Showing posts with label kangaroo point. Show all posts
Showing posts with label kangaroo point. Show all posts

Saturday, February 15, 2020

Lotus Tower

Chinese developer R&F Property has finished building Lotus Tower at Kangaroo Point in Brisbane.   It was built without any pre-sales.  Unusually, the sales campaign was launched when the building was complete, and it is reported about 30 apartments have been sold.

This is not a river front building.  There are not many facilities within walking distance.

The complex has street side townhouses and 188 apartments over 20 levels.

I have not been inside the complex yet.  R&F is the same developer who built Brisbane 1 Towers at South Brisbane.  This development has three towers (one primarily for short term and hotel rentals).  In my view, the apartments there are small and expensive, of average quality, and have mainly been sold to Chinese investors.  Many appear to be still available for sale.


Saturday, May 3, 2014

Kangaroo Point new apartment developments

If you want to buy an apartment off-the-plan at Kangaroo Point,  there are many options at present:

Sunday, June 9, 2013

TDD Peninsula at Kangaroo Point

Peninsula at Kangaroo Point is currently being marketed by TDD.  One bedroom plus study from $370,000; two bedrooms from $425,000 to $620,000.  Video here, that doesn't really say much.  This is being marketed as a "riverside" development.  Take care -- this is not a riverfront development.  In fact, it is much closer to the highway that goes across the Storey Bridge and the exit to the Clem7 tunnel than it is to the river.  See map here.

Friday, February 24, 2012

Receivers Move Into Alderley Square

This blog reported recently that PCN's Alderley Square development was on hold.  The AFR reported on Thursday that receivers have moved into Alderley Square, due to a significant slow down in sales.

  • Developer owes Westpac $12 million.
  • Construction has not yet started.
  • Off-the-plan purchases have dried up.
  • Colliers reports 30 months of supply of new apartments in Brisbane.
  • Alderley Square had 234 apartments across 3 buildings.
  • In the first 12 months, $55 million of contracts, mostly to locals.
  • In the next six months, only $4 million in sales, even with the $10,000 building boost.
  • The AFR reports that buyer fatigue extends throughout south-east Queensland.
  • At Australand's Yungaba project at Kangaroo Point, only 37 out of 167 lots have been sold, or about $33 million out of $150 million of stock.
  • What will happen to PCN's El Dorado Indooroopilly development?
  • See also story here and here.

Tuesday, February 14, 2012

Scott Street Apartments Go Under

Bank of Scotland has become mortgage-in-possession of the remaining unsold apartments in Waterford Properties' Scott Street development at Kangaroo Point.  The luxury complex, with one apartment per floor and a total of 12 apartments, was completed in 2010.  It has Brisbane city views, but looks West.  The development has at least $30 million of unsold stock at current list prices (that may be revised downwards).  Photos here.

The penthouse sold for $7 million, and other apartments sold for $7.65 million and $4.06 million.  One of the purchasers was Scott Hutchinson, who was the builder.

According to the AFR, demand for the high end of the market has been sliding in Queensland.

Place real estate agents said that the premium market had dropped back.  "Realistically, the top-end apartment market has come back 30% and in some cases 40%.  The market was overinflated.  We were going through a boom and the prices were ridiculous" said Lachlan Walker of Place.

Now I bet Place real estate agency didn't tell buyers a few years back that the prices they were paying were ridiculous!

Sunday, December 4, 2011

Short Term Only

Some apartment buildings are built for residents, but are used for short term stays (hotel style accommodation) that causes problems for residents.  Some apartment buildings are only built for short term stays, and are trying to keep out long term tenants and owner occupiers.

"Quest on Story resident Cameron Green said that unless he and the owners of another eight apartments in the inner-city Kangaroo Point building could find the money to fight a legal battle, they would be out on the streets.

The residents bought their homes unaware that under the town plan they could only be used for short-term stays.

In many cases the apartments were advertised as suitable for first home buyers, the new owners received first home buyer's grants and in all cases solicitors carried out all the relevant searches."

Wednesday, November 2, 2011

Luxury Brisbane Units

"As units go, there are a few very nice projects mostly on the river, with views and close to the city that have experienced good money, but sales have been rare. Scott Street, Kangaroo Point as well as the Tom Dooley projects are the places to find serious unit money but even these have seen a slower sale pace. The problem is that many buyers are empty nesters looking to purchase subject to the sale of their own riverfront homes which, of course, creates problems."

