Toowong Shops for lease

In commercial real estate news for Toowong, Stockland has sold its shopping centre.
ASX-listed developer Stockland has just sold its Brisbane shopping centre, in Toowong, redirecting the proceeds into its office and industrial dvelopments.
Economic headwinds, exacerbated by concerns around the growth of ecommerce and declining business confidence are weighing heavily on the sector.
The Toowong retail and commercial centre was sold to a private investor, reportedly representing a 2.9 per cent premium to book value.
Economists are monitoring the number of retail assets hitting the market from big players, as slow rental growth, declining business confidence and a reversing wealth effect affect the retail sector.
A UBS survey of more than 14,000 consumers revealed a substantial decline in the shopping frequency at Australian malls.
UBS analysts said that they don’t anticipate the disposal queue of retail assets to clear in 2019.
Stockland chief executive Mark Steinert said that the sale is in line with with the Stockland’s strategy of divesting non-core assets.
Stockland commercial director Louise Mason said that the property giant is on track to achieve its target of $600 million of non-core retail divestments in order to target re-weighting into office and logistics.
“We continue to strategically re-position our centres, with a focus on customer experience, place-making and retail remixing towards growth categories, to ensure the resilience of our portfolio into the future.”
The Brisbane shopping centre is expected to settle by 30 June, 2019.The fortunes of the iconic suburb of Toowong continue to ebb and flow.
Two steps forward and one step back.
As a leading commercial real estate agent in Toowong Brisbane, QB Commercial continues to bring you news and views on this popular riverside suburb.
After years of uncertainty, Sunland has abandoned its controversial “champagne flute” skyscrapers, confirming it will no longer pursue the 555-apartment scheme for the former ABC site in Toowong.
The ASX-listed developer said it will respect the Court of Appeal decision handed down earlier this year, which held firm on the strict height limitations outlined in the Brisbane City Council planning scheme.
An earlier Planning and Environment Court judgment had approved the project on the basis that the towers non-compliance with the town plan was offset by public amenity around the base of the towers.
The case returned to the Planning and Environment Court in late September, which upheld the appeal against the scheme.
Sunland managing director Sahba Abedian said the group respects the decision of the court.
“When we lodged our development application in 2014, our vision was to introduce world-class architecture and community parklands to the inner-city riverfront site, which has been closed to the public for more than 160 years,” Abedian said.
The controversial towers, by late “starchitect” Zaha Hadid, were criticised for lacking sensitivity to the geography and context of the site.
Reaching 27-storeys, the development would have exceeded the city plan limitations by 12-storeys. The development has been removed from Sunland’s website.
Abedian said that the developer is now “directing every effort” to conceive a new scheme for the site.
We expect a new architectural plan that celebrates the unique riverfront site and contributes to Brisbane’s coming of age as a true international city.
Sunland said that there is a scheme is in the “early concept stage” but declined to comment on its composition or the appointment of an architect.

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