Showing posts with label Alice Street. Show all posts
Showing posts with label Alice Street. Show all posts

Sunday, January 13, 2019

Brisbane Apartment Market Update

In the downtown area of Brisbane, there are a few new apartment buildings adding stock to the market.  These include:

  • Mary Lane which is on top of the newly opened Westin Hotel in Mary Street, with many apartments sitting empty (this is the replacement for 111+222 that did not go ahead)
  • 443 Queen Street, on the Brisbane River, which is currently under construction
  • Brisbane SkyTower, which is nearing completion but with the lower floors occupied prior to completion (this is the other part of the replacement for 111+222 that did not go ahead)
  • The One Residents at Brisbane Quarter (which is where the W Hotel is located), currently under construction
  • Spire Apartments on Queen St, but not riverfront, complete but with very few new apartments available for sale

For sales of existing apartments, the trends depend upon the building (quality and location).  Ray White has recently published a report of sales from October 2018 to December 2018.  It shows:

- In some buildings, there have been no sales.  These are good quality buildings, in good locations, with large apartments and fewer apartments.  The owners don't want to sell.  There are less renters and more owner occupiers.  An example is Admiralty Towers Two, at 501 Queen St on the river.

- In some buildings, there are a few sales, and there have been capital gains over the past 10 years.  For example, in this period, a large 1 bedroom in Quay West on Alice St has increased in price from about $390,000 to $525,000.  Riverplace has also done well over the past 10 years.

- In buildings which are in second rate locations, with a poor quality build, there have been no capital gains over the past ten years, and in reality, capital losses.  Buildings by Devine (and the people who did this are now at Metro) are an example.  For example, in Festival Towers, a 2 bed, 2 bath, 1 car was selling for about $500,000 ten years ago, and one sold recently for $470,000.  In Charlotte Towers, 1 bed 1 bath no car apartments have been selling consistently in the price range of $300,000 to $330,000 for the past 10 years with no capital gain.  Unilodge (which is really student accommodation) has stayed flat at the $125,000 to $130,000 range for ten years.


Sunday, May 14, 2017

Sunland Abian Apartment Resales on Alice Street

Sunland is in the final stages of completing Abian on Alice Street, in Brisbane city.  The building is high end residential, overlooking the Brisbane Botanical Gardens.  Settlement of new, off-the-plan apartments, is planned for June.

Sunland reports that the development is sold out.  A few apartments are available for resale:
  • Apt 404, 4th floor, 1 bed, 1 study, 2 cars, 84 sqm, $695,000
  • Apt 1204, 12th floor, 2 bed, 2 bathrooms, 2 cars, 112 sqm, $1.3 million
  • Apt 1603, 16 floor, 3 bed, 3 bath, 2 cars, 225 sqm, $2.7 million
  • Apt 2703, 27th floor, 3 bed, 2 bath, 2 cars, 225 sqm, $2.7 million
The larger apartments are about $12,000 a sqm.

Next door, is Quay West, built by Mirvac about 20 years ago.  It is interesting to compare recent sales in Quay West.  For example, Lot 60, which is 1 bed, 1 bath, 1 car on about level 10, at 75 sqm, sold in January for $500,000.  Lot 102, which is the same apartment on a higher floor, sold late last year for $513,000.

Also,
  • Apt 2102 on the 21st floor is up for auction, which will be a good guide to market price.
  • Apt 1203, 12th floor, 1 bed, 1 bath, 1 car, 75 sqm is listed for sale fully furnished at $510,000
  • See also Apt 2001
The Quay West apartments are less than $7,000 a sqm.

It will be interesting to see whether the Quay West apartments increase in value or the Abian decrease in value.  Abian, being newer, should have higher values than Quay West, but nearly double the value is hard to explain.

