A wave of major development and infrastructure projects coupled with an improving economic outlook promises to create increasing employment, tourism and commercial real estate opportunities in Queensland’s capital.
Since the global financial crisis, Brisbane’s commercial real estate market has been in a state of healing and, according to a new report, there are brighter days ahead.
Commercial real estate services firm Cushman and Wakefield have forecast that the greater Brisbane economy will grow by 16 per cent over the next half-decade.
National head of research and co-author of the report Dominic Brown said that despite some stormy weather since the GFC, in 2018 and beyond a wave of major development and infrastructure have the potential to entirely alter Brisbane’s CBD.
Specifically, seven major projects totalling $12.4 billion, have been identified in the report, Brisbane 2021.
Projects approved and under construction are the Edward St revitalisation, Howard Smith Wharves redevelopment, the Brisbane Quarter, Queen’s Wharfcasino precinct and the Cross-River Rail. The Brisbane Metro transport system and Brisbane Live entertainment precinct are yet to be approved.
At the industry sector level, four of the top five industry sectors are forecast to show stronger growth, especially for IMT and professional services.Jobs are also expected to increase in the CBD and fringe markets, with an estimated 65,000 jobs over the next decade.
Brisbane is also expected to benefit from a 70 per cent increase in international tourist visitor nights in the next decade, leading to over 105 million visitor nights in 2026-27.
Brisbane’s Major 7
Proposed development and infrastructure projects targeting Brisbane CBD over the next 10 years are valued at over $12.4 billion, part of over $20 billion in projects across the city.
“Together they will help deliver the Council’s vision of establishing Brisbane as a ‘new world city’,” Brown said.
At $3 billion the project will deliver over 1,000 hotel rooms across five hotels, a residential precinct of 2,000 units, a 100 metre sky deck, 50 bars and restaurants and a pedestrian bridge connection to Southbank.
Edward Street Vision
Due in 2018 and valued at $11.4 million, this Brisbane City Council led project covers the entire length of the street with the retail strip bookended by “green gateways”. The initiative is to cement the precinct as a world class retail environment characterised by a broad, tree-lined boulevard.
Howard Smith Wharves
Due in 2018 and valued at $110 million, the redevelopment of this 3.4 hectare site will include a 5-star “Art Series” hotel, exhibition space, restaurants and a new riverside parkland.
Cross River Rail
By 2036, forecasts expect 90,000 people travelling to work each day in the morning peak hours, so the $5.4 billion project will deliver a 10.2 kilometre rail link from Dutton Park to Bowen Hills, with 5.9 kilometres of tunnel under the Brisbane River and CBD, connecting to both northern and southern rail networks in and out of the CBD.
This will be Brisbane CBD’s first integrated, mixed-use precinct incorporating office, retail, hotel and residential uses. Valued at $1 billion, it will include Australia’s first purpose-built W Hotel, two-storeys of retail beneath a 40-storey office tower and an 82-storey residential tower, due in 2019.
Still under the approval and funding processes, this $944 million development initiative proposes a high frequency, high capacity public transport system along a 21km route servicing 18 stations.
Approval is yet to be received for the $2 billion development of an entertainment precinct located on top of the Roma Street rail interchange hub. Facilities include a $450 million, 17,000-seat arena along with multiplex cinemas, an amphitheatre and proposed commercial, residential and hotel towers.
Brisbane’s commercial real estate markets have languished over recent years as the negative impacts from the end of the resources boom rolled through the economy. Brown is confident the worst is now over and Brisbane has a bright future ahead.
As we have seen in other cities, these projects should reinvigorate the Brisbane market and provide opportunities going forward. Within the CBD there could be opportunities to expand the city’s retail offering beyond its core in Queen Street mall along with redevelopment and repositioning opportunities for assets along Mary, Charlotte and George Streets.
Outside of the CBD, rapid transport projects are likely to make suburbs along the routes viable locations for future mixed use development projects as they become more sought after residential locations.”
Investment into Brisbane commercial property during the third quarter continued to strengthen, rising 35 per cent to $4.1 billion. This was driven by $1.9 billion in investment into the office sector reflecting more than 100 per cent increase over the June quarter.
Originally Published: www.theurbandeveloper.com
Developer Unveils Plans for Brisbane Vertical Retirement Village
National retirement village developer RetireAustralia has revealed plans for its first retirement apartment project in Brisbane.
The eight-storey development will comprise 183 contemporary independent living apartments and 35 state-of-the-art high level care apartments.
The project is located in Lutwyche, six kilometres north of Brisbane’s CBD.
The boutique development, named Fancutts Retirement Living in honour of the site’s history, will comprise more than a football field of space at 2,500sq metres devoted to community areas and facilities.
RetireAustralia CEO Alison Quinn said the development is one of a number of new communities underway to help improve the critical undersupply of quality seniors housing across the country.
“RetireAustralia has an excellent reputation as a national retirement village operator and we are excited to be delivering our first new retirement apartment project in Brisbane,” Quinn said.
The developer, which has 27 communities across Queensland, New South Wales and South Australia, picked up the Lutwyche site from former tennis champions Daphne and Trevor Fancutt earlier this year for $13.6 million.
“The project has been named in recognition of the site’s history as the Fancutts Tennis Centre and Academy, while also honouring the Fancutt family who have been an integral part of the local community for generations, and we’re proud to welcome Daphne and Trevor Fancutt as ambassadors for the project,” Quinn said.