See HTW Report

Monday, August 1, 2011

Sunday, July 17, 2011

Apartments that are not zoned for residential living

There are a small number of apartment buildings in Brisbane (and on the Sunshine Coast) that are zoned for short term rentals only and where bylaws or the zoning prevent owners from using or renting the apartment for a permanent residences. One is the Quest Story Bridge apartment complex at Kangaroo Point, discussed in this story.
"Unit owner Cameron Green said lawyers carried out standard property searches for him in 2009 but this did not reveal that only short-term occupants were allowed. He said he and other buyers were not made aware when they bought their homes that they could not live in them permanently, due to a development condition imposed on the 14-year-old building. It is understood a building approval search would have revealed the problem but this type of check is generally considered to be “optional” during conveyancing."

Saturday, March 19, 2011

Top End Brisbane Apartments

Here is a story about Scott Street Apartments and Aquila New Farm in The Australian. They do not seem to be selling fast.

Friday, October 29, 2010

At 20 At Kangaroo Point - New Development


New apartment development at Kangaroo Point. It will be twenty storeys. One bedrooms from $340,000; two bedrooms from $490,000. See At 20 website or alternative website.


Monday, May 3, 2010

Bad Onsite Agent

Office of Fair Trading - Minister's Statement:
10 year ban for real estate employee

An investigation by the Office of Fair Trading has resulted in a Kangaroo Point-based resident letting agent and his company being banned from holding licences under the Property Agents and Motor Dealers Act 2000 for ten years after ripping off unit owners.

Minister for Fair Trading Peter Lawlor said Leigh Gregory Craig, who was also fined $2500, was found guilty by the Queensland Civil and Administrative Tribunal of failing to follow his clients’ instructions and producing false invoices. His company Brass Properties No 1 Pty Ltd was also banned for 10 years and fined $3,000.

“Mr Craig first came to the attention of Fair Trading officers after they received a complaint from a unit owner who was falsely charged a $132 fee for the retrieval of a set of car keys accidentally dropped down a lift shaft,” Mr Lawlor said. “Following an investigation, Mr Craig was also found to have advertised Bridgeport Apartments for short-term letting which flies in the face of body corporate by-laws which impose a minimum period of six months.

“He deliberately misled unit owners by failing to disclose the higher than usual fees he was charging renters, which at times was double the normal amount. This additional income was not passed on to the unit owners. This type of behaviour has no place in Queensland’s real estate industry. Queenslanders deserve to know they are dealing with reputable and licensed agents,” he said.

"This decision is a clear reminder to the real estate industry to act responsibly. If an agent chooses to breach the law by deceiving their customers, they risk the loss of their licence, reputation and livelihood. The legislation is there to protect businesses and clients, and must be complied with. Licensees caught doing the wrong thing will be penalised."


Friday, December 11, 2009

Inner City Rents in Brisbane

"Tenants in West End and Kangaroo Point are paying up to 40 per cent more in rent than this time last year, as more people eye off luxury living in the inner-city.

As the phasing out of the first home-buyers grant buoys the rental market in Brisbane, premium apartment developments have pushed rental prices higher in the inner-city, according RP Data research analyst Cameron Kusher."

See Brisbane Times

Tuesday, September 15, 2009

Yungaba at Kangaroo Point


DEVELOPER Australand will this month begin marketing its $160 million Brisbane apartment development -- to be built on the heritage-listed site where the city's first immigrants arrived in 1887.

The 167 apartments are planned for the Yungaba House site at Kangaroo Point, an exclusive pocket of inner-city real estate on the banks of the Brisbane River.

The development, which has been hotly opposed by the Yungaba Action Group, involves three new apartment buildings as well as the conversion of historic Yungaba House immigration centre into 10 luxury residences. According to selling agents Colliers International, this month's scheduled release of off-the-plan apartments comes at a time of huge pent-up demand from buyers.

"In a Brisbane market paralysed by the credit crunch, buyers have had very limited off-the-plan options," said residential director Ben Langfield said.

"The launch of Yungaba comes at a time when buyers are crying out for a slice of inner-city living."

Built in 1887 as an immigration reception centre, Yungaba accepted its first six residents at the end of that year from the migrant ship the Duke of Buccleuch. Australand Queensland general manager Nigel Edgar said the project, which included the construction of a public multicultural centre, would unlock lost heritage and give residents an opportunity to live in one of Brisbane's most exclusive inner-city areas.

However, Australand's plans have not impressed the Yungaba Action Group, which says the planned multicultural centre is not an acceptable substitute for a building that was the gateway to Queensland.

The Kangaroo Point development, on a 1.9ha site bought by Australand in 2003, will be a mix of one-, two- and three-bedroom apartments as well as double-storey sky homes.

The Australian

Prices range from $410,000 for a 77sqm one bedroom to $2.2M for a 286sqm three bedroom apartment.