Real Estate agents in Newstead continue to be busy with more commercial projects coming online.
Metro Property has just sold the final undeveloped site of its five-tower Newstead Central development to another Brisbane developer Silverstone.
The fourth stage of Metro’s 800-apartment project was completed in mid-2018, with reports that some real estate agents were offering discounts of up to 20 per cent on its stock.
Instead of adding more residential stock to a well catered for market of Brisbane’s residential properties, Silverstone’s proposal has cut 9 storeys from Metro’s final tower, submitting plans for a commercial scheme instead.
The $80 million tower will provide about 8000sq m of net lettable area and small retail tenancy on the ground floor.
The basement structure of the tower has already been built as part of Metro’s development, allowing Silverstone to proceed with a carpark already in place at the site.
“The opportunity we’ve come across is quite unique,” Silverstone managing director Troy Daffy said. “The site is fully-serviced, so from a cost, risk and delivery [perspective] it’s a great outcome.”
Daffy said an underserviced CBD fringe office market for tenants seeking an A-grade offering prompted Silverstone to pursue a commercial scheme.
“We saw a large hole in the delivery of new A-grade buildings over the next 42 months.
“Along with tightening vacancy rates that are now well into the single digits and improving tenant demand, there is a lot of opportunity [for us] in this space.”
The recent demand for high quality space in Brisbane’s office market has seen a considerable increase in activity in Brisbane’s fringes over the second half of 2018, with some high-profile sales in Brisbane’s inner-north.
Growthpoint purchased the Bank of Queensland’s headquarters on Skyring Terrace in Newstead for $250 million in November, while investment giant Centuria acquired 825 Ann Street and 100 Brookes Street in Fortitude Valley.
Consolidated Properties submitted a development new application for a $250 million office building on Ann Street in late December.
Newstead is still in favour from developers and if you are looking for experienced commercial real estate agents in Newstead Brisbane please call QB Commercial.
We are cunnently looking for shops for lease in Newsted.
Ozcare has lodged plans for a $200million Aged-Care Facility in the suburb.
Aged care provider Ozcare has lodged ambitious plans for a $200 million dual-tower development in Newstead on the fringes of Brisbane’s CBD.
The 6,180 square metre site, was purchased by Ozcare from Mirvac in January.
The proposed development, which is located at 43 Evelyn Street and 15 Gordon Street, will be carried out over two stages, eventually providing a 120-bed residential care facility as well as a 142 independent living units as part of a new retirement facility.
Ozcare has partnered with strategic consultants Gallus Partners, who were initially contracted by Mirvac, to reconfigure the development application towards a higher-standard aged care facility.
“The development will provide a very modern and beautiful aged care facility which will be more like a hotel.
“There will be a distinct and luxurious hospitality focus providing high-end residential facilities for senior Queenslander citizens.”
The two-tower development, designed by Brisbane firm Conrad Gargett, will be constructed over a complex four-storey podium and a single basement level.
The first of the two towers will reach 16-storeys in height with the second reaching 21-storeys, adding to the proliferation of high-rise development along the Brisbane river in the inner city area.
“The ground level colonnade creates an active pedestrian space connecting the residential tower, RACF and office lobbies with the proposed new public park and the existing Waterfront public park.”
A total of 27,730sq m of gross floor area will be created throughout the development with 2,892sq m provided for office space and a further 163sq m dedicated to ground floor retail.
If approved, a construction tender will be issued with the decision expected to be awarded over the next 18 months.
Newstead has seen an influx in high-rise residential developments over recent years with a number of developers investigating aged care and retirement facility options.
Newstead is continuing to be popular with investors and developers of commercial real estate.
A demonstration of this is the BOQ Headquarters in Newstead which has been sold to Growthpoint for $250m
ASX-listed Growthpoint Properties Australia has purchased the Bank of Queensland headquarters building in Newstead for $250 million.
The A-Grade office building, at 100 Skyring Terrace Newstead, was traded on a 6.1 per cent yield with a 7.5 year WALE.
Major tenants include ASX-listed Bank of Queensland and Collection House.
The purchase helps Growthpoint increase it’s substantial portfolio and builds upon its income improvement strategy.
The purchase of the property will be partially funded by an equity raising of up to $135 million via a one-for-17.65 accelerated non-renounceable rights offer.
Growthpoint has committed to take up its full entitlement of about $89 million worth of securities under the rights offer.
New securities issued under the equity raising will rank equally with existing securities.
“The acquisition further diversifies Growthpoint’s high-quality portfolio and again demonstrated the group’s ability to source and execute quality transactions across sectors,” Growthpoint managing director Tim Collyer said.
The building is located in Newstead, one of seven inner-city locations pegged for urban renewal as part of Brisbane’s sprawling inner-city office market.