Designed by Marchese Partners in collaboration with the University of Stirling in Scotland, the boutique development will include a new care offering to become standard across the company’s new development projects.
This includes state-of-the-art features to enable residents to remain independent as they age, along with a diverse range of services, including private and government-funded care.
Other Queensland aged care development projects in planning include Aveo’s 16-storey retirement tower on the Gold Coast, which will accommodate more than 150 seniors, Denmac Nominees’ 12-storey retirement facility in Brisbane’s inner north suburb Windsor, and Japara’s $30 million aged-care facility in Robina.
Expressions of interest are now open for Fancutts Retirement Living with construction expected to commence by mid-2019.
Brisbane Developer Lodges Proposal for 40 Apartments in North Brisbane
Brisbane developer Raise Projects has lodged plans for a 6-storey mid-rise residential building in Brisbane’s north.
The 17-21 Wesley Street, Lutwyche site, 5km north of Brisbane’s CBD, is currently occupied by three residential homes.
Designed by Nam Concept, the development will comprise 40 apartments and provide 79 car parks, 82 bicycle parks as well as a communal rooftop terrace.
The building will join two other mid-rise residential developments currently under construction on Wesley Street.
If approved, Raise Projects will add 40 apartments to a pipeline of more than 70 apartments in the area.
The proposed building sits in a hub of amenities and public transport options, close to Lutwyche Bus Interchange and Wooloowin Railway Station for easy access to the city.
Other development in the area includes Walker Property Group’s plans for a 32-apartment building at 16-22 Wesley Street designed by OGE Group Architects.
A 6-storey building has also been approved between 10-12 Wesley Street for 38 apartments.
Inner Brisbane currently has about 9,000 apartments under construction across 46 separate projects.
It seems Brisbane has weathered the worst of its apartment market slump with stability returning to the market as sales rates absorb the current supply.
Research released by Urbis affirms the view that the tide is beginning to turn in Brisbane’s apartment market.
The owner-occupier market has continued to underpin a strong demand for inner-Brisbane’s apartment stock in the wake of “oversupply concerns”.
Inner Brisbane approvals for the last quarter totalled 1674 apartments.
Total approved future supply for Brisbane’s inner south apartment market currently sits at 8,481 while Brisbane’s inner north currently has 7,653 approved apartments.
First Look at $750 Million Albion Train Station Revamp
Brisbane-based developer Geon Property has lodged plans for stage one of the $750 million Albion Train Station precinct redevelopment.
The project, dubbed Albion Exchange, is a ten-stage project set to be delivered over 15 years with community consultation on the future masterplan to commence shortly.
The site has been earmarked for redevelopment for a number of years by the Queensland government as an opportunity to “improve connectivity and public transport facilities to better service the local community”.
A $28.7 million upgrade of transport facilities and access to the Albion Train Station has also been tied into the proposal creating a genuine transit oriented development.
Stage one will feature a new food and beverage destination, health and wellbeing offerings, and two new multi-level residential buildings over a commercial and retail podium.
The first of the two residential buildings will reach 30-storeys and provide 203 apartments, while the second building will reach a height of 23-storeys with 130 apartments with a total gross floor area of 31,836 square metres.
The 4,900sq m site sits immediately south and above the existing Albion Train Station, stretching as a spine from the Albion Overpass through to the former Albion Fire Station located on Merehaye Street.
“Albion Exchange is set to become Brisbane’s latest mixed-use project and will create a vibrant community heart for the inner-northern suburbs,” Geon Property senior development manager Tim Rossberg said.
“Albion Exchange is a unique inner-city development which will further the suburb’s modernisation by creating an energised and connected destination.”
Albion is currently one of Brisbane’s fastest growing areas with the suburb’s population estimated to grow by more than 4000 residents by 2036.
Community feedback sessions for stage one have been well attended, with the local community showing a high level of interest in the level of amenity and public space offered by Albion Exchange.
“The size and quality of public amenity in our Stage One proposal will transform the inner-city transit node into a green public sanctuary, with a strong emphasis on community interaction and exchange, legibility and accessibility,” Rossberg said.
“Over sixty-five per cent of the stage one site area will be dedicated to public space for the community.”
The proposal also includes 4,900sq m of new green open space and a public plaza connecting the east and west of Albion Road as well as 573 car parks and 461 bicycle parks.
The end of the city’s train line at Ferny Grove is also set for a major transport, retail and residential project.
In Brisbane’s CBD, Roma Street Station has also benefited from plans to create Brisbane Live! entertainment district, a 17,000-seat venue that will be built above the new Roma Street underground station.
Construction for Albion Exchange will start in early 2020, subject to development approval.
- Developments8 months ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct
- Opinion2 years ago
Are we headed for a housing crash — or not?
- Real Estate3 years ago
Brisbane’s 5 most affordable suburbs within 15km of the CBD
- Market Place9 months ago
How to make $1 million ‘flipping’ houses
- Market Place9 months ago
Looking for a property to rent? Good luck finding something here
- Market Place2 years ago
Brisbane real estate: Most expensive homes see growing sales results
- Infrastructure9 months ago
How train lines are driving property prices
- Developments4 years ago
Investors turning to Brisbane