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Pellicano Welcomes Hyatt to $700m South City Square

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Pellicano Welcomes Hyatt to $700m South City Square

Brisbane will welcome the first Hyatt hotel as part of the $700 million South City Square precinct in CBD fringe suburb Woolloongabba.

The joint-venture development partners behind South City Square project, Pellicano and Perri Projects, signed the agreement with Hyatt’s group president, Asia Pacific David Udell on Tuesday for the 170- room hotel.

The new offering, expected to open in 2023, expands Hyatt’s portfolio of seven existing hotels in Australia and marks the return of the Hyatt brand to Queensland.

Pellicano Welcomes Hyatt to $700m South City Square 1

“Hyatt Place Brisbane South City Square will be the leading hotel destination for cricket and AFL enthusiasts, as well as those visiting for major entertainment events at our flagship ‘Gabba’ stadium,” Pellicano managing director Nando Pellicano said.

Hyatt Place Brisbane forms part of the latest wave of new four and five-star hotels opening in the city, the influx follows on from Brisbane City Council’s hotel incentives announced in 2012 which offered infrastructure reductions for four and five-star hotel developers.

Pellicano Welcomes Hyatt to $700m South City Square 2

Brisbane’s Lord Mayor Adrian Schrinner welcomed the latest offering following Brisbane’s record highs of more than 8.9 million domestic and international visitors in December 2018.

“For the first time in a decade, the city now offers a wide range of new luxury accommodation options, supporting our $7.5 billion tourism industry,” Schrinner said.

The South City Square precinct, set to comprise up to 850 apartments when complete, has proximity to the Cross River Rail Woolloongabba underground station, currently under construction.

The $100 million Art Series-branded Fantauzzo located at the Howard Smith Wharves precinct is one of the latest Brisbane hotels to open its doors, other recent offerings include the $200 million The Westin Brisbane and the Malouf family’s long-awaited $100 million The Calile Hotel, both opening their doors to the public last year.

 

 

Source: theurbandeveloper.com

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Developments

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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Plans Lodged for Ann Street Apartment Tower

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Plans Lodged for Ann Street Apartment Tower

A long-vacant sliver of the Brisbane CBD looks set to finally be developed, delivering the first boutique residential project to the CBD in more than two decades.

An application for a new 24-storey luxury residential tower has been lodged in the heart of the Brisbane, located at 466 Ann Street.

The Bureau Proberts-designed residential tower comprises 19 single-floor apartments above a five-storey podium of car parking and retail.

The narrow 486sq m site, wedged between the New Yorker art deco apartments and Mantra on Queen, was recently sold by Archery Capital and Crossbow Investments as mortgagee in possession for 466 Ann Street Pty Ltd, an entity associated with Sydney-based Treelight Development Group.

Plans Lodged for Ann Street Apartment Tower 1

After purchasing the site for $3.7 million in 2015 and several false starts, Treelight lodged a development application for a 37-storey residential tower mid-2016.

Receivers appointed Adam Rubie and Brendan Hogan of Colliers International to sell the site in mid-2018.

The vacant site, bounded by Ann Street and Perry Lane, was purchased for $3.85 million by a joint venture between developer Di Marco Group (editor’s note: Adam Di Marco is the founder and publisher of The Urban Developer) and Singaporean property developers TG Development Pte Ltd.

According to Di Marco Group managing director Adam Di Marco, the site presented a unique opportunity to develop a boutique residential project in the heart of the Brisbane CBD.

“Raw land in the heart of the Brisbane CBD is rare commodity, with this project presenting the first boutique residential development in the city for over two decades,” Di Marco said.

“Our proposal is to develop striking single-floor residences that weave the best of urban living together — architecture, landscape, location and lifestyle.”

Plans Lodged for Ann Street Apartment Tower 2

The design offers 19 typical floor-plates of three and four-bedrooms averaging 220sq m and are presented as boutique stacked sky homes separated by a “green” atrium.

Podium car parking has been enabled through a vertical car lift accessed off Perry Lane which provides each apartment with a minimum of two car parks, including four individual private sky garages.

The proposal also includes a retail tenancy on ground floor along with a cross-block link connecting Ann Street and Perry Lane.

The vacant site, which was the scene of a building collapse in the 1990s was originally the site of a proposed 40-storey pencil tower by the previous developer.

“We always knew the site was going to be tricky when we bought it, however we took the view that less is more in this instance,” Di Marco said.

 

Source: theurbandeveloper.com

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Development Opportunity in Growing Economic Hub Hits the Block

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Development Opportunity in Growing Economic Hub Hits the Block

A development site in the centre of a south-east Queensland economic hub has been listed for auction, with opportunity for a 30-storey mixed-use tower on the doorstep of transport and retail amenity.

The 1530sq m site offers two-street access within Beenleigh’s CBD.

The 57 Main Street Beenleigh property is located opposite the Coles-anchored Beenleigh Mall while the Beenleigh train station and Dexus’ Woolworths-anchored Beenleigh Market Place is adjacent to its southern boundary.

The property will be auctioned 20 June as part of LJ Hooker Commercial’s National Auction Day.

LJ Hooker Commercial Brisbane’s Tony Hope and Kerry Armstrong are marketing the property.

Hope said there were few prime redevelopment sites remaining in the heart of Beenleigh, which has been identified by Logan City Council as one of the region’s four activity precincts.

With the site’s mixed-use zoning and proximity to retail and transport amenities, Hope said a strategic development on the site could attract a multitude of tenants.

Developing office space for public sector accommodation was one of many opportunities that could be produced from the site, he said.

“Beenleigh is perfectly positioned at the midway point between Brisbane and the Gold Coast,” Hope said.

Development Opportunity in Growing Economic Hub Hits the Block 1

“The geography of the site makes it very attractive for government and non-government agencies, enabling them to service Queensland’s two largest centres which are only a 35-minute drive either way on the M1.

“There is an under-supply of high-grade office space to meet government accommodation requirements.

“Being directly serviced by public transport and neighbouring retail amenities allows this site to be tailored toward government workers, but the overall opportunities are numerous, including residential.”

Logan City Council has enticed precinct-changing development applications in the heart of Beenleigh through its local precinct plan.

Indeed, its development arm, Invest Logan, is teaming up with the private sector to deliver a portfolio of regenerative commercial developments around the region. Currently, it is in the planning phase for a medium-rise commercial tower in York Street which will be home to 140 workers when completed.

Under the local plan, the Council is encouraging workers in the Beenleigh town centre to take bus and train transport by lessening parking provisions. Parking requirements have been set at 1 per 100sq m of GFA.

The property enjoys 32.6m of street frontage. Approximately 5,700 vehicles pass the site every day.

According to Australian Bureau of Statistics data, Logan City’s population grew by 10.5 per cent between the 2011 and 2016 Census’ with the population now more than 320,000 residents.

The site will be auctioned 11am, 20 June at LJ Hooker Commercial Brisbane Springwood Offices.

 

Source: theurbandeveloper.com

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