”

Rameau says the apartment sizes have been attractive with the downsizer.

“The two-bedroom apartments have 120 sqm to 130 sqm of living space, which is generous for the Gold Coast these days”, Rameau suggests, with the two-bed apartments starting from $780,000 and three-bedrooms from $1,075,000.

There are a handful of skyhomes rom $1.56 million and five terraces from $2.2 million.

“The bulk of sales have been between that $800,000 to $1.5 million mark to the owner-occupier.”

The Woodroffe Avenue tower is just 100 metres to Tedder Avenue, 300 metres to the beach and 450 metres to the closest tram stop.

There’s a 24 metre lap pool with cabanas and daybeds.

The development is across the road from White, the owner-occupier focused apartment block of just 27 full floor apartments.

 

Article Source: www.urban.com.au

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Cost of Indooroopilly roundabout upgrade spirals by $60m before work begins

A joint government-funded project to upgrade a notorious Brisbane roundabout is expected to cost almost $60 million more than first budgeted because of pandemic-related supply chain issues and a broadened scope.

Brisbane City Council released the business case for its $126 million Indooroopilly roundabout upgrade late last year, with work tipped to start in mid-2021 for an early 2024 completion.

The growing western-suburb bottleneck already supports more than 55,000 vehicles a day, and demand is expected to increase. Between 2014 and 2019, 32 crashes were recorded on the roundabout, at the intersection of Moggill Road and Coonan Street.

Under the council’s initial plan, which has drawn a $50 million funding commitment from the federal government, Coonan Street will be modified to create an overpass for inbound traffic to clear an uninterrupted Moggill Road before merging safely.

But details in a budget amendment put to council by civic cabinet this week show the project’s expected cost has grown to $183.29 million as a result of pandemic-driven market conditions, including supply chain issues, price rises and contractors’ lower risk appetite.

Tender pricing received in July by three shortlisted groups was already “significantly higher than anticipated”, the budget amendment states.

“These risk factors are likely to lead subcontractors to reduce the duration for which they are willing to maintain fixed pricing, placing greater risk on construction delivery and principal contractors.”

The document also cites an increase in major government and private sector construction projects across south-east Queensland, including Cross River Rail and Queen’s Wharf, along with national and international demand, as potential market factors.

A breakdown of the major cost increases was redacted from the document as commercial in confidence.

However, about $3 million more is required to cover increased property prices for land acquisitions, while an extra $5 million is needed to cover the cost of complex relocation work for water and gas mains, along with telecommunication and power lines.

The planned upgrade includes an overpass and traffic lights. 

The council has also expanded the scope of the project to the Moggill Road corridor upgrade, requesting an additional $1 million for the design of safety and capacity works including indented bus stops, road-widening and turning restrictions.

Cyclist safety improvements would also be considered. Council’s original plans showed cyclists would have to navigate a slip lane when crossing Moggill Road at the Coonan Street intersection.

Some surplus land was expected to be acquired by council’s investment arm, the City of Brisbane Investment Corporation, at the completion of the project.

In a statement last week, lord mayor Adrian Schrinner said a contract for the work was expected to be awarded within weeks. Major demolition of the former Audi dealership at the centre of the roundabout was expected to be the first step once asbestos removal has been done.

Responding to further questions on Tuesday, infrastructure committee chair Andrew Wines said council was confident the project would be completed within the allocated budget, but was hopeful of securing additional federal funding for the next stage of the Moggill Road corridor upgrades.

“Work has already commenced on identifying initiatives … between High Street and Russell Terrace that will best reduce congestion,” Cr Wines said.

The council’s Labor opposition leader, Jared Cassidy, said the cost increase was the latest in a line of pricing blowouts, including the Brisbane Metro and Kingsford Smith Drive upgrade.

“This LNP lord mayor has racked up a $60 million cost blowout before the project has even started, and Brisbane residents are picking up the tab,” Cr Cassidy said.

 

Article Source: www.brisbanetimes.com.au

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Teneriffe woolstore apartment sales spree

Three luxury apartments have sold in the past week in Teneriffe topped by a $1.7 million sale in an old warehouse complex.

It was in the river-facing Dakota woolstore at 407/88 Maquarie Street.

The former Goldsbrough Mort and Company Ltd building conversion was undertaken by the Meridien development group headed by Russell McCart.

It first sold at $450,000 in 2001, amid the 268 heritage listed apartments.

It had 199sqm of space in the three-bedroom, two-bathroom over two levels.

Large sash windows have a view of the Brisbane River.

It sold through Ray White agent Ben Percival.

Meridien evolved into Pacifica Developments, where McCart is chairman.

There was a $1.42 million sale in the 1911 Winchcombe Carson Woolstore.

The 54 Vernon Terrace offering had huge timber beams dissecting its dining and formal living areas in the three bedroom apartment.

