Connect with us

Developments

R&F’s $750m Urban Regeneration ‘Live City’ Kicks Off

Published

on

R&F’s $750m Urban Regeneration ‘Live City’ Kicks Off

Chinese developer R&F Property Australia has commenced construction on the initial stage of its $750 million, eight-building, Live City residential and mixed-use project in Footscray.

The developer’s first project in Victoria, Live City is being built on the dormant Kinnears Ropeworks factory at 124-128 Ballarat Road.

The site will be repurposed into a residential and mixed-use precinct of up to 1,450 dwellings.

R&F acquired the site in 2016 for a reported $60 million and will stage the development over the next six to eight years.

Built in 1908, the former Kinnears Ropeworks will require major conservation works to be undertaken.

“Live City will set the tone for Footscray’s newest precinct with the conservation of three heritage buildings, approximately 1,450 apartments, specialty retail, commercial offices and public spaces to bring this vibrant new community to life,”

— R&F Property Australia vice president Thomas Chiu

“The development comes with a vision to create a sustainable hub that integrates seamlessly with the surrounding local neighbourhood, along with increased housing and amenity for Melbourne’s inner-west,” Chiu said.

The first stage will include 208 apartments within three buildings located on the site’s western edge between Ballarat Road and Kinnears Street. Heights of all stages will vary between eight and 18-storeys.

R&F’s $750m Urban Regeneration ‘Live City’ Kicks Off

Proposed to be delivered within a six-to-eight year time frame, R&F engaged architects Elenberg Fraser to design the masterplan which includes six separate precincts.

R&F Property Australia, part of Guangzhou-based R&F Properties, recently launched plans for a seven-building $500 million apartment project in Brisbane’s West End on a site it purchased in 2015 for $82.5 million from Pointcorp.

The masterplan includes seven residential buildings comprising 1032 apartments and retail and commercial space.

R&F’s $750m Urban Regeneration ‘Live City’ Kicks Off

An aerial perspective R&F’s Footscray masterplan. Image courtesy of R&F Property

R&F Property is also developing the $400 million Brisbane 1 project at Cordelia Street, South Brisbane which will consist of 600 apartments and retail amenities.

The Chinese parent company this year emerged as a buyer for Chinese developer Dalian Wanda Group’s the One Nine Elms hotel and residential project on the south bank of London’s River Thames.

Source: theurbandeveloper.com

Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Developments

Cladding Fire Risk for 12,000 Queensland Buildings, UK Calls for Cladding Ban

Published

on

Cladding Fire Risk for 12,000 Queensland Buildings, UK Calls for Cladding Ban

As many as 12,000 Queensland buildings could have been built with the same flammable cladding blamed for London’s Grenfell Tower fire.

A year-long inquiry was set up by the state government after the 2017 Grenfell disaster – when 71 people, including two Australians, died – to determine how many buildings carry the aluminium composite panels in Queensland.

The taskforce has found that approximately 880 buildings will need further investigation with at least 70 requiring rectification work.

An additional 12,000 privately-owned buildings, including about 1,200 residential structures are currently being assessed.

Cladding Fire Risk for 12,000 Queensland Buildings, UK Calls for Cladding Ban

The Queensland building audit came in response to last year’s deadly Grenfell Tower fire.

Queensland’s Housing and Public Works Minister, Mick de Brenni, told the ABC that while it would cost the government millions to complete rectifications, they could not put a price on safety.

“We can’t put a dollar figure on the lives of Queenslanders so we’ll be making sure all buildings within the scope are assessed.”

“If there are private buildings that are found to be a risk through this process, then we are prepared to legislate to require rectification if necessary,” he said.

Cladding Fire Risk for 12,000 Queensland Buildings, UK Calls for Cladding Ban
Two Australians were among the 71 victims who died in the Grenfell Tower fire in London in June last year.

The taskforce had also been asked to submit evidence to the Grenfell Tower inquiry in the United Kingdom.

“We are now internationally recognised as having the most sophisticated approach to dealing with combustible cladding,” he said.