Wednesday, March 4, 2015

Quay West Brisbane Resales

Recent sales for Quay West in Brisbane, at 132 Alice Street
  • Apt 37, 1 bed, 1 bath, 1 car - 72 sqm - $456,000 in October 2014
  • Apt 134, 3 bed, 2 bath, 3 car - 172 sqm - $1,350,000 in September 2014 sold to a QC
  • Apt 68, 2 bed, 2 bath, 1 car - 126 sqm - $695,000 in September 2014
  • Apt 43, 1 bed, 1 bath, 1 car - 72 sqm - $440,000 in August 2014
  • Apt 47,  1 bed, 1 bath, 1 car - 72 sqm - $440,000 in July 2014
Rumour has it that Ken Woodley, who lives in this building, recently purchased a 1 bedroom apartment (402) in Quay West for himself or a family member, at $435,000.  Mr Woodley is an owner and managing director of developer Metro Property Group.  I wonder why Mr Woodley is not purchasing in a Metro building, but is buy an older apartment in a Mirvac building?  Does that tell you something about the market?

Sunday, October 26, 2014

Brisbane Skytower

Pre-marketing has commenced for Brisbane Skytower, said to be the tallest residential tower in Brisbane when it is completed.

It is being developed by Billbergia on the old Vision tower site (now called 111 + 222).

It has four sections, a downtown section, an uptown section, a skycity section and a skyrise section.  The starting price for what I guess is a one bedroom apartment starts at $425,000 in the downtown section and increases to a minimum of $595,000 in the skyrise section.

In less than a city block, there are more than 2,000 apartments coming online.  There are three towers, Skytower (at 222 Margaret Street), Abian (on the corner of Alice and Albert) and Camelot (on the corner of Albert and Margaret).  Seems like a glut to me.

Sunday, September 14, 2014

Recent Quay West Sales in Brisbane

Quay West is a great apartment building, overlooking the Botanical Gardens on Alice Street.  A one bedroom apartment in this building is over 70 sqm in total.

Recent sales of one bed apartments (some of these are fully furnished when sold):

Apt 803 - $440,000 Sold in July
Apt 405 - $460,000 Sold in June
Apt 504 - $460,000 Sold in April
Apt 1603 - $510,000 Sold in April
Apt 1705 - $510,000 Sold in April

Apt 605 is currently listed at $465,000, fully furnished, which looks like a good deal.


Sunday, August 3, 2014

The Highgate in Highgate Hill

Pointcorp is marketing The Highgate located in Highgate Hill, next door to the famous Torbreck building.  Looks like it will have great views north to the city.  The complex will have 42 apartments starting at $1.5M.  The developer says that is sees a demand for premium apartments in Brisbane, in the $1M to $2M range.  The AFR below reports 108 sales in Sunland's Abian on Alice Street and good results for SouthPoint and Pinnacle presales.



Thursday, February 13, 2014

New or Resale?

I am often asked whether it is better to buy a new or resale apartment?  A new apartment can be unsold developer stock in a new building or an off-the-plan apartment for a building not yet built.  A resale is a sale from someone other than the original developer.

There is a price difference between a new and resale apartment in Brisbane.  Sometimes, this is because a new apartment is new, with no wear and tear (e.g., freshly painted, new carpet, new kitchen, new appliances, etc).  But often, the price difference is not explained by newness.  Sometimes, the price difference is due to developer profit and marketing costs.

For example, Sunland is currently marketing Abian.  A large number of people I know have received a fancy brochure mailed to them, unsolicited, by Sunland.  There is an expensive display office onsite in Alice Street, where the landscaping alone would have cost a small fortune.  There is a video of a lost rich girl wandering around Brisbane, that does a good job not showing the neighbouring Quay West building.  Buyers are paying for all these marketing costs, plus the developers profits.

Another example is Infinity, by Meriton.  2 bedrooms, 2 bathrooms, 89 sqm in total, no balcony, 7 apartments per floor, short stay and hotel guests, for $647,000 and up!

Or you can buy an apartment in Metro 21, on level 25, with river views, a large balcony, 2 bedrooms, 3 bathrooms, 113 sqm total floor area, 4 apartments per floor, no short term rentals or hotel guests.  For a price less than a Meriton apartment.   Metro 21 is a boutique residential building, with good facility, and a low ratio of residents to facilities.  Seems like an obvious decision to me.

