Showing posts with label leightons. Show all posts
Showing posts with label leightons. Show all posts

Friday, February 3, 2012

Mosaic Apartment Complex to Become Grand Chifley Hotel

The Mosaic Apartment complex in the Valley will include a Grand Chifley Hotel.  I hope that the building is constructed to comply with all the proper fire regulations for a hotel.
Story here.

Thursday, April 21, 2011

Devine and Leightons

David Devine, who founded the Devine development company, no longer owns part of it. He sold out as part of a legal dispute involving a long time personal assistant. Devine developed lower quality high rise apartments, primarily sold to offshore and interstate investors. David Devine has established Metro Property Group, and is back in business building large highrise buildings with small apartments in B-grade locations. David Devine, and his marketing manager Ken Woodley (also ex-Devine) both live in very large apartments not built by Devine.

David Devine recently has been critical Leightons who owns 49% of Devine. Extract from The Australian:

"In February 2007, Leighton paid $94.7m for a 40 per cent stake in Devine but the two groups fell out during the GFC.


"At Devine, they weren't interested in the fundamentals of the business. They just thought you do it and it happens," Mr Devine said. "I have a lot of respect for Wal King but I can't say the same for the other Leighton representatives on the Devine board while I was there."

A Leighton spokesman said Mr Devine's comments were no longer relevant to Leighton and its investment in Devine.

"Mr Devine would be better placed to look at his own performance and that of Devine when he was there rather than a company that he no longer has anything to do with," he said."

Sunday, April 17, 2011

Madison Heights Bowen Hills

Metro Property Development and Pearls are marketing a 29 level high rise off the plan in Bowen Hills. The development is called Madison Heights Bowen Hills.

Metro is a recently formed company by David Devine and Ken Woodley. Both are ex-Devine (a listed company controlled by Leightons). Devine has a reputation for building low end apartment complexes. Pearls is an Indian development company.

The Madison Heights development has 182 studio/one bedroom apartments and 104 two bedroom apartments. This gives a total of 286 apartments. However, there are only 204 car parks. So taking into account visitor car parking, about 100 apartments will not have a car park. The development is in an industrial area, on Campbell Street, opposite the Courier Mail printing site, with good views of the hospital and inner-city bypass. There are no amenities around, so a car is needed.

The apartments are tiny. For example, an example two bedroom apartment is 70 sqm, including a 4 sqm balcony. (It is hard to call 4 sqm a balcony -- that is smaller than a bathroom.) Typically, I would not recommend a two bedroom which is less than 85 sqm internally, and even that is small. A good two bedroom should be at least 90 sqm internally. For comparison, you can buy modern two bedroom apartments that are 110 sqm internal.

And pricing is not cheap. A two bedroom, two bathroom which is 73 sqm internally plus a 4 sqm balcony on a low floor is listed for sale at $548,000. This is outrageous. This is over $7,000 a sqm.

Compare this two bedroom apartment in River City, a Devine building (developed by David Devine and Woodley). It is not a great quality building, and it is a few years old, but there is no reason to think Madison Heights will be any better. It is located on Albert Street in the city -- a much better location. It is 76 sqm internal plus 13 sqm balcony, with views of the Botanic Gardens. It has one car park, and is being sold furnished, for "offers over $450,000". So if it sells at $450,000, that will be $5,056 a sqm.

Take care!

Saturday, February 19, 2011

Mosaic The Valley



Leightons has released a new representative image for the Mosaic The Valley apartment project on Ann Street. It is much blander with less greenery than previously visioned. The building appears to be closer to road, as the footpaths are narrower. The new image is above. The old image is below, and an older view is located here.


Mosaic is being developed by Leighton, which owns about half of Devine and is a constructing Hamilton Harbour with Devine.

Mosaic was launched in October 2009. It has 212 apartments, most of which are relatively small. Advertised today as 1 bedrooms starting at $365,000 and two bedroom starting at $540,000. No pool.

Saturday, March 13, 2010

Mosaic The Valley

When I look earlier this week, Mosaic The Valley had not yet received Development Approval from the Council. Also, from what the agents are saying, they do not yet have enough pre-sales required to lock in finance to start building. It will be interesting to see if and when they start building Mosaic.