A previous audit found that about 1,400 non-government buildings in Victoria possibly had aluminium composite panels with a polyethylene core or expanded polystyrene panels.

UK government to deliberate on cladding ban

Senior engineer and chair of the Independent Review of Building Regulations and Fire Safety, Dame Judith Hackitt, has come under scrutiny for her 156-page review of regulations and fire safety, in the wake of the Grenfell Tower fire.

The fire was started by a faulty refrigerator on 14 June 2017 and killed 71 people.

The government-commissioned independent report has called for a “radical rethink” of the safety system.

The contents of the report have argued that an outright ban on combustible building materials would only solve one issue.

It claims that four key factors contributed to the “system failure” during renovation works: ignorance about existing regulation and guidance; indifference about public safety; lack of clarity on the responsibility of roles; and inadequate rule enforcement.

Cladding Fire Risk for 12,000 Queensland Buildings, UK Calls for Cladding Ban

Dame Judith Hackitt has been widely criticised for failing to recommend a ban on combustible cladding.

“These issues have helped to create a cultural issue across the sector, which can be described as a ‘race to the bottom’ caused either through ignorance, indifference, or because the system does not facilitate good practice,” said Hackitt in relation to the report.

“If people attach too much reliance upon banning activities and particular materials as being a solution to this problem it will create a false sense of security.”

Responding to the report, the Royal British Institute of Architects (RIBA) said the report was a “missed opportunity”.

The debate continues on whether or not aluminium cladding is used for thermal insulation, weather proofing, or as an integral part of the fabric, fire safety and integrity of the building.

Hackitt’s report claims too much focus has been placed on the faults of the cladding rather than on reviewing the system as a whole.

Cladding Fire Risk for 12,000 Queensland Buildings, UK Calls for Cladding BanThe spread of the flames is believed to have been accelerated by combustible aluminium-composite cladding, which was applied to the 24-storey residential block.

Just a few hours after the report was published, the UK government announced it will consider banning flammable cladding.

“I was looking at putting in place a new framework. That’s what I’ve done and that now creates the basis on which the work on the detail on the guidance, the work on the detail of the regulation can be done and there’s no reason why that can’t start now,” Hackitt said.

Earlier this week, UK prime minister Theresa May announced the government would foot the £400 million (AU$719.5 million) bill of removing and replacing dangerous cladding on existing apartment towers.

Source: theurbandeveloper.com

Continue Reading

Developments

Cromwell Sees Increasing Demand for Space at Brisbane CBD Tower

Published

on

Cromwell Sees Increasing Demand for Space at Brisbane CBD Tower
High vacancies and a soft leasing market has burdened Brisbane’s office market over the last 24 months, but Cromwell Property Group is reporting increased demand at its inner-city commercial tower with an uplift in publicly-listed companies seeking out flexible leasing arrangements.

In the past 12 months, Cromwell has signed more than 13 new leasing deals at its 20-level office tower, 200 Mary Street asset, predominantly with ASX-listed professional services companies, with the tower now close to 90 per cent occupancy.

Among the new tenants joining long-standing occupants Arthur J Gallagher, Australian Associated Press, and Retire Australia is financial services firm IOOF, AGL, Computershare, and engineering consultants Northrop.

Cromwell Sees Increasing Demand for Space at Brisbane CBD Tower

Brisbane office market’s ‘flight to quality’

In its most recent Office Market Report, the Property Council of Australia revealed that Brisbane was one of only two CBD office markets to experience rising vacancies over the six months to January 2018, as demand for lower grade stock fell.

Vacancy across the CBD has increased over the period from 15.7 to 16.2 per cent.

PCA Queensland executive director Chris Mountford said that higher-grade office space recorded positive tenant demand over the last six months, with a distinct “flight-to-quality” being observed in the data.

“While Brisbane CBD vacancy is currently high, there are plenty of tenant expressions of interest in the market, so there are positive signs over the horizon.”

