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$110m locked in for Cleveland Redland Bay Road

The Palaszczuk Government has announced another $40 million for priority upgrades to Cleveland Redland Bay Road, bringing the government’s total investment on the key Redlands connector to $110 million as part of Queensland’s plan for economic recovery.

Transport and Main Roads Minister Mark Bailey joined Member for Redlands Kim Richards to make the announcement while inspecting roadworks currently underway at the Anita Street intersection, part of the government’s existing $70 million commitment.

“There’s been no bigger advocate for Redlands and better roads in the community than Kim Richards,” Mr Bailey said.

“This additional $40 million will allow us to continue the duplication into Thornlands.

“We’ve already got shovels in the ground on Cleveland Redland Bay Road upgrades and this extra $40 million means will be able to extend that four-laning even further, alongside $9.1 million locked in for the Serpintine Creek Road intersection and another $500,000 to plan for the Boundary Road intersection.

“Queenslanders have stepped up when it comes to managing the health impacts of COVID-19. That has meant the Palaszczuk Government has been able to continue with Queensland’s plan for economic recovery – including getting on with investing in better roads across Redlands as part of a $23 billion pipeline of road and transport projects.”

The $70 million previously committed will see 99 jobs supported, the Anita Street intersection upgraded, with works to roll on, delivering further duplication north of Anita Street when completed.

Ms Richards said the booming population in Redlands was expected to reach almost 200,000 by 2041, meaning funding on the road was vitally important.

“Our businesses and industry generate $5.9 billion for Queensland’s economy every year, and it’s vital it doesn’t stall because roads aren’t keeping up with growth,” Ms Richards said.

“We’re seeing thousands of families move bayside and even more tourists flock to our local towns and islands, putting pressure on our roads, which is why we’re upgrading them.

“From day one, locals told me they want better local roads, transport and jobs. We’re delivering that with new ferry terminals for our Southern Moreton Bay Islands, island road green sealing, more than $20 million in upgrades for Beenleigh-Redland Bay Road and now a $110 million commitment to Redlands’ main stretch.”

Mr Bailey said the $110 million would join major upgrades across the south east including $2.3 billion in M1 upgrades, close to $3 billion for projects on the Bruce Highway between Moreton Bay and Gympie plus the $775 million commitment made last week to build a second M1.

“Seeing shovels in the ground shows Labor’s strong record of delivering for Redlands, unlike the LNP whose only record on roads was to cut funding, sack a quarter of TMR staff and waste more than $100 million trying to sell off public assets.

“It’s only the Palaszczuk Government who has a plan for Redlands roads. How can you trust the LNP, Andrew Laming and Deb Frecklington to put Redlands and Queensland first when they’ve called for the borders to open 64 times during COVID-19.

“The LNP want us all to forget they ignored Cleveland Redland Bay Road, broke promises and gutted roads funding when they were last in office under Campbell Newman and they will do it again. It is in their DNA.”

This article is republished from https://www.miragenews.com/ under a Creative Common license. Read the original article.

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Brisbane

$130 million Wynnum CBD apartment development proposed

Wynnum CBD apartment development, Ora tower

The Brisbane-based property developer, HamBros, led by local developer Justin Ham, has lodged plans for a 27-level mixed-use development in the heart of Wynnum.

Ora, which will spread across a 7,278 sqm site at 74 Charlotte Street and 89 Bay Terrace, will be built behind the existing Wynnum Shopping Centre.

Ora, meaning ‘edge’ in Latin, has been designed by Ivory Collective and will comprise 275 apartments, with the amalgamation also planned to be home to retail space, as well as two-levels of commercial space.

“Ora is a development that intertwines the beautiful bayside environment of Wynnum with the ease and luxury of unit living,” architecture firm Ivory Collective noted in their design statement in the development application.

There will be 275 apartments in the development, made up of 54 one-bedroom, 148 two-bedroom and 67 three-bedroom apartments, along with six three-bed plus multi-purpose-room penthouses.

Ora’s floor plate is designed to orientate and capture as much of the East as possible, allowing for maximum exposure to the easterly breezes and bay views.

Wynnum CBD apartment development, Ora tower proposed

A full recreation level is planned for level five, with a 528 sqm restaurant and bar, set around an expansive pool terrace as well as a wet deck, space, sauna and steam rooms, private cabanas, a cinema, barbecues, meeting rooms, wine rooms and function spaces.

“The recreational level on Level 5 creates a space for both the public and residents alike to enjoy the beautiful bay views and surroundings,” the statement added.

