A billion dollar project and new landmark development – Queen’s Tower – is being proposed for 545 Queen Street, Brisbane, encompassing luxury residences, premium short-term accommodation and a new shopping and dining precinct.
Queen’s Tower will form part of the high rise residential precinct already established in the CBD’s north eastern corner, sitting on the 2,735m2 island site between Queen, Adelaide and Macrossan Streets.
A development application for the project was lodged with Brisbane City Council this week.
The 250-metre, 76-storey building, estimated to start construction in the near future, is being overseen by development management team PDS Australia.
PDS Australia executive chairman Sameh Ibrahim said the proposed development would transform a commercial building into a new residential and mixed-use precinct that was better aligned to current market conditions and the city’s expected growth.
“Brisbane’s CBD is set to undergo transformative change over the next decade, with the Howard Smith Wharves precinct expected to open in mid-2017 and Queen’s Wharf to follow in 2022,” Mr Ibrahim said.
“As the Brisbane urban landscape changes and the population increases, Queen’s Tower will respond to that future need for quality inner-city living.”
Queen’s Tower would deliver 891 luxury residences, 100 serviced apartments, approximately 2,500m2 retail and commercial podium and basement parking for 853 cars and 752 bicycles.
“By offering an assortment of one, two, three and four-bedroom apartment configurations, with a majority of two-bedroom apartments, Queen’s Tower is designed to appeal to both owner occupiers as well as investors looking to cater to Brisbane’s inner-city professionals,” Mr Ibrahim said.
Queen’s Tower’s architectural concept was selected from a field of national submissions. The winning concept, by global design and consulting firm Woods Bagot, features juxtaposed semi-circle forms which create slimline, curved and variable silhouettes from the Centenary Place Park and western Queen Street and Adelaide Street perspectives.
According to Woods Bagot Principal Mark Damant, the design intends to support Brisbane City Council’s planning objectives such as accommodating growth and economic development, responding to the city’s subtropical climate and enhancing street activation.
“Our desire to design a curved façade was fundamental so passers-by, whether on foot, by bike or other vehicle would see the building evolve as they moved around it,” Mr Damant said.
“Highly integrated within the surrounding cityscape, the design will enable a vibrant public realm with retail, commercial and community zones providing active uses from day to night.”
Woods Bagot Project Design Leader David Lee, said, “Referencing the sub-tropical nature of the city of Brisbane, the development will deliver an iconic tower with a crafted podium design combining lush landscape with urban built form and use.
“The design also enhances pedestrian links from Centenary Place Park along the site to the Brisbane River, with the rich subtropical planting supporting a green corridor through the CBD.”
Original Publish: http://www.theurbandeveloper.com/
Dexus Eyes $100m Sale for Brisbane Retail Centre
Dexus Wholesale Property Fund are looking to offload a 100 per cent freehold interest in Beenleigh Marketplace, a sub-regional shopping centre located 32-kilometres from Brisbane’s CBD.
The 19,476 square metre asset, which last transacted in 2013, is anchored by Woolworths and Big W and spans a 60,680sq m site.
The landholding also includes 4,390sq m of adjoining land earmarked for further development.
JLL head of retail investments Simon Rooney has been appointed to market the expressions of interest campaign amid weak sentiment in the retail property sector.
“Investors are pursuing a low-risk retail strategy at present,” he said.
Rooney said investors were targeting small and mid-sized sub-regional centres with a major focus on retail services along with food and beverage offerings.
“F&B has consistently been the fastest growing retail category over the last five, 10 and 20 years, which underpins solid leasing demand.”
Recent transactions for sub-regional centres include the Rockdale Plaza sale in Sydney purchased by Charter Hall for $142 million last month, Sydney’s Neeta City purchased by Elanor Investors for $85.3 million in March, and Melbourne’s Campbellfield Plaza bought by Charter Hall for $74 million in December last year.
Transaction activity was highest within the $50-million to $150-million bracket for retail property last year.
Rooney said the Beenleigh retail hub outperforms the industry averages with total centre moving annual turnover (MAT) of $113.7 million.
Beenleigh, located in the city of Logan, has a current population of 83,570 which is expected to increase 2.1 per cent annually to 2031.
The expressions of interest campaign closes on June 6.
Brisbane Northshore Building Snapped Up for $20m
Investment giant Centuria has purchased a recently built commercial building for $19.74 million on a 7 per cent yield in Northshore Hamilton.
Developed by Alceon Graystone in April last year, the three-level A-grade office building sits within the Brisbane Technology Park Northshore office precinct which spans 304 hectares of riverfront, located six-kilometres from Brisbane’s CBD.
The property fund purchased the newly built office, at 381 Macarthur Avenue, in a move that marks its first direct property acquisition.
Centuria head of real estate Jason Huljich said the purchase is in line with the fund’s strategy.
“We have always intended to acquire direct assets for the Fund, and 381 Macarthur Avenue is a high-quality, well-located asset with financially strong tenants,” he said.
Work kicked off transforming the expansive site of state-owned industrial port into a $5 billion mixed-use precinct in 2015, with the site said to be Queensland’s largest waterfront urban renewal precinct.
The next phase of commercial development to kick off will include four additional office developments spanning 16,000sq m, along with plans for an integrated health and medical precinct.
Huljich anticipates increasing investor demand in South East Queensland.
“The fund’s exposure to QLD follows our view that Brisbane office markets are steadily improving. In the last half we’ve seen yield compression, vacancy rates at five-year-lows, and rising demand for prime office – trends we expect to continue,” he said.
Centuria’s newly acquired 2,847sq m asset has a 5.1-year WALE. Colliers Sam Biggins brokered the deal, with settlement expected by the end of May 2019.
Abacus sells four sites worth $31m
Abacus Property Group is making good on its promise to exit residential projects.
The Steven Sewell-led funds manager has offloaded three residential development projects and a development site with a combined book value of $31 million.
The deal, expected to settle in June, has resulted in Abacus offloading the three sites in Melbourne and one in Queensland to an offshore developer.
The properties include an eight storey, $180 million apartment complex at 512-544 Spencer Street in West Melbourne on which Abacus was undertaking a joint venture with Lechte Corporation and Crema Group that included a 2100 square metre supermarket.
Another property offloaded was a controversial development in the Brisbane suburb of Alderley which Abacus successfully got rezoned from industrial to residential despite significant opposition from residents.
The 4.6 hectare Newmarket Brickworks site at 95-117 Mina Parade will be bulldozed to make way for 51 two-storey townhouses and 287 units across a building between two and five storeys.
Another permitted site is at 410 Smith Street, Fitzroy, one of Melbourne’s trendiest inner-city enclaves.
The group has also offloaded a site at 10-12 Hampstead Road, in the inner-west Melbourne suburb of Maidstone, itself undergoing a gentrification-led renaissance.
“This divestment demonstrates delivery of Abacus’ strategic objective of reducing exposure to residential,” Abacus said in a statement.
The settlement proceeds will be used to reduce debt, the group said.
Mr Sewell, who took over last year from industry veteran Frank Wolf, has said Abacus will grow its exposure to the self-storage sector and reduce its reliance on residential.
The deal reduces its residential holdings to just two remaining assets.
Last year it purchased an office tower at 464 St Kilda Road in Melbourne for $47.7 million in a 50-50 joint venture with Singapore’s Wing Tai group.
Other recent purchases include Sydney’s oldest cinemas, the historic Metro Theatre at 28-30 Orwell Street in Potts Point, which Abacus settled for $19.8 million.
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