That is $7,269 per sqm compared with less than $5,700 per sqm.


Sunday, December 15, 2013

Sunland's Abian ready for sale

Sunland has completed a very fancy display building for Abian, on site, on the corner of Alice Street and Albert Street.  See photo below.  There was an advertisement in the AFR magazine this weekend, inviting prospective purchasers to register.  I suspect that this building will be marketed as a high end building, at very high prices.  Sunland's apartment buildings on the Gold Coast are glitzy, and the apartments are large.  In my opinion, quality is average.  Q1 supposedly has a number of problems.  Sunland's honesty (or at least, that of a key executive/owner) has been questioned in a law suit in Melbourne -- see prior posts.  It will be interesting to see how successful Abian will be.


Friday, September 27, 2013

Abian Apartments on Alice Street

Sunland has cleared their site on the corner of Alice Street and Albert Street.  The old apartment building there has been demolished.  Sunland is now building a fancy display suite, for Abian Apartments.  Rumours are that there will be few apartments in this building, with no one bedroom apartments.  Most apartments will be aimed at owner occupiers, and will be large.  The building is in a great location.  It will impact the two bedroom apartments in Quay West which overlook this site.

Photo from demolition

Recent photo of display suite being constructed, from same position.

Friday, May 24, 2013

Darkness on Alice Street

Sunland has obtained development approval for its apartment tower at 140 Alice Street, on the corner of Albert Street.  Recently, barricades went up around the existing unit block.  I suspect that demolition will start soon.

It appears that this skyscraper will contain 139 luxury apartments and will tower over and shade the Botanical Gardens.

"With apartments priced between $700,000 and $4 million, there would be a pool, gym, a 24-hour concierge for tenants, business centre and a Turkish hammam."

Sunland has branded this complex as Abian Apartments.  Have fun when dealing with Sunland:

"The Victorian Supreme Court dismissed Sunland's claims in June 2012 because their key witness was deemed untrustworthy."  Sun Herald


Thursday, September 6, 2012

Quay West Sales

There have been three recent sales of one bedroom apartments in Quay West, at 132 Alice Street, Brisbane.  These are large one bedroom apartments, about 74 sqm including balcony, which is the size of many two bedroom apartments.  These apartments have views of the Botanical Gardens.

The recent sales have been for $450,000 (two apartments) and $460,000.  It is not clear if the apartments are being sold furnished or not.  These are prices at 2009 levels.  There was a dip back to the $420,000 mark in 2011, but now pricing has recovered.

By comparison, a number of 1 bedroom apartments in Admiralty Quays have recently sold for $580,000, and one at $595,000 in August 2011.  (In September 2009, a one bedroom sold for $612,500, so not yet back at that peak.)  Admiralty Quays is a high quality building with direct riverfront.  These one bedrooms are about 76 sqm.

Wednesday, June 27, 2012

More Affordable and Smaller Apartments

The Courier Mails reports that developers are building apartment buildings with smaller apartments, because that is what is selling today.  Does this mean that there will be a shortage of larger, family sized apartments in Brisbane in the future?

From the Courier Mail:

"Developer FKP recently withdrew a development application from Brisbane City Council for a future tower at its Gasworks development at Newstead.  It was lodged in 2009 and executive director Mark Jewell said it needed to be revised in line with the present market. The tower, known as Parkside Boulevard, will be released in the next three to five years.  Two weeks ago, the same developer released its reworked masterplan for The Mill development at Albion.  A change in market conditions early in 2010 saw it refund deposits for units already sold off the plan and designs changed. It has now launched the first tower and is waiting for sufficient pre-sales before it starts construction.

In Brisbane's CBD, Melbourne-based developer Billbergia unveiled plans to develop the failed Vision site into a 90-storey residential tower with about 800 apartments, a hotel and a 34-storey commercial tower.

Bellise at Fortitude Valley had initially been planned as a 199-unit development, but had received a new approval to reconfigure it to a 228-unit development of smaller product.

Citimark's Angus Johnson said the launch of its 200-unit Rivana development at Hamilton would wait until the market was right.