The cheapest of the three sales was a modern riverfront apartment at 135 Macquarie Street, Mercantile Place.

It had two bedrooms with 120 sqm plus courtyard.

The building features include a security gated entry to car park amid extensive sub-tropical gardens.

 

Article Source: www.urban.com.au

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Main Beach apartment development site listed

The Pacific St holding has approval in 2019 for a tower with 28 apartments.

A Main Beach apartment tower development site has been listed for sale.

It is zoned High Density Residential under the Gold Coast City Plan.

There are currently 12 apartments on the 1012sq m site.

The Pacific St holding has had approval since 2019 for a tower with 28 apartments each with three bedrooms.

La Mer 3580 Main Beach Parade, Main Beach QLD 4217

The marketing advised it was for a “boutique buildings”.

Colliers are currently considering offers for 47 Pacific Street.

Mangomero, the developer, had David Edelman Architects undertaken the design of the 21 storey project.

The developer is associated with the Carayiannis family in Melbourne.

 

Article Source: www.urban.com.au

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Construction starts at Mirvac’s Quay Waterfront apartments in Brisbane’s Newstead

The 25-level Quay Waterfront has already secured 70 per cent of its 143 riverside apartments, with prices starting from $475,000.

The ASX-listed developer Mirvac has started work on their $180 million Brisbane apartment tower, Quay Waterfront Newstead, part of its $1 billion Waterfront community.

Queensland Treasurer and Minister for Investment, Cameron Dick, joined Mirvac General Manager Build to Rent, Angela Buckley, and Mirvac General Manager Residential Queensland, Warwick Bible, to turn the first sod on the buildings.

The 25-level Quay Waterfront has already secured 70 per cent of its 143 riverside apartments, with prices starting from $475,000.

It will feature a luxury rooftop pool and entertainment area, exclusive shared dining room, wine room and ground-floor yoga studio, gym and wellness rooms. Construction is also anticipated for completion in early 2024.

Quay Waterfront Newstead 57 Skyring Terrace, Newstead QLD 4006 

More than half the site area of Quay will be dedicated to open space, injecting more than 2,000 sqm of parkland to expand Waterfront Park.

Mirvac has also commenced construction on LIV Anura, their dual-tower $270 million built-to-rent project in the same precinct. It is set to be one of the first large-scale built to rent projects in Brisbane when completed in early 2024.

LIV Anura will contribute more than 1,000sqm of retail and deliver a new cross block linkage connecting Skyring Terrace and Festival Place for easy pedestrian access to the parkland and riverfront.

The development, which is being delivered in partnership with the Queensland Government as part of its Build to Rent Pilot Project, will have 395 apartments exclusively for renters, including 25 per cent for key workers, across the 23 level and 25 level buildings.

The development will feature a dedicated community team, a suite of sustainability initiatives including 100 per cent renewable energy to all apartments and car, bike, scooter and E-bike share, and an entire level dedicated to facilities, such as a cinema, games room, yoga studio, gym, pool, co-working spaces and a pet park.

Mirvac General Manager Residential Queensland, Warwick Bible, said LIV Anura and Quay were the next transformative chapters in the mixed-use Waterfront Newstead community, which Mirvac had been delivering for two decades.

“When we completed the first stage of Waterfront Newstead, Pier, in 2011 we spearheaded the urban renewal of Newstead and LIV Anura and Quay follow that proud legacy,” Bible said.

“The two projects complement each other, providing a range of new opportunities to live in this fantastic location, with our Quay apartments setting a new standard for holistic riverside living.

“Quay is designed to make a statement with a bold organic architecture and lush landscaping spilling from its balconies, while inside residents enjoy refined interiors and stunning Brisbane River views.

 

Article Source:www.urban.com.au

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Charter Hall Grows Office and Industrial Pipeline

Charter Hall completed more than $1.1 billion in development projects last financial year and grew its pipeline to more than $8.8 billion in its 30th year of operation.

Charter Hall chief executive David Harrison said 40 per cent of the record $10-billion transactions were sale and leaseback arrangements during the 2020-21 financial year, 24 per cent of which was in the food and staples retailing sector.

“We continue to partner with tenants and investors to unlock investment opportunities … [and] our develop-to-core strategy also saw us deliver over $1 billion in development completions,” Harrison said.

“As we begin financial year 2022 we are well positioned with $6.7 billion of investment capacity to deploy into our $8.8 billion development pipeline, which will be further advanced with continuing equity inflows.”

Charter Hall’s pipeline is made up of $3 billion in industrial projects and $5.3 billion in the office sector.

Harrison said development activity was predominantly undertaken in partnership with projects that had been de-risked through pre-leasing and fixed-price building contracts.

He said about two-thirds of office developments currently under construction were pre-leased at the end of June, and 94 per cent of industrial and logistics projects had been pre-leased.

