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Cube Files Plans for $30m Sunshine Coast Community

Cube

ASX-listed fund manager Charter Hall has taken the value of its industrial property partnership with Dutch pension fund giant PGGM to $560 million after buying a 1.56-hectare last-mile logistics site in Bowen Hills, north-east of the Brisbane CBD.

The partners, which are undertaking due diligence on their $1.3 billion takeover proposal of real estate investment trust Irongate, paid $60 million for the expansive property at 66-98 Montpelier Road on a yield of 4.4 per cent.

Comprising four buildings and 9,534 square metres of gross lettable area, the site sold on a weighted average lease expiry of 4.4 years. Tenants include Sime Darby, Tradelink, Mine Site Technologies, Corporate House Services and ASX-listed National Storage.

During the last apartment boom in Brisbane, Metro Property Development had proposed a mixed-use development of up to 550 apartments on the site, before offloading it for about $25 million in 2016 to office park developer OPD.

In 2017, OPD submitted a proposal for a mixed-use office and retail precinct of four buildings set around a central plaza.

Charter Hall and PGGM have now taken on the mantle of developing the well-located site, which lies just 2.5 kilometres from Brisbane’s CBD,

“This Bowen Hills property is a strategic inner brownfield asset surrounded by high-quality residential and commercial uses and has potential to be developed into higher and better uses in the medium term,” said Charter Hall chief investment officer Sean McMahon.

“This site is also well positioned for last mile or multi-level strategies in the future, providing multiple redevelopment scenarios.“

Real estate firm Blue Commercial brokered the off-market sale.

The Bowen Hills acquisition follows Charter Hall lifting its operating earnings guidance for the 2022 financial year for a third time last week, after releasing its half-year results.

The group, which has $80 billion of funds under management, forecast operating earnings per share guidance of no less than 112¢ this financial year, up from the 105¢ it gave in December.

Industrial property, which is booming thanks largely to the acceleration of e-commerce during the pandemic, has become a major driver of growth for Charter Hall, which is led by David Harrison.

Since commencing in 2019, Mr Harrison said the PGGM Industrial Partnership (CHPIP) had consistently invested in high land-rich assets with excellent redevelopment prospects and strong market fundamentals in each location.“

 

Article Source: www.afr.com

 

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Developments

Developer Tests Depth of Albion Apartment Market

Albion Apartment Market

Arden Property Group has lodged plans for an eight-storey apartment tower next door to its Jade apartments development on Burdett Street at Albion.

Euroa is a 76-apartment development on a 2676sq m site, which the developer bought in 2017 for $3 million.

The Altis Architecture-designed tower is on the corner of Burdett Street and Crosby Road, with views over Crosby Park, a proposed Olympic sporting precinct for the 2032 Games.

According to planning documents the development pays homage to the industrial history of the site and the Albion precinct.

“The proposed design has taken a sensitive approach in respecting the industrial heritage significance of the existing site,” the report said.

“The distinct angular roof form and brick palette of the existing industrial building have been reflected in the proposal by incorporating brick feature walls and overclad elements along the street frontage within the planting areas.”

The tower would comprise 19 one-bedroom apartments, 22 two-bedroom apartments, and 35 three-bedroom apartments with a communal rooftop area for residents with a rooftop pool, daybed area, and lounge and views over Brisbane’s evolving skyline.

The architectural design statement said the design outcome would improve street activation, as well as complement and enhance the medium density typology of Albion and leave a “compelling and long-lasting legacy of architectural expression”.

Hoarding has been up on the site for some time, and it comes off the back of Arden Property Group’s four-building 369-apartment Jade development next door.

Arden Property Group’s Jade development won approval in 2014, and was the first major residential development in Albion’s industrial precinct.

Meanwhile former FKP executive director Philip Parker owns a significant stake in the Albion precinct, with storage sheds on Burdett Street and industrial sheds fronting Crosby Road in his portfolio.

 

Article source: www.theurbandeveloper.com

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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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Developments

‘Best of everything’: approval granted to fantastic farm that will give Coast a brand new flavour

approval granted to fantastic farm, Barns Lane Farm

A new agri-tourism venture is set to showcase the ‘best of everything’ from the region, with a huge Produce Hall trading seven days a week.

Coolum Beach will become home to one of the largest tourism destinations on the Coast, with Sunshine Coast Council giving development approval to Barns Lane Farm.

The farm will be set across 6.8 hectares and centre around a paddock-to-plate experience.

It will showcase Sunshine Coast goods and connect locals and tourists with the hinterland.

The 2000sqm Produce Hall will trade daily and house more than 50 short-term and long-term stallholders.

Barns Lane Farm co-founder and developer Jason Grant said it was a great chance for locals to showcase their wares.

“The Produce Hall will provide a never-before-seen opportunity for local producers, without being subjected to trading restrictions and weather conditions,” he said.

“It will offer multiple connections to the market including selling direct to the public and supplying on-site restaurants and vendors.”

Co-founder Helen Grant said there would be several features at the complex.

“It caters to the many tastes and needs of families and foodies,” she said.

“Other attractions include a distillery, brewery, dining, adventure play areas, animal farms, tours, a performance stage and much more.”

The news has been welcomed by tourism, industry bodies and local stakeholders.

Visit Sunshine Coast CEO Matt Stoeckel said the farm would provide a significant boost to the region.

“There is a huge demand for agri-tourism experiences,” he said.

“The new product will go a long way in cementing our profile as a leading agri-tourism destination.”

Coolum State School Principal Anthony Ryan said the farm would bolster the local community.

“Having this on our doorstep is really exciting,” he said.

“We’ve already implemented Barns Lane Farm themes into our curriculum, and we look forward to furthering partnership opportunities.”

It’s expected that Barns Lane Farm will create more than 170 full-time equivalent jobs across a range of industries and provide vast community and educational opportunities.

Barns Lane co-founder Jonathan Leishman said the region’s agri-business would continue to develop.

“We’re growing and supporting local in every sense of the word, including through our Joint Venture with (venture studio) Josephmark for the Agtech incubator Dirt Lab, which will nurture local innovation,” he said.

Construction will start soon, with the opening set for mid-2023.

Future stages include a 26-room boutique hotel suite and a 150-seat function venue, ideal for rural destination weddings and events.

Barns Lane Farm key features

  • Site size: 6.8 hectares
  • More than 170 full-time equivalent jobs expected
  • Will connect locals and tourists with the hinterland
  • Restaurants and cafes offering paddock-to-plate experience
  • More than three hectares of productive garden beds and orchards
  • 2000sqm seasonal Produce Hall with 50 short and long-term stallholders
  • Agri-tech Incubator, ‘Dirt Lab’
  • Events centre and boutique accommodation
  • Music and arts space
  • Distillery and brewery

 

 

Article source: www.sunshinecoastnews.com.au

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