While Stockwell plans to proceed with the 150-unit stage two and 50-unit stage three of its Riverpoint development at West End, it has not yet advised a time frame.

Sunland has preliminary approval for the 47-storey Carrington in Alice St in the City. Managing director Sahba Abedian said there were conditions attached, which they were working through."

Sunday, June 10, 2012

Recent Apartment Sales in Brisbane

Metro 21 (21 Mary Street)
  • Apt 1701, 2 bedrooms, 3 bathrooms, sold furnished $492,500 (rents for $700 per week)
  • Apt 1003, 1 bedroom, $310,000
Quay West (132 Alice Street)
  • Lot 29, Apt 503, 1 bedroom, 73 sqm total size, sold furnished $450,000
Admiralty Towers One (48 Howard Street)
  • Lot 105, 2 bed, 2 bath, on Macrossan Street side, sold on 28 April, $532,500
  • Lot 85, 1 bedroom, direct riverfront, sold on 4 April for $562,000
  • Lot 141, 2 bedrooms, 2 bathrooms, $535,000
  • Lot 31, 2 bedrooms, 2 bathrooms, $615,000
  • Lot 5, 1 bedroom, 1 bathroom, on rear of building, for $490,000
Admiralty Quays (32 Macrossan Street)
  • Lot 83, 1 bedroom, $580,000
Felix (26 Felix Street)
  • Lot 57, 2 bedroom, 1 bathroom, large courtyard, sold for $540,000
  • Lot 152, 2 bedrooms, sold for $475,000
  • Lot 117, 2 bedrooms, sold for $465,000
  • Lot 278, 1 bedroom, no car, sold for $325,000
Casino Towers (151 George Street)
  • Apt 1503, 2 bedrooms on front/side, with river and Southbank views, settled in May for $580,000.
  • Apt 1603, 2 bedrooms, on front/side with river and Southbank views, $565,000
  • Apt 2202, 2 bedrooms, middle front with river and Southbank views, 103 sqm total size - $655,000
  • Apt 2107, 2 bedrooms, river views, 93 sqm total size - $515,000
  • Apt 2104, 1 bedroom on rear - $362,500
  • Apt 3803, 2 bedroom sub penthouse, 188 sqm in size - $805,000

Saturday, August 27, 2011

Sunland's Brisbane Development

Sunland reports that it was holding discussions with Cbus Property about a joint venture for $250 million Carrington Tower on Alice Street (also known as the French Quarter site -- that Devine sold to Sunland). The new tower (B1??) is awaiting final approvals. Mr Abedian of Sunland is reported as saying:

"With a project as unique as Carrington and given its proximity to the city and entry into the Botanic Gardens, we will ensure that the timing of the launch is one where we have the greatest confidence. We think 2012 is the more appropriate time to launch such a project. But we are no in a hurry and we won't rush a flagship project such as this."

It sounds to me like this apartment development will not start construction for some time.

Tuesday, February 15, 2011

Sunland Cautious

A headline in the AFR today: "Sunland cautious about year ahead." The story has the following information:
  • Sunland remains cautious as buyer activity plateaus and uncertainty about the economy prevails.
  • Consumers have adjusted their price points and are more cautious and conservative.
  • Sunland is not building any Gold Coast high rise, and plans for a residential tower in Labrador have been shelved due to 1200 new units languishing on the market.
  • The Carrington apartment project on Alice Street in Brisbane is well timed, with little competition for upmarket owner occupier-style CBD projects due for completion in 2012-13.
  • Affordability has been a key issue. Discounts of 20 and 30 percent have been offered to secure transactions.

Sunday, February 13, 2011

New Apartment Projects In Brisbane


This is my list of actual and pending apartment projects in inner city Brisbane.

1. Macrossan Apartments, located behind Skyline and the Admiralty buildings. Not river front. 37 levels. Full floor apartments on higher levels -- 3 bedrooms plus study, about 250 sqm internal, with small balcony. High level of finishes. Expensive. See typical floor plan. The main bedroom looks right into Skyline -- not much privacy here. The apartment on level 26 will be auctioned (by the developer it seems) on 3 March 2011. The building is complete, but it seems that less than half the apartments have sold.


