As part of its asset optimisation strategy, the United Service Club of Queensland has decided to bring to market a 5,690sq m property overlooking the Brisbane CBD.
Prominently positioned with frontage to Wickham Terrace, Upper Edward and Berry Streets in Spring Hill, just two kilometres north of the city, the property at 183 Wickham Terrace has benefited from the recent Spring Hill plan, allowing development of up to 30-storeys on site.
According to Savills director Robert Dunne, who is marketing the asset along with Will Carman, initial town planning advice suggests a project of up to 50,000sq m over 30 levels could be accommodated on the greater site.
“The United Service Club of Queensland has decided to take advantage of the uplift of the under-utilised asset, with the club continuing to operate and own the portion of the property they currently occupy.
“Demand for accommodation, hotel, commercial and build-to-rent projects are likely to benefit from being so close to the Brisbane Central train station, the popular Roma Street Parklands and the expanded Roma St train station precinct as well as the broader amenity and facility of the Brisbane CBD,” Dunne said.
The club aims to maximise the development potential of the high quality, heritage setting of the asset while incorporating best practice, ecologically-sustainable development initiatives.
Possible development or improvement opportunities are almost limitless, from hotel-type accommodation, serviced apartments for short or long-term hire, gym and fitness facilities, open space in the form of gardens or a park or conference facilities—as well as the potential to contribute to redevelopment projects in the club’s existing buildings.
The United Service Club of Queensland has a long and distinguished history as a private members’ club in Brisbane. Founded in 1892, the organisation is revered both for its exceptional member services and broader contribution to the community.
“In pursuing our goals of enhancing the membership experience and our community interests, the club has determined to offer to the market a portion of its land as part of its asset optimisation strategy,” a USCQ spokesperson said.
“USCQ is finalising the preparation of a packaged development proposal model that will complement the club’s values and support its vision”.
The United Service Club of Queensland consists of two Claude William Chambers-designed buildings over an area of 2,400sq m, comprising the 1907-built Green House and a masonry structure known as Montpelier, built around 1910 on the site of an earlier three-storey masonry structure.
The timber, two-storey federation-style Green House, is a two-storey residence initially built as medical rooms which now houses office suites and club function rooms.
The United Service Club Queensland purchased the properties in 1946 and following internal alterations opened in May 1947. It includes a members’ bar, dining room, 17 guest bedrooms, six function rooms and a bottle shop and cellar area.
The property includes a large parking area to the rear and 134 car spaces, with vehicular access from Berry and Upper Edward Streets.
Savills’ Dunne said the property is located within a principal centre (city centre) zone and is further contained within the city centre expansion precinct of the Spring Hill Neighbourhood Plan.
“The purpose of the principal centre zone is to provide for a large variety of uses and activities—including, for example, administrative, business, community, cultural, entertainment, professional, residential or retail activities—to form the core of an urban area and service the local government area,” Dunne said.
Serviced by regular buses and a number of train stations, Spring Hill has strong connectivity to the CBD and wider Brisbane region.
Spring Hill has a population of approximately 6,063 residents, predominantly comprising independent youth. The median house price as at March 2020 is $883,000, with a median rent of $460 per week, and demands well above the Queensland average.
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
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
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
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