Connect with us

Commercial

Hong Kong’s Ovolo snaps up Brisbane’s Emporium Hotel for $40m

Published

on

Hong Kong's Ovolo snaps up Brisbane's Emporium Hotel for $40m Read more: http://www.afr.com/real-estate/commercial/hotels-and-leisure/hong-kongs-ovolo-snaps-up-brisbanes-emporium-hotel-for-40m-20180110-h0ga8x#ixzz53rOLTjgq Follow us: @FinancialReview on Twitter | financialreview on Facebook

Hong Kong-based boutique hotel chain Ovolo has snapped up the Emporium Hotel in Brisbane’s Fortitude Valley for about $40 million in the first major hospitality deal of the year.

It is the second Brisbane hotel acquired by Ovolo Hotels in the space of seven months after it acquired the 50-room New Inchcolm Hotel & Suites in Brisbane for $16.5 million in June.

The 102-room Emporium Hotel at 1000 Ann Street was sold by its founder and managing director, Tony John, of the Anthony John Group. It opened in 2007, when it was positioned as Brisbane’s first luxury boutique hotel.

Hotel amenities include a rooftop pool, gm and sauna, cocktail bar and patisserie as well as conferencing and events centre.

Mr John said he had decided the time was right to sell the Fortitude Valley property as it would “allow the team time to focus on the 2018 opening of our luxury boutique Southpoint Emporium Hotel”.

Ovolo’s latest aquisition means the hotel chain, founded by Girish Jhunjhnuwala in 2002, now has five hotels in Australia, with two Sydney hotels in Woolloomooloo and Darling Harbour and one on Little Bourke Street in the centre of Melbourne.

“The Emporium Hotel in Brisbane was an obvious choice for the brand given its incredible success to date, its boutique nature and appealing location in the Fortitude Valley retail and dining precinct,” Mr Jhunjhnuwala said.

“We are excited to take this fantastic property to the next level with Ovolo’s signature luxury design interiors and all-inclusive hospitality concept,” he added.

The sale of the Emporium was brokered off-market by CBRE Hotels national director Wayne Bunz, who said it was a very positive sign for the local market heading into a new year.

“The sale highlights investors’ growing interest in the Brisbane hotel market. CBRE continue to field investor demand for investment opportunities, with the Emporium Hotel sale negotiated in a record time of just four weeks,” Mr Bunz said.

The Hong Kong operator’s flagship Ovolo Woolloomooloo and Ovolo 1888 Darling Harbour were recently ranked as the second and sixth-best hotels in Australia, according to TripAdvisor’s Travellers Choice Awards 2017.

Ovolo Hotels recently joined the co-working office movement after Ovolo Woolloomooloo signed a co-working deal with start-up TwoSpace, who will set up co-working spaces in the hotel’s lounge. It operates four hotels in Hong Kong.

Originally Published: www.afr.com

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Commercial

Singapore Logistics Trust Snaps Up Coles Distribution Centre

Published

on

Singapore Logistics Trust Snaps Up Coles Distribution Centre

Singapore Logistics Trust Snaps Up Coles Distribution Centre

Singapore Logistics Trust Snaps Up Coles Distribution Centre. Singapore real estate investment giant Mapletree its maiden Brisbane asset, a Coles distribution centre in the city’s south west for $105 million.

Mapletree’s Singapore-listed logistics trust picked up the 55,739sq m Heathwood asset on a 5.7 per cent yield.

The purchase brings Mapletree’s Australian portfolio to 10 assets of more than S$600 million ($613m).

Demand for Australian logistics property is offsetting an otherwise dour property market, with the e-commerce boom driving high demand in the large format logistics space.

Brisbane’s industrial sector has seen vacancy rates drop by 3 per cent over the last quarter, as larger tenants compete for limited space, according to a recent Knight Frank Brisbane industrial vacancy report.

 

Singapore Logistics Trust Snaps Up Coles Distribution Centre

Mapletree’s listed logistics trust has snapped up a Coles distribution 28km south-west of Brisbane.

Mapletree logistics trust chief executive Ng Kiat said that the acquisition would provide a stable and growing income to its unitholders.

The massive Coles distribution complex sits on a 151,600sq m land parcel with the opportunity to yield an additional gross floor area of up to 19,000 square metres.

The centre is located along the Logan Motorway 28 kilometres from Brisbane’s CBD.

“Brisbane’s logistics market poised to benefit from several major infrastructure developments [such as] Brisbane Airport’s second runway, the inland rail connecting Melbourne and Brisbane, and various rail and intersection upgrade projects,” Mapletree said.

Coles has a remaining lease term of 4.3 years until January 2023.