Drawing inspiration from the Wynnum foreshore in both its material and palette and building form, Ora is made up of clean off-white concrete and bronzed feature cladding and batten, reflecting the warmth and clarity of the Wynnum/Manly beach front, Ivory Collective noted.

Article source: www.urban.com.au
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Brisbane

Barwon secures Princess Alexandra Hospital car park

Barwon secures Princess Alexandra Hospital car park

Barwon Investment Partners has snapped up a multi-level car park and medical centre on a site with significant development upside opposite Princess Alexandra Hospital.

The Woolloongabba asset at 250 Ipswich Road is setting the healthcare focused fund manager back around $95 million, reflecting a circa four per cent net passing yield.

The property contains an eight level, 773-bay garage attached to a two floor wellness centre with 21 tenancies, anchored to Gabba Dermatology, Brisbane Cardiology and Allied Health; the Weighted Average Lease Expiry is nearly seven years.

A pedestrian overpass connects the building to the Princess Alexandra Hospital, also a major teaching campus, employing 6810.

The 5106 sqm block has significant upside – up to 15 storeys based on its zoning, according to JLL’s Seb Turnbull, Elliott O’Shea and Simon Quinn, who marketed the asset with a Blight Rayner scheme.

BIP invests again

Established in 2006, BIP holds a property portfolio worth $2.3 billion.

Its medical related product, much held in a Healthcare Property fund, is priced at about $1.4b as at March, 2022.

Seven months ago, for the trust, the manager paid Forza Capital $34.7m for a South Brisbane medical centre – not far from 250 Ipswich Rd – and two Canberra assets including Belconnen’s Ginninderra Medical & Dental Centre on nearly a hectare.

Also late last year BIP spent $75m for a 12 level St Kilda Rd office majority leased to Alfred Health.

More to come.

 

 

Article source: www.realestatesource.com.au

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Brisbane

Brisbane’s Office Market Greenlit for Business

Brisbane’s Office Market

Brisbane’s office market continues to shake off the pandemic doldrums with two new commercial towers approved in the CBD and fringe suburbs.

Property owner PGIM and development partner Indema’s plan for a bold adaptive reuse of a 1970s commercial building at 444 Queen Street has won approval.

The bronze 22-storey tower opposite Customs House will be stripped back to its core structure and completely remodelled with a new podium, curtain wall facade and an additional two-storey sculptural canopy.

Indema director Michael Bruderlin said they would be targeting a net zero certification for the building upon completion in the first quarter of 2024.

Bruderlin said Hutchies had been engaged in an early contractor design and construct contract to help de-risk the project and better understand the technical requirements.

The Fender Katsalidis-designed tower follows in the footsteps of another of its commercial adaptive reuse projects in Brisbane, Ashe Morgan’s Midtown, now the headquarters for Rio Tinto.

Bruderlin said retaining and repurposing the existing building is 400 per cent more environmentally friendly. Retaining the existing concrete structure provides a 70 per cent saving in embodied carbon.

The project will rejuvenate a 48-year-old building at the end of life into an A-grade commercial office asset and increase the net leasable area 40 per cent.

Bruderlin said the project would have a quicker turnaround than a normal demolish and build project and it would use clever design initiatives to increase floor plates and create a better value proposition for the asset.

PGIM purchased 444 Queen Street for $54.4 million from the Public Trustee of Queensland and Abacus Property Group in October last year.

Cornerstone has also won approval for a commercial development in the city fringe suburb of Fortitude Valley.

The Bureau Proberts-designed tower will capture the heritage brick character of the Fortitude Valley centre “borrowing from the intent of these buildings but with a stridently different and contemporary expression”, planning documents said.

“This approach is a deliberate counterpoint to the strong and solid brick structures of the immediately adjacent 47 Warner Street and McWhirters buildings.

“Brickwork or masonry is not used as a material in deference to these neighbouring buildings allowing them to become more evident and make a clear statement about the era of their inception.”

The 28-storey commercial tower at 251 Wickham Street features a stepped slanting facade fronting Warner Street, with a four-storey lobby, and an inverted podium.

There will also be a rooftop terrace, 20m pool and open-plan gym in the commercial tower, with retail offerings at the base of the building.

Brisbane’s metropolitan office market vacancy was at 16.3 per cent at the end of March and there were few transactions across the quarter, according to Colliers research.

But yields remained steady, and well above other capital cities, while incentives remained stagnant at 40 per cent.

 

 

Article source: www.theurbandeveloper.com

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