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Commercial Property

EPV Developments Launches Woolloongabba Project



EPV Developments Launches Woolloongabba Project

EPV Developments Launches Woolloongabba Project

Property developer EPV Developments has launched a new 10-storey apartment tower in Woolloongabba called The Wellington.

The Wellington incorporates 127 one-bedroom and two-bedroom apartments situated on the corner of Wellington Road and Overend Street above a specialty retail and dining precinct.

The ground floor of the development will feature a retail area with a mix of quality food retailers, restaurants and cafes including an offering from Phillip Di Bella, the founder of Australia’s largest specialty brand, Di Bella Coffee.

The first release of apartments starts at $354,000 for one bedroom apartments and $470,000 for two bedroom apartments.

The Wellington development site is located in Woolloongabba within metres of  The Gabba stadium.

Development company EPV Developments is a joint venture of Denis Mackenzie and Karl Jameson.

Operating exclusively within the inner-city Brisbane market, EPV develops boutique mixed-use apartments and integrated living.


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Commercial Property

Brisbane Start-Ups Drive Growth Of Flexible Workspace



Flexible workspace in Brisbane has experienced significant growth and demand over recent years from local, interstate and international businesses who are opening new operations across CBD and fringe markets.

Queensland has now overtaken Victoria in terms of numbers of start-ups and has the second largest number in the nation, behind New South Wales.

According to the Colliers International Radar Report, Brisbane Flexible Workspace: Market Trends and Outlook, there was over 78,000 square metres of flexible workspace across Brisbane in May this year, representing 2.43 per cent of the total office market. In comparison, Sydney represents 2 per cent of the market.

Flexible workspace in Brisbane consists of serviced offices (62,137 square metres), co-working space (8,860 square metres) and incubator space (approximately 8,000 square metres) which is usually owned, financed and or managed by government and/or not for profit.

“The demand for flexible workspace is being driven by businesses seeking greater flexibility in tenancy size, lease terms and the ability to flourish with like-minded, often tech savvy and forward thinking entrepreneurs and small business operators,” Colliers International National Director of Office Leasing Joseph Dean said.

“But it is not only the start-ups or small operators that take up the space. We see corporates and large companies also looking for alternative workspaces to grow some of their departments that can benefit from collaboration.

“The majority of the activity is in the CBD, where 58 per cent of the flexible workspace is located, but interestingly there has been a rapid increase in serviced offices and co-working space throughout the Fortitude Valley and Southern fringe precincts.

“In terms of the building grade, 60 per cent of the flexible workspace is housed in the secondary grade buildings across the CBD and fringe markets.

“However, there are some fantastic examples of heritage space being meticulously renovated and repurposed as witnessed at T.C. Beirne Building (incubator space backed by the Queensland Government) and Plumridge House (serviced offices) in Fortitude Valley,” Mr Dean said.

Helen Swanson, who authored the report, said interstate consulting firms looking to start up in Brisbane were attracted to the flexible lease terms and sizing arrangements that flexible workspace offers.

“Small Business Labs, an organisation that monitors co-working space around the world, suggests that the number of people renting flexible workspaces will grow globally from just under 1 million in 2016 to nearly 4 million in 2020,” she said.

“From a local perspective, the latest Start-up Muster Annual Report (2016) shows that Queensland has increased its share of Australian start-ups from 16.5 percent in 2015 to 19.3 percent in 2016.

“Federal initiatives expected to support the growth of the sector over the coming years include: backing innovation and FinTech, extending crowd-sourced equity funding; and tax advantages to support investment in start-ups,” Ms Swanson said.

Jock Fairweather, Director of Little Tokyo Two, a co working based company, said there has been an influx of 30-35 year old’s who have worked in a corporate vertical for some time and are wanting to leave and start something for themselves in the same vertical.

“The number of new co-working and serviced office groups is certainly rising.

“However, the focus for most operators is space rental rather than quality of service. The trouble with playing the space rental game is that small operators will always lose out to the larger players.

“For example, WeWork’s fit-out budget is up to 10 times larger than smaller operators. Therefore, if your only offering is space, you can’t win.

“Consequently in the next three years the market will sort out the good from the mediocre. Only those that offer quality service and support will be successful,” Mr Fairweather said.


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Commercial Property

$7.1m Spring Hill Church Splurge




The Presbyterian Church of Queensland has purchased Brisbane Australian Institute of Management’s former Spring Hill head office for $7.10million.

The property at 369 Boundary Street occupies on a 1,456sqm LMR3 zoned site in the heart of Spring Hill, within walking distance to the CBD. Recently having undergone an extensive refurbishment, the property is a high quality corporate office with 1,837sqm of NLA. The sale equated to $3,865sqm of NLA and $4,876sqm on land area.