2A. Soleil, by Meriton. Next door to Macrossan, and also behind Skyline, is Soleil. Currently under construction. Over 400 apartments; 74 floors. Currently at about level 55. The developer will keep the management rights; and will keep ownership of a large number of apartments on higher floors. This, in my opinion, creates many issues for owners, so take care. Will be settled in stages, with lower floors settling first. This is a B grade development in my view.

Photos of Soleil under construction: Photo of Soleil, Macrossan and Skyline; photo of the 3 Admiralty buildings, River Place, Skyline, with Macrossan to the side and Soliel growing from behind above Skyline.

2B. Infinity, by Meriton. Located in the Roma Street area, behind but to tower over Evolution. 77 floors of apartments, so this will be a massive height for Brisbane, but the actual floor plate is not that large. Currently in off the plan sales - see brochure. The hole for the carpark has been dug, but the building itself is not yet under construction. With 2 bedroom apartments starting at $590,000, this looks to be expensive. Again, the developer will keep the management rights and a number of apartments in the building, so take care.

3. Sunland's "Carrington" development on corner of Alice Street and Albert Street. This development recently received Council approval. 47 floors of high end apartments. Will cast shadow over Botanical Gardens, which is not good for the public. If you read all the controversy about Q1 on the Gold Coast, I hope that Sunland does a better job on its first Brisbane apartment building. The AFR reports that construction will start when 50% of the 257 apartments have been pre-sold.

4. Devine's proposed development, on the corner of Margaret Street and Albert Street, at 30 Albert Street. This is right behind the Sunland development mentioned above. A development application was lodged on Christmas Eve, 2010, so this will be some way off. 37 floors, 420 apartments, 1 and 2 bed apartments only. Looks like another Charlotte Towers.

5. The Midtown, on Charlotte Street, opposite Charlotte Towers. Currently in pre-sales; demolition has started onsite. One and two bedroom apartments. 29 floors of apartments.

6. The Chelsea and Madison on Mayne, by Metro Property Developments. These apartment buildings are both in Bowen Hills, and contain 286 and 242 apartments. Metro is associated with David Devine and Ken Woodley, both ex-Devine. Their most recent development was Charlotte Towers, where (as reported elsewhere in this blog) capital growth has been on average about 1% and many purchasers off the plan have lost money. So if they follow the same approach, the developers will profit, but not the initial purchasers. It is interesting to read this. These apartments do not have development approval. (Metro is also planning on Brooklyn on Brookes, in the Valley. (Also, Richmond at Bowen Hills by another developer.)

7. Mosaic in the Valley, still waiting for development approval. 20 floors, about 250 apartments. Currently being sold off-the-plan.

8. McLachlan & Ann in the Valley. 234 apartments, currently being sold off the plan.

9. Kevlin Grove Urban Village: A bunch of apartment buildings under construction, including 3 buildings by Pradella (branded as Urban Edge); and Edenview; and Binary Apartments.

10. SouthPoint at SouthBank. 20 floors.

11. Newstead River Park - about 15 apartment buildings planned, with Mirvac completing "Pier" shortly, and "Park" in presales. FKP plans to build The Gasworks.

12. Northshore Hamilton (many developers, with a large number of apartments planned), Hamilton Reach (in presales) and Hamilton Harbour (three apartment buildings by Devine, currently under construction) and Portside by Multiplex (one building under construction, at least one more planned); and Rivana (by Citimark).

13. Rive at Albion/Breakfast Creek (under construction, but flooded). Two towers of apartments.

14. Waters Edge at West End. Developed by Pradella. (stage one complete; stage two under construction). Basement and pool area flooded.

