Showing posts with label riverpoint. Show all posts
Showing posts with label riverpoint. Show all posts

Saturday, April 27, 2013

New Apartment Developments in Brisbane

New developments:


The above is only a partial list of new and off-the-plan apartment developments in Brisbane.  Take care when buying new and off the plan, as often the pricing is much higher than existing near-new apartments in a similar location.

It is also worth reading the following book, available on the Amazon Kindle and Apple stores.  

Thursday, February 7, 2013

River Point on Ferry and Flow

Stockwell is marketing 50 new apartments at West End, in its River Point development, called River Point on Ferry.  Prices range for $560,000 for a 1 bedroom apartment up to just under $2M.

Nearby, Pradella is marketing apartments in Waters Edge, which has been completed but still has unsold developer stock.  Apt 1606, 2 bedrooms, is listed at $619,000.  Apt 2209, 2 bedrooms, is listed at $699,000.  Apt 1111, 3 bedrooms, is $929,000.  A neighbouring development by Pradella, Flow, also has developer stock for sale.


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."

Tuesday, March 15, 2011

Riverpoint Flood Clean Up

"The building was inundated on 11th January 2011, taking out all the plant and equipment in the basement, and power to the building was cut. The pumps were inoperable and all motors were damaged. The body corporate has submitted a claim to its insurers but is not sure when or if it will be met.

The body corporate has prepared a damage report and a preliminary estimate of costs for the clean-up, hire of plant and equipment, purchases involved in the clean-up, temporary electrical power and supply, pump equipment, rubbish disposal, repairs to the electricity supply and switchboards, repairs to ducting and air-conditioning, replacement of pumps and sensors, repairs to sewer and stormwater pumps, repairs to 8 lifts and replacement of lift equipment, pool pumps, entry roller door, fire doors, painting and “miscellaneous.”

The total estimate is $551,341.35 including supervision and co-ordination of the repairs, exclusive of GST."

See decision regarding Riverpoint at West End.


Wednesday, January 19, 2011

Flood Building Update From Readers

212 Margaret Street still out of power, energex is talking about getting in a generator. Plus the lift shaft seems to be damaged so no go on the lifts either at the moment! No one can tell me when it will be up and running but it doesn't look good to be honest - apparently there was a lot of damage downstairs and a great deal of debris.

Riverplace Apartments maintained electrical power during the floods, so the basement carpark sustained only a few inches of water and no forced evacuation.

Admiralty Towers One - building evacuation still in force; at least 48 hours to occupancy. Lifts not working.

All services to Admiralty Quays have now been restored including all four levels of car parking in the basement.

Admiralty Two: There is still some water in the high rise lift well, and Kone cannot bring lifts into service until this water is completely drained. Owners who live in the high rise may use the low rise lifts to go to level 21, then use the fire escape to access their level. Our security guard will be on duty tonight. He has a fob for high rise owners to access level 21. Priority will be given to get at least one high rise lift operational tomorrow (Wednesday).

Water's Edge: The Developer has been working with us to clear the basements and this has nearly been completed. The cleanup in the basement should begin Tuesday 18/1/11. There is damage to the electrical boards that were located in the basement, however the repairs are expected to begin as soon as possible.

Emporium Valley: Operating normally with exception of Toulouse North Tower where power is yet to be re-instated and lift access restored. We are hopeful power will be back by Wednesday this week.

Oaks Festival Towers: Still pumping water from basement on Wednesday afternoon.

KoKo West End: Basement flooded and building evacuated

Left Bank, West End: Basement badly flooded

120 Mary Street: "Unfortunately due to flood damage the Quest River Park Central is currently closed. It is hoped to have the building back open by mid next week; however no date can be provided at this point. More information to be posted as it comes to us. "

Private property developer Mark Stockwell said the group's Riverpoint apartments at West End had water in the basement. The floodwaters did not reach the residential floors. "The water has now all been pumped out and there was some damage to the electricals, which is now being fixed."

Thursday, December 2, 2010

Top End Heading Towards The Bottom

Here is evidence that, despite what real estate agents and developers tell you, the top end apartment market is not going great. Many people have overpaid in the past 4 years.

Apt 80 in Flow, at West End, now listed for $1,850,000. This is a massive 4 bedroom, 3.5 bathrooms, 4 car, riverview penthouse apartment. It is 272 sqm internal, and 370 sqm total floor space. It has been for sale for a while. It went to auction in March 2009 and did not sell. (It was purchased off-the-plan in 2006 for over $2.3M. I think a real estate agent's investment company purchased it, but am not sure. So with stamp duty and interest, a loss over well over half a million bucks!)

