Friday, December 23, 2011
Soul
Tuesday, December 20, 2011
Mirvac Sells Hotel Division to Accor
This sale received international attention, probably because Accor is a French company.
Many investors have purchased strata titled apartments in Mirvac managed buildings. For the most part, the income is pooled, and investors receive income based on lot entitlements. It will be interesting to see if Accor will be able to manage such complex arrangements, where each hotel has, in effect, many different owners.
A message to Mirvac staff from management said the following:
Saturday, November 19, 2011
Northshore Hamilton
- Two Devine apartment buildings are almost complete, with a third on the way.
- Brookfield Multiplex is building another Portside apartment building, Promenade (172 apartment), with two more planned.
- Citimark has development approval for Rivana, 15 levels with 208 apartments.
- Mirvac has a three building apartment complex planned, with a sales display office constructed onsite.
- Australand has launched 78 apartments as part of its $400 million project, Hamilton Reach.
Friday, September 30, 2011
Regulations relaxed for Tennyson Reach - then Floods
The unit, along with another one in the complex he was leasing, was inundated during the Brisbane floods in January this year.
After the flood, which caused major damage to his unit and destroyed furniture, art and other belongings, Mr Dunworth said he discovered his unit was more than two metres below the 1974 flood level. He also discovered regulations that required the property to be set back 20 metres had been relaxed to allow his unit complex to be built just six metres from the river.
"I think if I had known all these things we would have considered making a different decision," he said.
He said sellers should be required to provide the information up front. Mr Dunworth said he believed that since a major property developer, Mirvac, was behind the project and it had the backing of the state government and planning approval from the Brisbane City Council, all necessary precautions would have been taken.
"I just assumed that the most stringent conditions were being imposed," he told the inquiry.
Source: SMH
The values at Tennyson Reach have dropped by 30% to 50%.
Sunday, September 11, 2011
Gold Coast High Rise
The article reports that more than $1 billion of apartments purchased at the top of the market are due to settle soon in The Oracle and Juniper's Soul developments.
Lawyers are apparently circling to try to get buyers out of contracts. For example, it is said that Nyst Lawyers believe buyers can get out of their Soul contracts because the Soul development is now being managed by Mirvac under the Sea Temple brand. What a crazy argument. The buyers want to get out of the contracts because the contract price that they promised to pay is now too much. The buyers took a risk, and lost out. You have to be very careful when buying off the plan.
The AFR reports that prices in Soul are down about 17%, based on one resale of a 23rd floor three bedroom apartment, 161 sqm, that sold off the plan for $1.8 million and resold in February this year for $1.5 million.
Friday, September 2, 2011
Soul to be branded as Sea Temple
Saturday, August 20, 2011
Tennyson Reach Contract Cancelled Due to Flood
Saturday, July 23, 2011
Mirvac's Foreshore Hamilton
This is what will set 'Foreshore - Hamilton' apart in this exciting new urban development. We will bring to the market 1 and 2 bedroom apartments: 1 bedroom apartments are priced between $345,000 and $525,000 - size range from 50sqm to 58.5sqm 2 bedroom apartments are priced between $495,000 and $975,000 - size range from 73sqm to 104sqm Completion date will be the later end of 2013.
Tuesday, July 5, 2011
Bumpy Ride in Residential Sector
"PROPERTY developers with an exposure to the residential sector are in for a bumpy ride in coming months, with Morgan Stanley analysts predicting a drop in home values of between 5 and 10 per cent.
Stockland and Mirvac have the biggest exposure to the home market but their earnings will be protected from big falls by the strong office market."
See SMH
Tuesday, June 28, 2011
Tennyson Reach Write Down
The latest writedown, which the company previously foreshadowed, brings the total in the group's residential land assets to $295m this year.
Mirvac said that since the January floods, the Tennyson residential market had limited transactions and pricing had been affected by uncertainties created by the pending results of the Queensland flood inquiries.
The group revalued the carrying value of Tennyson Reach, including 43 unsold apartments and the remaining undeveloped land.
"This has led to a provision of $80.8m, resulting in zero value as at May 31, 2011," the company said in an ASX announcement."
See also Courier Mail
This is not a surprise. This development was not in a great location, and there are very few facilities for residents in the area. The development had bombed well prior to the flood -- the flood was the last blow for a dog of a project.
Monday, June 13, 2011
Waterfront Pier
Monday, June 6, 2011
Mirvac Abandons Tennyson Reach
Tuesday, May 17, 2011
Mirvac's Hamilton Apartment Project
Thursday, April 28, 2011
Waterfront Newstead
RESIDENTS of Newstead and surrounding suburbs could be in for 12 years of construction and added traffic as a new waterfront development takes shape.
Two apartment blocks have been completed at Waterfront Newstead, but a spokesperson for development company Mirvac said the finish date could be more than a decade away, depending on market demand.
Of the 99 apartments already constructed, 54 have been sold, with the penthouse selling at a Brisbane property industry record of $14.25million.
Tuesday, April 12, 2011
Tennyson Prices
Tuesday, March 22, 2011
Developments at Portside
Saturday, March 19, 2011
Tennyson Reach - Legal Decisions
"As already noted, Mr Cox values the apartment at $1,500,000 and said that its value would have been $1,750,000 had the view been the equivalent of that from the display centre. " Mirvac v. Holland
"The defendant [Mirvac] is in possession of the apartment. After the flood, it removed the mud. The walls of the apartment consisted of Gyprock sheeting. The defendant removed the lower level of the Gyprock, which was flood affected. Wiring was disconnected; switches were removed and piled into a heap; appliances were disconnected. Dunworth v. Mirvac
"It is that the area of a part of the actual Lot varies by more than five per cent from the area depicted upon the drawing for that part. In this case the area of each of the balconies varies from what was shown within the original drawing by, in one case, 10.35 per cent and in the other by 15.30 per cent. Because clause 6.3(a) of the proposed (and actual) contract permitted a change up to five per cent to the “size of the Lot or any part of the Lot” it is argued that these changes made the actual Lot different from the proposed Lot as originally identified." Mirvac v. Beioley