15. FKP's The Milton at Milton. Was in off the plan sales. Display flooded.

16. The Capitol Apartments, South Brisbane. Currently in off-the-plan sales.

17. Yungaba Apartments, Kangaroo Point. Currently in construction, but delayed due to floods.

18. Montague West End - site flooded, and website not active.

19. The Apple, in the CBD. Small building on 1 bedroom apartments.

20. Belise, St Paul's Terrace, in the Valley. In presales, off the plan.

Saturday, November 13, 2010

Albert Street Railway


Royal on the Park (the old Park Royal Hotel) owned by the Sultan of Brunei is to be resumed to build an underground train station. How will this impact Sunland's proposed development on Alice Street at Albert Street?

"ONE of Brisbane's major inner-city hotels will be resumed with 38 other properties for the city's first underground rail line, it has been revealed. ...

Under the plans the Royal on the Park hotel will need to be resumed, alongside 38 other commercial and industrial properties in Salisbury, Rocklea, the CBD and Bowen Hills."

Source: Courier Mail and see also Brisbane Times

At least you will be able to get free WiFi here.


Friday, August 6, 2010

Alice Street Development by Sunland

The developer of the world's tallest residential tower Q1 on the Gold Coast has unveiled plans to build a $250-million luxury apartment tower in Brisbane's CBD. Sunland Group has lodged its proposal for the 44-storey Carrington Tower opposite the Botanical Gardens at 140 Alice Street, after acquiring a small slice of neighbouring land that currently houses a small apartment building.

The tower - said to be encased with a pewter glass wall with a subtle gold tint - will be built on the site of Devine's former French Quarter which was flattened by the global financial crisis in 2008.

Carrington Tower will be Sunland's first foray in the Queensland residential market since the completion of Q1 and Circle on Cavill at Surfers Paradise almost five years ago. Sunland Group managing director Sahba Abedian has hailed the design by Wood/Marsh as the developer's finest piece of architecture to be produced in the company's 27 years.

The facade of Carrington Tower will flow down to create a canopy over the lobby.

"We will be looking to create a very sculptural, iconographic tower that will really mark the entry into Brisbane from the southside of the city.

"It's a curvilinear building that really personifies the feminine form. If you look at the building it actually drapes out at the base that is not dissimilar to a beautiful dress - that's really the intent behind the tower."

Mr Abedian said he was confident Brisbane City Council would approve the tower by mid-2011, as it could potentially have an unprecedented amount of innovative sustainable design features, including solar panels incorporated into the louvres and blinds to capture and reuse energy.

"As we know the Baby Boomers are moving into retirement and lifestyle choices are changing ... and we hope to cater for these individuals," Mr Abedian said.

If approved by the council, Carrington Tower will be one of only a few buildings in Brisbane, including Riparian and The Grosvenor, designed for owner-occupiers. Mr Abedian said Carrington Tower would boast of the facilities of a hotel, including a 24-hour concierge.

"We believe there is strong demand for these environments," he said.

One-bedroom apartments with a study are expected to sell for about $500,000 and sub-penthouses $3 million.

Although Harry Triguboff's twin-tower residential development on Herschell and Adelaide streets is near completion and the abandoned Vision tower site on Mary Street may also be resurrected by developers Billbergia, Mr Abedian said he was confident there was room in the Brisbane market for Carrington Tower.

"We have a strong track record and we also have a very strong client base that I have no doubt will be very excited when we launch this project," Mr Abedian said.

"The testament of our capabilities is the proof of our projects through from Q1 to Circle on Cavill and Palazzo Versace."

Brisbane Times

Sunday, July 25, 2010

Sunland in Alice




What looks like an Alice in Wonderland building, we have Sunland filing a Development Approval for a 44 Level residential tower in Alice Street. Proposed 233 apartments, from 1 to 4 bedrooms each. They look larger than is typical in Brisbane new developments these days. (Sunland's Circle on Cavill development had large apartments too.) Located at 140 Alice Street, next door to Quay West, on the Carrington site.

Sunday, May 9, 2010

Recent Apartment Sales in Brisbane City

Casino Towers (151 George Street)
The Gardens (204 Alice Street)
RiverCity (79 Albert Street)
Charlotte Towers (128 Charlotte Street)
  • Apt 2809, 1 bed, 1 bath, 1 car passed in at auction - auctioneer's bid of $395,000