Charter Hall’s property investment portfolio increased 18.8 per cent to $2.4 billion and generated a 15 per cent total property investment return and an 83 per cent weighting to Australia’s east coast markets.

Despite a tough year Charter Hall reported a portfolio occupancy rate of 97.4 per cent with a weighted average lease expiry of 9.1 years, an increase from 8.7 years in FY20, reflective of its diversified tenants including the Australian government which makes up 14 per cent of its rents.

The group’s funds under management grew 29 per cent or $11.7 billion in FY21 to a total of $52.3 billion.

Harrison said the $5.9-billion program of acquisitions had driven the increase in managed funds, in addition to the positive $4.1-billion revaluations of assets and a $1.8-billion capital expenditure on developments.

“As we celebrate our 30th anniversary, we are proud to have created an Australian funds management business of scale by global standards, but most importantly, we have generated record fund inflows, gross transactions and funds under management growth of $11.7 billion in FY21,” Harrison said.

“Our success as a business is built upon partnering with our tenant and investor customers to drive mutually beneficial outcomes with a razor-sharp focus on being customer centric.”

 

Article Source: www.theurbandeveloper.com

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Sunshine Coast Developer Reveals $100m Apartment Project

Henzell Property Group has moved quickly to lodge plans for a $100-million mixed-use project on a prime waterfront site in the heart of Caloundra as the local property market continues to outstrip greater Brisbane and even the Gold Coast.

The proposed development, between 133-143 Bulcock Street and 68-78 Omrah Avenue, would be built on a 6200sq m site bought by the developer in early June.

The residential and office project, known as Verre Caloundra, will combine “high-end” retail and dining at street level with 39 two- and three-bedroom apartments as part of the project’s 10-storey first stage.

A second stage will comprise a mirrored 10-storey building with 28 apartments, and an ancillary five-storey, 2700sq m medical and retail building at the rear of the site, to be known as Omrah Medical.

The site is currently occupied by the Suncourt Motel and is a large tract of vacant land that Henzell Property Group sales director Marcus Muir said would offer a unique opportunity to create a new entry statement for central Caloundra.

“We have had our eye on this property for some time, so what we have planned has been carefully considered,” Muir said.

“We feel this site, with the correct product mix, will be one of the most exciting launches the Sunshine Coast will see in 2021.”

▲ The existing motel would be demolished as part of the project’s second stage. 

The development will feature a 5m-wide pedestrian laneway from Bulcock Street through to Omrah Avenue.

Preliminary works have begun ahead of Henzell Property Group releasing apartments to the market.

If approved, construction would start in June, 2022 with the first stage expected to be completed towards the end of 2023.

Henzell has been a developer on the Sunshine Coast since the 1930s, pioneering canal estates and developing the Pelican Waters Golf Course, as well as numerous other residential communities within Pelican Waters including the Carlyle Terraces residential development in the marina precinct.

The developer’s latest project has been spurred on by the swelling sea-change trend, low interest rates and the state’s track record of low Covid-19 cases.

Henzell is currently in early works for a 226-apartment project at Pelican Waters to be developed over four stages.

The project builds on the masterplan for the coastal precinct, established by the Henzell and Ford families in 1989 on land that the families have owned since the 1940s.

The developer also recently sold out an exclusive release of luxury residences in the first stage of the $200-million precinct called The Cove.

▲ The development will take advantage of the dual street frontages by creating an activated laneway for vehicle and pedestrian access. Image: OGE Group Architects 

All 15 homes were purchased, for a total of $12 million, further highlighting the appeal of high-end residences among owner-occupiers flooding the Sunshine Coast.

According to the Regional Australia Institute, the Sunshine Coast is predicted to be one of Australia’s fastest growing cities to 2030.

Current forecasts suggest the region would be home to 580,000 people in 2041, further intensifying land constraints and affordability issues in the booming region.

In order to cater to this growth, a Directive Collective property market update recently stated that the region would need one new suburb every year for the next 20 years to keep up with its surging population growth.

Residential developer Stockland is one of the most active developers currently building in the region.

Stockland is well under way on its $130-million Thrive Nirimba community, located within its $5-billion Aura masterplanned community in Caloundra.

The suburb, named Banya after the Bunya Tree, will compromise 4000 homes and townhouses when completed during the next 10 years, with 50,000 residents anticipated to move in.

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Glamorous mega-mansion with multimillion-dollar garage could smash Brisbane house price record

An LA-style mega-mansion in Brisbane with a garage alone worth millions of dollars is tipped to smash the city’s house price record to smithereens when it officially hits the market on Monday.

Boasting “two of everything” and enough swagger to impress the Kardashians, the gargantuan one-hectare estate at 74 Bacton Road, Chandler, took years to build and could spell a new prestige property era for the Queensland capital with international buyers already preparing to pounce on the Beverly Hills-esque hideaway.

