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Chinese developer R&F to build $500 million Brisbane River mixed use precinct

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Chinese developer R&F to build $500 million Brisbane River mixed use precinct Read more: http://www.afr.com/real-estate/chinese-developer-rf-to-build-500-million-brisbane-river-mixed-use-precinct-20180403-h0yatv#ixzz5CncqWccC Follow us: @FinancialReview on Twitter | financialreview on Facebook

R & F Property Australia has released new plans for its $500 million West End development. Supplied

Chinese developer R&F has unveiled plans to develop an amended $502 million mixed-use precinct and public riverside space for its 1.6-hectare landholding at Brisbane’s West End.

The developer’s offshoot, R&F Property Australia, said it would undertake the approved masterplan development of more than 1000 apartments, while seeking changes to expand the public plaza. The site originally had an approval for seven buildings and 981 apartments.

It would also have river homes or lower level terraces along the Brisbane River as well as new retail and commercial space for shops and restaurants.

The developer would also reinforce the east-west public connection from West End to the riverside parkland and the Brisbane River.

“The project presents an important opportunity to transform one of Brisbane’s under utilised inner city former industrial riverfront sites into a desirable, integrated urban precinct,” R&F Property Australia senior development manager Rodney Chadwick said.

“The development will create a new architectural and cultural landmark for West End, focusing on public enjoyment and the opportunity to promote and enrich public access along the Brisbane River between Southbank and Orleigh Park.

“Our current plans show a series of public accessible, open spaces comprising of shaded landscaped courtyards, activated laneways and major plaza, spilling down riverside walkway.”

The development will be staged over six years.

Fronting the Brisbane River, the site between Hockings and Donkin Street is one of five landholdings that R&F has in Brisbane. It has two more in Melbourne.

While the developer had previously sought sites in Sydney, as most developers often do, it said the cost of land has made it difficult to buy the right property.

“We will continue to focus on developing our existing land over the next few years,” R&F Property Australia general manager David Wei told the Australian Financial Review exclusively.

“Australia is a good market particularly with its rising migration.”

He also said the group would consider hotel development and further diversification away from residential development but not in the immediate future.

The Guangzhou-headquartered and Hong Kong-listed developer is renowned for its large international portfolio stretching from housing to hotels. In recent times it was in the spotlight for snapping up 77 hotels from Chinese juggernaut Dalian Wanda for more than $3 billion, as part of Wanda’s selling spree.

Source: www.afr.com

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Developments

Brisbane Developer Lodges Proposal for 40 Apartments in North Brisbane

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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.

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A 6-storey apartment block has been approved opposite the proposed site located between 10-12 Wesley Street.Image: Hamilton Hayes Henderson Architects

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.

Source: theurbandeveloper.com

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First Look at $750 Million Albion Train Station Revamp

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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.

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The site is positioned above the existing Albion Train Station, making it a genuine Transit Orientated Development.Image: Geon Property

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.

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The project aims to connect the east and west of Albion, which is currently segregated by the train line.Image: Geon Property

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.

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Brisbane Apartment Market Ready for the Next Cycle

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Brisbane has weathered the worst of its apartment market slump as stability returns to the sector, new research suggests.

The latest Quarterly Apartment Report from local property marketing and research group Place Advisory suggests stability is returning to the apartment market as sales rates absorb the current supply.

With no major releases hitting the market over the next six months supply is tightening up, and Place Advisory’s Lachlan Walker says that the market is positioning itself for growth as Brisbane moves into its next cycle.

Inner Brisbane recorded 175 unconditional sales during the June quarter.

“Up 31 from the previous quarter, and totalling $118 million,” Walker said.

“The weighted average price of $674,714 was up 1.7 per cent compared to the last quarter – it’s a modest increase, but it’s promising.”

Research released by Urbis affirms the view that the tide is beginning to turn in Brisbane’s apartment market.

The owner-occupier market made up almost half of all buyers (48 per cent) of inner Brisbane’s apartment stock in the second quarter according to Urbis Property Economics.

At current sales rates, all current new apartment supply could be absorbed by early to mid-2021.

“Brisbane’s potential for capital growth in the medium term is looking ever more positive as population growth and the economy return to increasingly positive trends and new apartment supply diminishes,” Walker said.

The numbers

At the end of the June quarter, 21 per cent of the total new apartment market remained available for purchase.

Currently 54 projects are being sold off-the-plan in inner Brisbane, several of which have pushed back their expected completion dates, Walker said.

“Of the 1936 new apartments currently available for sale, 30 per cent are expected to complete construction in the second half of 2018, 31 per cent in 2019 and the balance in 2020.

“This means remaining supply will settle in a more staggered nature, softening any potential negative impacts to the market.”

Source: theurbandeveloper.com

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