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.

 

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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.

 

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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.

 

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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.”

 

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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.”

 

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