In September AIM Brisbane announced the relocation of the AIM Campus to 40 Creek Street, Brisbane. AIM’s strategy is to be located ‘where the action is’ so that we can reach as many managers and leaders as possible. It is with this in mind that we have decided to relocate to the heart of Brisbane City Centre.

The transaction was managed by by JLL’s Christian Sandstrom and Sam Byrne.

Mr Sandstrom said the sale was evidence that the owner-occupier market was still very much alive and well in Brisbane, given the strong interest in the property from a range of potential buyers.

AIM brisbane

AIM’s previous Spring Hill headquarters.

“The purchaser had owner-occupied a smaller property in Amelia Street in Fortitude Valley since the late 1980’s, however were seeking larger premises to accommodate expansion,” he said.

“Spring Hill has been host to other owner occupier sales including 41 Raff Street for $4.08 million to a language college, and 400 Boundary Street Spring Hill, to the Seventh Day Adventist Church for $9.35million. The area has seen a substantial rise in interest due to the release of the draft Spring Hill Plan and the substantial refurbishment of the former Queensland Main Roads building which has been transformed into The Johnson Art Series Hotel, due to open this month.”

Located just five minutes from the heart of Brisbane’s CBD, AIM Management House offers seven fully equipped meeting and function rooms, perfect for corporate presentations, product launches, focus groups, interviews, workshops and training. Spacious, well lit and professionally appointed with state-of-the-art audiovisual equipment, the Brisbane AIM venue can seat between 20 to 170 delegates.

“The buyer was attracted to the property’s quality, large training rooms, ample car parking and likelihood for strong capital growth. Whilst the site is zoned LMR3 with allowable buildings heights up to 3 storeys, under the draft Spring Hill neighbourhood plan the property is earmarked for a greater development outcome up to 10 storeys (STCA).”

He said the property generated strong interest from local, interstate and off-shore buyers throughout the 4-week Offers to Purchase campaign. Given the flexibility of the offering, significant interest was received from developers, investors as well as owner occupiers.

Original article published at by Staff Writer 30/9/16

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Brisbane Service stations show investment potential



High-rise developer Ken Woodley is looking for more service stations to top up his personal Brisbane Investorinvestment portfolio.

With a long-term lease in place, the veteran Brisbane property player recently snapped up a newly-built service station at 2009 Sandgate Rd, Virginia.

The transaction reflects the continuing strong level of investment activity in the retail service station sector.

It is Mr Woodley’s third acquisition of a service station asset after shifting the focus of his investment portfolio from convenience retail centres.

His other purchases include a Woolworths Petrol at Kenmore and a Caltex in North Lakes.

“With shopping centres you’re dealing with multiple businesses and co-ordinating a number of tenants,” Mr Woodley said.

“But with the service stations I’m only dealing with one company for each of them. It’s absolutely trouble free.”
The Virginia service station was purchased on a yield of 5.75 per cent and Mr Woodley said he was achieving returns of up to 7 per cent from his other two assets.

Developed by Evans Long on a high profile 2843sq m site, it is leased to 7-Eleven on a 15-year lease plus four five-year options. The tenant is responsible for all outgoings, excluding land tax.

Savills’ Michael Harcourt, who negotiated the asset’s sale, said the agency’s Brisbane office had been involved with 10 service station investment and development site transactions over the past 12 months totalling almost $25 million.

“Investor demand for blue chip, long term-leased service station assets remains very strong,” he said.

“The lack of available stock coupled with record low interest rates has resulted in substantial yield compression across the country.

“But with the aggressive expansion of major fuel retailers — namely Coles Express, Woolworths, Caltex, 7-Eleven, Viva (Shell), BP and Puma — developers are actively seeking suitable sites to satisfy tenant demand and generate potentially substantial capital returns.”

According to construction activity analysts Cordells, there are 100 potential new or redeveloped service stations in Queensland that have been recently delivered or are in planning and development stage.

Mr Harcourt said the acquisition of the three service station assets by Mr Woodley followed his divestment of two retail convenience centres — Holland Place at Holland Park West in Brisbane’s inner southeast for $3.4 million, and the Sherwood Court in the city’s southwest for $3.9 million.

The sale of the site for the Virginia service station in October 2014 for $1.75 million to Evans Long also was negotiated by Mr Harcourt. It was sold with a lease agreement in place with 7-Eleven.

Mr Harcourt said the completed service station appealed due to its high-exposure main road location underpinned by a secure long-term lease.

“It is in a very prominent left-hand inbound location adjoining Virginia Golf Course on Sandgate Rd, one of the main arterial roads in Brisbane’s northern suburbs with an average of over 54,000 passing vehicles each day,” he said.

“The combination of the high-profile positioning, strategic inner Brisbane location, new construction and long-term lease presented a prime service station investment proposition.”


Article originally published by Phil Bartsch, The Courier Mail, 27/5/2016

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