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First Look at $750 Million Albion Train Station Revamp

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brisbane development

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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Developments

Lynas up 14pc to 15-month high

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Lynas up 14pc to 15-month high 1

Yesterday 

That is all from us today.

Thank you for your time and your comments. Tomorrow the bureau of statistics is releasing building permit data for April. The March numbers were down 15 per cent month on month and the consensus view is none or minor growth of 0.1 per cent for April.

Good night.

Lynas up 14pc to 15-month high 1

Yesterday 

The S&P/ASX 200 has closed 0.7 per cent lower at 6440 points. It traded at that level for most of the day with very little change between 11am and close.

Lynas was the outstanding performer today with a rise of 15.5 per cent to $2.76. Ausdrill had the next biggest move with a gain of 2.3 per cent to $1.53, which highlights how extraordinary Lynas was today compared to the rest of the market. Altogether 42 companies closed higher.

On the down side, Downer EDI dropped 9.1 per cent to $7.16 and Nufarm dropped 5.8 per cent to $4.05 on reports by News Corp it is assessing its balance sheet with a view to possible asset sales.

But the points were really taken off by a 1.3 per cent fall in CSL to $204.50 and a 0.6 per cent drop in BHP Group to $38.36. Wesfarmers, Woolworths, and Transurban all softened. The most traded stock was South32 with 24.2 million shares trading hands and the price falling 2.3 per cent to $3.36.

Yesterday 

Shares in highway health food retailer Oliver’s are up 59 per cent to 3.5 cents after it told the market it will return to profit in 2019-20. The company is booking a loss of $5.3 million for the current financial year. The former board and chief executive were turfed out in March and the new team has ended “outrageous cash burn“. Oliver’s has closed several stores and “stopped the unproductive activities at head office”.

In January the previous board advised of a half-year loss of about $3.5 million and Oliver’s incurred a loss of $1.8 million in the three months from January to March. Since the new board has taken over it delivered a break-even position for the April to June quarter.

“Olivers will post a trading loss for the 2019 financial year of around $5.3 million, all of it incurred prior to the actions and initiatives of the current Board and the new senior management team.”

The board expects to see a return to profits and “with it the ability to pursue a number of very exciting and potentially viable opportunities”.

Yesterday 

The markets is down 46 points to 6438.5 as we head towards the closing bell. The S&P/ASX 200 fell 50 points on opening to 6419 and has been unable to get above 6440 all day. Just 49 companies are trading higher.

The most points are being taken away by a 1.5 per cent drop in CSL, and 0.8 per cent fall in BHP, and a 1.7 per cent fall in Wesfarmers.

Adding the most points today is National Australia Bank with a 1 per cent rise, and Lynas has rallied 14 per cent to $2.73. Telstra is 0.4 per cent higher after confirming more job cuts and being on track with its T22 program. And Nine Entertainment is up 1.5 per cent.

Yesterday 

On Monday I posted about a regional Chinese bank taken over by regulators. Today two Asia-based economists for ANZ Bank released a note saying they think it is an isolated incident and will not trigger systemic risks.

The Baoshang Bank had a significant credit risk and was owned by a large private company which used to be heavily involved in the domestic financial market, according to ANZ economists Betty Wang and ZhaoPeng Xing. However, the takeover did increase short term funding costs, which will impact smaller banks and have spill-over effect on small and private enterprises.

“Some key indicators of [Chinese] city commercial banks have deteriorated in the past two years amid the nation-wide deleveraging campaign. The average capital adequacy ration (CAR) of banks decline to 12.64 in first quarter of 2019 from 12.75 per cent at the end of 2017,” they wrote in a note to clients. “Meanwhile, the non-performing loan ration rose to 1.88 per cent in first quarter 2019 from 1.52 at end of 2017. However, we do no think that this reflects a pandemic risk in the sector.”

They also note China has accumulated a lot of hidden debts, particularly in shadow banking.

“Assuming control of Baoshang could be a trial undertaken by the authorities to clean up such activities which have posed hurdles to the monetary transmission mechanism. The flurry of comments from different senior Chinese regulators in the past few days also signal that preventing financial risks is priority for China even amid the economic downturn.”

Yesterday 

Lynas Corporation is one of the most strategic assets traded on the ASX and could eventually triple production from its 200 million-year-old rare earths deposit in Western Australia, according to fund manager Newgate Capital Partners. Newgate chief investment officer Tim Hannon said the Mount Weld mine, where the Lynas board met this week, boasted the largest and highest quality rare earths deposit in the world. The Lynas share price surged more than 10 per cent to $2.64 in early trading on Wednesday, way above the indicative $2.25-a-share price offered by Wesfarmers as part of a conditional $1.5 billion takeover tilt on March 26.

The board meeting at Mount Weld, including a barbecue with community leaders, comes as Lynas considers either Mount Weld or an industrial estate on the outskirts of Kalgoorlie for a first-stage processing plant as part of a $500 million capital works program.

The new plant would remove low-level radioactivity from rare earths material before it is shipped to the main Lynas processing hub in Malaysia for downstream processing. The company expects the move to clear the way for Malaysia to renew its operating licence, which is due to expire in September.

