Queensland developer Honeycombes Property Group has unveiled plans for a $140 million mixed-use development at Ferny Grove train station, in Brisbane’s north-western suburbs.
Honeycombes, in partnership with Melbourne-based real estate financier MaxCap, will deliver Ferny Grove Central, a 12,000sq m neighbourhood village and an 82 apartment residential building, dubbed The Fernery.
Honeycombes, led by Peter and Vanessa Honeycombe, secured the development rights to the site in 2017 following a competitive tender process run by the Queensland government.
“We have already received a high amount of unprecedented interest from the local market, highlighting the level of demand for both residential apartments and retail opportunities,” Honeycombes managing director Peter Honeycombe said.
The joint venture partners are expecting to announce a number of major tenants in coming months with a mix of high-profile national retailers including supermarkets, fitness centres, child-care and cinema providers expected to be secured on long-term leases.
Honeycombes is also in the final stages of securing a head contractor for the project with construction set to commence shortly.
“We have built a very strong relationship with the Queensland state government during the formation of the development and will continue to be committed to the delivery of the transit oriented development for the residence of Ferny Grove,” Honeycombes said.
“Without the government’s contribution of $9 million and the federal government’s $11 million in funding contributions for additional park ‘n’ ride spaces planned for the project could not have been achieved.”
The development adds to Honeycombes development portfolio which totals over $2 billion in delivered projects over the last 25 years.
Non-bank lender MaxCap has previously partnered with Honeycombes, providing debt funding to its $252 million Coorparoo Square development in Brisbane in 2015.
Last year, MaxCap partnered with Melbourne developer Troon Group on several commercial projects including the development of a new 3000sq m BMW car dealership in Berwick for Jowett Motor Group in the city’s south-east and an office redevelopment in Mont Albert.
It has also provided the construction facility for JD Group’s $250 million residential development in the city’s inner-eastern suburb of Hawthorn.
Funding has also been agreed for a $120 million 20-storey mixed-use residential building in South Melbourne being developed by Milbex Group.
Article Source: theurbandeveloper.com
Brisbane’s Office Market Greenlit for Business
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.
Article source: www.theurbandeveloper.com
Developer Pitches for $130m Shop-Top Housing on Bayside
Brisbane’s bayside could be going up in the world with plans for $130-million highrise shop-top housing in the heart of the seaside suburb of Wynnum.
Brisbane-based developer Hambros has lodged plans for a 21-storey apartment tower on the vacant lot neighbouring the Wynnum Central Shopping Centre, after winning approval for an small extension to the retail centre late last year.
The development comprises a 6-storey retail and commercial podium, with a 275-apartment tower above, backing on to Wynnum Central Park.
Hambros has reportedly spent about $14 million on revamping the Wynnum Central Shopping Centre on Bay Terrace, as part of a $74-million plan to rejuvenate Wynnum, including cinemas.
According to planning documents lodged with the Brisbane City Council, the tower will be made up of 54 one-bedroom apartments, 148 two-bedroom apartments, and 67 three-bedroom apartments, with six penthouses, which will have private rooftop space and their own pools.
The building height is well in excess of the allowable five to eight storeys in the Wynnum Manly Neighbourhood Plan, but town planners Gateway Survey and Planning argued the plan was “outdated” and should be overhauled.
The six-storey podium would contain two levels of parking, a retail tenancy at ground level, a floor of retail, with two storeys of commercial space for office, healthcare and events space on levels 5 and 6.
In a statement to the council Hambros director Justin Ham said the Wynnum CBD had been left behind “with no development occurring in the last 20 years”.
“Our project is designed to put Wynnum CBD on the ‘open for business’ map,” Ham said.
“This landmark development, with a construction cost estimated at $130 million will have a huge financial and community positive impact on the Wynnum CBD and surrounding areas.
“It’s a once-in-a-lifestime opportunity to create a beautiful space overlooking the best bay in the world.”
Ham said the development would bring much-needed foot traffic to the heart of the Wynnum CBD and help bolster businesses and landowners he said were struggling to remain profitable.
Taiwanese developer Shayher Group won approval for a masterplanned retail precinct at Wynnum Plaza with plans for 184 apartments across eight residential buildings as well as boutique cinemas and increased retail space, reportedly worth more than $100 million.
Work on the Wynnum Plaza redevelopment was due to commence later this year with a completion date hedged for 2024.
Article source: www.theurbandeveloper.com
More room in the Brisbane property price bubble but get ready for a reckoning, says bank
Brisbane’s house prices would continue to outpace the nation this year but a significant slump was near, according to the ANZ.
The bank’s economics team has revised its outlook for house prices and now tips a fall of about 3 per cent nationally this year followed by an 8 per cent fall next year. It had previously tipped a rise of 8 per cent this year and a fall of 6 per cent next year.
In Brisbane, the monthly growth rate has slipped down to about 2.5 per cent and ANZ expects a yearly rate this year of about 6 per cent with a fall of about 9 per cent next year.
The higher end of the market in Brisbane was also continuing to outpace the middle and lower price bracket in growth rates.
The downturn was being caused by higher interest rates and affordability issues and ANZ said the “wealth effect” would come into play which would spread the housing downturn to other areas of the economy.
“Falling house prices will weigh on consumer spending through the wealth effect, but high savings will provide a solid buffer,” ANZ said.
It expects the RBA cash rate to get to 2.35 per cent by mid-2023 while the market is tipping a 3.25 per cent. A cash rate of 2.35 per cent meant a variable rate mortgage of 4.75 per cent and a 3.25 per cent rate would increase variable loans to 5.65 per cent.
It said some people may struggle but forced selling because of higher interest rates was a low risk.
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