Cromwell Sees Increasing Demand for Space at Brisbane CBD Tower

Cromwell head of property Bobby Binning said the recent deals at 200 Mary Street highlighted the increasing popularity of sub-500 square metre space in the Central Business District.

“Demand has increased in the past few years, particularly from companies looking for creatively designed fitted tenancies of high quality to cater for the growing needs of these professional services firms,” Binning said.

Further catering to the needs of smaller tenancies, Mary Street incorporates end of journey facilities and the Cromwell Business Hub, run in partnership with Regus, which provides a conference facility, meeting rooms and flexible co-working space for tenant customers.

Director of Caden Office Leasing David Prosser and Collier International’s Kelly Moon acted on behalf of Cromwell on the leasing deals.

Cromwell purchased the Mary Street asset in 2001 and has since undergone extensive modernisation and refurbishment.

Early this year Singapore-based ARA Asset Management Limited acquired a 19.5 per cent stake in Cromwell Property Group in a $405 million deal which should assist both companies with their local and overseas ambitions.

Cromwell is seeing to boost its European presence where ARA has established a European platform, and also strengthen its new Asian unit.

Source: theurbandeveloper.com

Continue Reading

Developments

Brisbane Live! Entertainment Precinct Gets a Funding Boost

Published

on

Brisbane Live! Entertainment Precinct Gets a Funding Boost

Plans for a 17,000-seat entertainment arena to be built above the new Roma Street underground station has received a boost from the Queensland government.

Deputy Premier and Treasurer Jackie Trad announced on the weekend that $5 million will be committed to developing a business case for the Brisbane Live proposal which would be developed in conjunction with the $5.4 billion Cross River Rail project.

“Brisbane Live!” an open-air precinct like Melbourne’s Federation Square, would be built above the existing Roma St rail lines under the Cross River Rail Delivery Authority in partnership with AEG Ogden’s Harvey Lister.

The business case is expected to take approximately 6 months to complete and will assist the Queensland government in determining whether value-for-money can be achieved by developing the Brisbane Live proposal.

Brisbane Live! Entertainment Precinct Gets a Funding Boost

The business case will be jointly prepared by Building Queensland and the Cross River Rail Delivery Authority, which is doing the master planning work for the Roma St precinct.

The Delivery Authority will invest the $5 million in the development of a detailed business case which will examine construction cost, economic benefits, delivery and procurement options.

The Cross River Rail will build a new underground rail station at Roma Street Parklands as part of an underground link from Annerley to the RNA Exhibition Grounds at Bowen Hills.

Jackie Trad said that the project was demonstrative of the potential that Cross River Rail has to transform Brisbane.

“Brisbane Live is a proposal for a 17,000-seat world class entertainment arena, similar to the LA Live complex, which would become Queensland’s premier entertainment venue hosting international live entertainment and world class sporting events,” Trad said.

“Brisbane Live is a very exciting proposal that will deliver decades of economic and employment opportunities in what is an underused part of the city.”

Brisbane Live! Entertainment Precinct Gets a Funding Boost

AEG Ogden’s Harvey Lister said he was proud to be partnering with the Government in the development of the business case under an Early Operator Engagement agreement, utilising AEG Ogden’s expertise.

“We’re thrilled the Queensland Government has engaged AEG Ogden under an Early Operator Engagement agreement with Cross River Rail Delivery Authority,” Lister said.

“As a proud Queensland company, AEG Ogden has confirmed its commitment to this project by offering to provide access to the extensive work we have already undertaken for the development of the Roma Street precinct, and our expert advice and information into the Business Case for no fee.

“Brisbane Live will deliver much needed economic development and employment opportunities, virtually unprecedented urban renewal, and be a showpiece venue for the entire State.”

Jackie Trad has called upon the Federal Government to put up funding for Cross River Rail with the Federal Budget to be handed down on Tuesday.

Source: theurbandeveloper.com

Continue Reading

Make your Super Work

smsf property investment smsf borrowing

Positive Cashflow

duplex designs, dual occupancy homes

Investment Property Advice

investment property calculator successin property

Trending