Lynas up 14pc to 15-month high 2

Source: www.brisbanetimes.com.au

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Developments

Brisbane’s ‘ugliest building’ to go as bus and rail moves underground

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Brisbanes ugliest building to go as bus and rail

Brisbane buses will follow trains underground at Roma Street Station as the government forges ahead with Cross River Rail plans, without the federal help it hoped to get from a Shorten Labor government.

A new underground train station had already been promised for the inner-Brisbane transit hub, but deputy Premier Jackie Trad announced on Friday that the bus interchange would also be moved below.

Ms Trad, who is also Infrastructure Minister, said it would provide a “seamless connection” between rail and bus.

“That means public transport becomes very, very reliable but also very accessible,” she said.

Described by Transport Minister Mark Bailey as “one of the ugliest buildings in Brisbane”,  the run-down Brisbane Transit Centre on Roma Street will be demolished in 2020, to make way for the interchange.

He said the 650-metre busway would be located directly under the Roma Street station plaza.

Brisbanes ugliest building to go as bus and rail moves

“Queenslanders are backing public transport, with a record 182 million trips taken across the south east last financial year, including an average of 19,000 people using the current Roma Street bus station each day,” Mr Bailey said.

“Once Cross River Rail is operational, 36,000 passengers are expected to use Roma Street every day to transfer between buses and trains, which is why we’re upgrading this important hub, taking hundreds of cars off the road and easing congestion.”

Brisbanes ugliest building to go

Ms Trad said the bus/train interchange would support crowds as large as 20,000 travel to and from events at the proposed Brisbane Live arena.

The entertainment centre would sit on an elevated structure above existing railways, road and property at Roma Street.

Queensland will be “going it alone” with funding the $5.4 billion Cross River Rail project after the Coalition failed to provide any help in the federal budget.

Federal Labor promised to give $2.24 billion if they won government, but that went up in smoke with Saturday’s electoral defeat.

Brisbanes ugliest building to go bus and rail

But Ms Trad said Queensland had not included the $2.24 billion promised by federal Labor in the 2019-20 Queensland budget for the Cross River Rail project.

 

 

Source: www.brisbanetimes.com.au

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Brisbane’s NEXT Hotel and CBD Retail sold – Tom Gibson, Simon Rooney JLL

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Brisbane hotel and CBD

The NEXT Hotel & CBD Retail in Brisbane has sold to Salter Brothers (formerly SB&G Group) in a deal brokered exclusively by JLL.

Tom Gibson, Vice President of JLL’s Hotels & Hospitality Group, together with Simon Rooney, Head of Retail Investments – Australasia for JLL, brokered the deal off-market.

The property includes a 304-room hotel operated by NEXT Story Group and a prime retail component occupying an envious location fronting Queen Street Mall in Brisbane CBD.

Simon Rooney, Head of Retail Investments for JLL, said ‘mixed-use CBD retail assets in prime locations are typically tightly-held and are in high demand nationally, demonstrated by two recent acquisitions – MLC Centre in Sydney (50%) for $800 million and 80 Collins Street in Melbourne for $1.476 billion – both acquired by Dexus. Locally, Marquette Properties recently acquired 130 Queen Street for approximately $77 million.

“The asset benefits from its location on one of the strongest retail strips in Australia. Retailers continue to seek locations which maximise foot traffic and exposure for their business which ultimately underpins tenant demand for super-prime retail strips and precincts, especially in CBD markets nationally.

Andrew Quillfeldt, Senior Director of Retail Research for JLL, said, “CBD retail is one of the strongest performing retail sectors at present. It’s supported by positive underlying drivers such as strong residential population growth as a result of the last development cycle, strong white collar employment growth, strong tourism growth and key infrastructure upgrades in most markets. The combination of factors is driving retail spending and tenant demand within CBD markets.

Formerly known as Lennons Hotel Brisbane, the now edgy 4.5 star hotel is primed for growth with its close proximity to the $3.6 billion Queens Wharf Casino, the $2 billion Brisbane Live entertainment precinct and the recently opened $200 million Howard Smith Wharves project.

Brisbane hotel

“This is a timely acquisition for Salter Brothers to enter Brisbane as the market begins to mature with its record wave of private and public demand-supporting projects underway,” Mr Gibson said.

Brisbane is currently in the midst of a market repositioning, with over $12 billion worth of private and public infrastructure projects including a second runway, new cruise terminal and underground railway projects. Furthermore, with the addition of new and overdue luxury hotel product, such as the W Brisbane, Westin Brisbane, Calile James Street and Emporium South Bank, the market is establishing itself as a major global gateway city.

“With Sydney and Melbourne hotel markets becoming increasingly difficult to enter, we are receiving record interest for other core markets that feature attractive short- to medium-term market fundamentals, as evidenced by the recent liquidity seen in Brisbane and Perth,” Mr Gibson said.

For Year-To-Date through April 2019, the total number of room nights sold in Brisbane has increased by 3.5%, showing the market’s resilience through the addition of new supply.

Melbourne-based Salter Brothers is a global fund manager with a focus on specialist property, credit & private equity, including the ownership of multiple hotel assets in America and Australia. With the addition of NEXT Brisbane, Salter Brothers hotel portfolio now expands to over 2,400 rooms with seven hotels across Sydney, Melbourne, Canberra, Brisbane and the Gold Coast.

 

 

Source: www.thehotelconversation.com.au

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