Mapletree has four Singapore-listed real estate investment trusts and six private real estate funds, with a S$46.3 billion ($47bn) portfolio of assets in the UK, USA and Asia Pacific.

Source: theurbandeveloper.com

Continue Reading

Commercial

Developer Lodges Plans for 138 Apartments in Brisbane’s Middle Ring

Published

on

Developer Lodges Plans for 138 Apartments in Brisbane’s Middle Ring

Developer Lodges Plans for 138 Apartments in Brisbane’s Middle Ring

Developer Lodges Plans for 138 Apartments in Brisbane’s Middle Ring. Developer Keylin Group has lodged plans with Brisbane City Council for a $75 million residential development in Brisbane middle ring suburb Upper Mount Gravatt.

The subject site, located at 22-40 Dawson Road, comprises 10 lots on a 4860sq m parcel of land.

The proposal, designed by architect Group GSA, is grouped into three separate buildings along Dawson Road, stepping down in height from seven, six and five levels.

 

Dawson Road Site

Developer Lodges Plans for 138 Apartments in Brisbane’s Middle Ring

Keylin Group’s Louis Cheung said the group is a big believer of Brisbane’s growth in the middle ring.

The developer says the project is planned in a thriving precinct with a “record growth rate and a high rental demand and yield”.

The development will comprise a total of 138 units offering a mixture of one, two and three bedroom apartments, with the project itself split across two stages.

Historically, Cheung says the trend in development for the area has catered towards the investor market.

“The design of this project focuses more on the owner occupier market, with a large portion offering three bedroom apartments,” Cheung told The Urban Developer.

“One of the key components for the development is car parking and ample storage areas. More than 50 per cent of our two bedroom apartments have two car parks, a point of difference to your typical offering.”

“Throughout the design process we have referenced the New World City Design Guide: Buildings That Breath document and where possible integrated philosophies and key elements into the design,” GSA said in their design statement.

 

The proposal has been grouped into three separate buildings along Dawson Road. Building three will be constructed within the first stage and buildings one and two to be constructed in the second stage.

The proposal has been grouped into three separate buildings along Dawson Road. Building three will be constructed within the first stage and buildings one and two to be constructed in the second stage.

The precinct is close to existing infrastructure such as Griffith University, QEII Jubilee Hospital and Brisbane Technology Park and has proximity to public transport, the M1 and the proposed Brisbane Metro which is set to benefit the area.

The Mount Gravatt area is considered a key economic hub roughly 15 minutes from Brisbane’s CBD, with estimates it will deliver more than 10,000 jobs by 2031.

Other nearby developments include an eight-storey residential building by Brisbane-based developer Opalyn Property Group, which will comprise 67 apartments.

Source: theurbandeveloper.com

 

Continue Reading

Commercial

Healthy Demand for Large Format Industrial in Brisbane

Published

on

Healthy Demand for Large Format Industrial in Brisbane

Healthy Demand for Large Format Industrial in Brisbane

Strong demand in Brisbane’s A-grade industrial sector has seen vacancy rates drop by 3 per cent over the quarter, according to latest research.

Healthy Demand for Large Format Industrial in Brisbane. The 3 per cent drop over the three months to October reflects a 2.8 per cent decrease over the past year as larger tenants compete for limited space, according to Knight Frank’s Brisbane Industrial Vacancy report.

Knight Frank’s Mark Clifford said tenants with larger requirements were very active, with the improvement in A-grade vacancy for the quarter largely due to speculative space absorption.

The company recently negotiated more than 48,900sq m of leases across six assets in a six-week span.

“These deals have been for existing A-grade facilities, above 5000sq m in size, with the tenants being large scale businesses either expanding or looking for efficiencies in their warehousing and distribution strategy by occupying newer well-designed facilities,” he said.

The report found the improvement in vacancy in the A-grade market dropped by 18 per cent to 227,161sq m, in contrast to available secondary accommodation which increased by 18 per cent to 238,921sq m.

Due to limited existing or speculative stock, Knight Frank Partner Chris Wright said there would be a greater focus on design and construct options.

“We don’t expect tenant demand to slow down, with all the fundamentals in the market being positive including the Queensland economy and population growth ticking along, upcoming infrastructure projects and reasonable business confidence.

“But it’s going to be hard for tenants to find existing buildings of 5000sq m plus.

“This has to translate into more activity in the design and construct sector at key industrial land estates. We are going to start seeing some spec activity as well given the healthy demand for 5000sq m plus.”

Related: Futuristic Warehouses, E-Commerce Drives Industrial Market

Source: Urban Developer – Healthy Demand for Large Format Industrial in Brisbane

 

 

Continue Reading

Positive Cashflow

duplex designs, dual occupancy homes

Trending