Could this set the new Brisbane house price record? Photo: Place Estate Agents New Farm 

While the capital’s house price record is currently sitting at a cool $18 million – paid for a palatial clifftop home at 1 Leopold Street, Kangaroo Point in 2017 – the “next level” Chandler estate should have no problems claiming the crown with indoor and outdoor theatres, a games arcade and a diner just a few of its extravagant features.

“It’s reminiscent of an LA mansion – I’ve never seen anything like it – except in Dubai,” said selling agent Heath Williams of Place Estate Agents New Farm.

“It’s a great place to be during a lockdown.”

The home, which features 35 CCTV cameras, a wine cellar so extensive it could make a sommelier weep, pools and an eye-watering car collection, could just be grand enough to comfortably wait out an apocalypse.

“[The property] has been a bit of an evolution … in fact, it’s taken up to eight years to create, and I believe it was recently finished,” Mr Williams said.

THAT garage. Photo: Place Estate Agents New Farm 

“It was a bit of a compound, and it’s kind of evolved to become everything [the vendors] like. Everything they ever wanted went into it – an arcade, you name it.

“What’s included [in the property] blew my mind away. It’s got two of everything, such as an indoor and an outdoor cinema, an indoor and an outdoor spa, a cardio gym and a weights gym and a separate guest house, which has two bedrooms and a kitchen.

“The tennis court is championship size and doubles as a basketball court … and it has city views.”

Relax by this pool. Photo: Place Estate Agents New Farm 

Despite little being known about the gargantuan renovation of the Chandler mansion, records show the property last sold in July 2015, for $3.75 million in an off-market deal, with images revealing the home was still a lavish masterpiece at the time.

The sale is expected to thrust leafy Chandler – which sits just more than 16 kilometres outside the Brisbane CBD – onto Brisbane’s high-end hotlist with a growing host of high-end sales in the acreage pocket, further cementing its rise.

Room to entertain – or isolate. Photo: Place Estate Agents New Farm 

Top recent transactions include a five-bedroom home at 576 London Road that sold for $4.6 million just two months ago and broke the suburb house price record.

While there’s no doubt 74 Bacton Road will quickly leave that record in the dust, Mr Williams said the city’s surging market had already made the entire region a magnet for prestige home hunters.

“Brisbane, with the way the economy is going and the health crisis, is now a desirable place to live … the prestige market has been going gangbusters we’ve had an uptick from the Olympics [to be staged in 2032],” Mr Williams said.

As to what kind of buyer he thinks will splash the major cash to land the city’s very own Hollywood palace, Mr Williams said the home would suit a large family or simply a buyer with a penchant for luxury cars.

 

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Mirvac set to launch seven apartment projects across Australia in the next 12 months

Off the back of strong demand for apartments, Mirvac has confirmed several new apartment launches are planned over the next 12 months.

Its latest annual report noted “growing demand for high-quality, well designed, owner-occupier targeted product.”

There are 1144 lots it is planning across Sydney, Melbourne, Brisbane and Perth.

The largest of the new launches will be the Nine Willoughby site in North Sydney.

NINE by Mirvac, Willoughby is set to deliver 442 apartments.

It has been designed by Mirvac Design & CHROFI with the landscaping by McGregor Coxall.

It will be a landmark community on Sydney’s north shore “expected to set a new benchmark in the area.”

Elsewhere in Sydney it propses a prestige, over-55s offering in Waverley, Sydney comprising 55 apartments and the next two buildings at Green Square, Sydney comprising 159 apartments.

There will be a low-rise building of 88 apartments at Burswood, Perth.

Melburne will see Forme, the final apartment building at Tullamore, comprising 93 apartments and the next stage at Yarra’s Edge, comprising 191 apartments.

Charlton House, the third stage at Brisbane Racing Club comprising 116 apartments is also on the way.

“These launches are expected to significantly elevate apartment pre-sales, before contributing to residential earnings from FY23,” the annual report noted.

“The fundamentals of strong established market momentum which has continued despite COVID-19 lockdowns, together with very low interest rates and limited supply in many catchments, provides a strong base for
our residential business looking ahead,” it advised.

“Our ability to bring these new projects to market now puts our residential business in a strong position as both sentiment and activity from owner-occupiers and investors remains buoyant and supply of new stock in many inner and middle ring markets remains low.’

It also noted off the back of strong demand for masterplanned community product during FY21 across both land and built-form, it expects to see FY22 settlements again dominated by masterplanned communities.

“Strong demand means we are now selling 12-18 months ahead of settlement in most masterplanned community projects.

“We expect to see demand continue to be driven by owner occupiers, both upgraders and downsizers, with domestic investor activity continuing to grow, first in masterplanned communities followed by apartments.”

 

Article Source: www.urban.com.au

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