Singapore’s ARA Asset Management is pushing ahead with a major commercial project in Brisbane’s CBD, lodging plans for a 22-storey commercial tower set to be wrapped in a terracotta frame.
The development is slated for corner site 133 Mary Street, which intersects Edward Street, and is currently occupied by a 16-storey commercial building and double-storey retail building, the latter of which will be demolished.
The investment group has tapped Fender Katsalidis to design the 18,000sq m project across a 2,900sq m site which ARA picked up for $96.5 million in early 2019 through a private fund managed by the firm.
The building’s outer frame will be comprised of terracotta in reference the historical fabric of the city, and in particular bygone Edward Street architecture, where terracotta was commonly used.
The tower will offer 100 car parking spaces across one basement parking level as well as end-of-trip facilities.
The development application follows the release of Brisbane City Council’s Edward Street Vision late last year, calling for a pedestrian-friendly shopping boulevard by reducing the street to three traffic lanes in order to make way for widened footpaths.
The concept, a product of extensive consultation undertaken throughout the city centre master plan, as well as input from local businesses, industry experts and the Edward Street traders and property owners group, will cost $11.4 million to roll out over three years.
The building sits in close proximity to Brisbane Council’s $190 million fast-tracked Kangaroo Point pedestrian bridge which is scheduled to start next year and be finished in 2023.
It will also be within touching distance of the $2.1 billion transformation of Eagle Street Pier and Waterfront Place being undertaken by property giant Dexus.
Towards the top of Edward Street, Destination Brisbane Consortium is forging ahead on its $3.6 billion Queen’s Wharf development.
Further afield in Brisbane’s fast-growing North Quarter precinct, super fund developer Cbus Property, and partner local group Nielson Properties, has put forward plans for a $600 million 37-storey A-grade office tower.
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
$130 million Wynnum CBD apartment development proposed
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.
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.
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
Brisbane7 years ago
Millions going into Brisbane homes with Asia boom 2.0 well underway
Property Management7 years ago
7 Common GST Mistakes On Property
Market Place8 years ago
Affordable housing in Queensland coastal suburbs
Ipswich6 years ago
Ipswich Proves Frontier In Affordable Housing
Brisbane6 years ago
Best Brisbane suburbs for rental returns
Residential6 years ago
Brisbane’s cheapest suburbs to rent
Market Place4 years ago
Affordable acreage suburbs within 20km of the Brisbane CBD
Opinion4 years ago
Australia’s best place to invest is here in Queensland