By comparison, Apt 23, on a lower floor (3rd floor -- partial river views) - 3 bedrooms, was listed for sale by the developer for $1.4M in November 2007.

Or the same developer, Pradella, was selling apartments off-the-plan in Waters Edge next door in May 2008 which are not as good for $1.9M to $2.2M (these are A1 and A2 apartments, 159 sqm, 3 bedrooms).

So you can see that prices being paid for expensive apartments have not held up. (Flow and Waters Edge and Riverpoint are not the greatest locations, looking west, in a semi-industrial area a long walk from any facilities. Infrastructure touted by developers 4 years ago has not arrived.)

If Flow has been a bad investment for some, what about a $4.5M capital loss. See this story.

Thursday, November 18, 2010

Riverpoint Auction - No Result

A new Riverpoint apartment at West End failed to sell at a high profile Ray White auction. The highest bid was $3.5M. This is less than $4000 a sqm.

This apartment is back from the river, with terrace houses and a pool between the apartment building and the river. See Auction video.

Sunday, March 21, 2010

Promised Infrastructure

I often visit off-the-plan sales offices for apartment projects, and I am often told about planned infrastructure. A new pedestrian bridge, or a new CityCat ferry stop, or a new bus route, or a new supermarket planned for a neighbouring or nearby site, or restaurants about to open. I go back a number of years later, and the planned infrastructure is still not there.

Sales agents often talk about stuff that will improve the area but that never actually eventuates. So be careful about such "promises". It is best to look at what the area is like now, because this is how the area may look for some time to come. Do not pay extra for future benefits that may never arrive. If they do arrive, then you will get some capital appreciation.

I walked around West End last night. A Saturday night. Boundary Street was alive and hoping. South Bank was busy and bustling. Montague Road was dead. It was dark and no people were around. Nothing was open. It is still a scary semi-industrial area. So be careful if buying into Flow, or Waters Edge, or Koko or Riverpoint. There is a lack of public transport, and it is a very isolated area. I would not walk home from the city at night to Flow or Riverpoint. The promises made by sales agents to me a number of years ago (new park, CityCat terminal, new coffee shops and restaurants opening, a new supermarket on Montague Road, a new bus route with regular buses for all the new residents) just did not eventuate. Still many light industrial uses and sheds for spray painters.

Saturday, March 13, 2010

Riverpoint West End

Riverpoint at West End, stage one, is complete and owners are starting to move in. It would be interesting to know how many of the valuations came below contract price, and how many purchasers off the plan were unable to settle.

Riverpoint, stage one, still has apartments listed for sale. These include:
  • a "two bed one bath" (67sqm internal, so small!) where the second bedroom is internal with no windows, listed at $580,000.
  • a "three bed two bath" (81 sqm internal, which is in my view too small for a 2 bedroom apartment) with views of one of the other buildings, listed at $750,000.
I laugh that an agent has a 2 bed 1 bath listed for resale, at $550,000, giving the total area as 116sqm -- but this includes 17sqm of car park. Most other developers and agents do not include the carpark in the sqm area when selling an apartment, so take care!

I have inspected Riverpoint. The general quality looks to be very good. Some of the apartments are too small, in my opinion, and have bad aspects. The prices are high. There are many more stages of Riverpoint to come, so extreme care must be taken.

Saturday, October 10, 2009

Misleading Advertisement for Riverpoint Apartment



A reader forwarded me an interesting email chain with an agent, about this advertisement for resale of an off-the-plan apartment in Riverpoint in West End.

The apartment a 2 bedroom, 1 bathroom apartment, which has an internal size of 66sqm. This is very small for a 2 bedroom apartment. The second bedroom is not large enough for a queen bed and has no windows and has a sliding door because the room is too small to have a normal swinging door. The kitchen comprises benches along the wall.

This is the advertisement. Some text: "On Offer in Stage 1 of The Riverpoint Development is An Affordable Lifestyle Apartment On The First Floor, 94m2 of total Area, with 2 Large Bedrooms, 1 Bathroom & Upgraded Finishes." Two large bedrooms, who is this agent kidding?

But the real issue is the drawing included, as shown above.

The floorplan shows a tiny bathroom with a shower only. However, the drawing included in the advertisement shows a large bathroom with a bath and a shower.

When this was brought to the attention of the agent, Michael Mangelakis, of Street Property Sales, he replied in an email
"The artist impression of the bathroom has been used in an indicative manner to present the type of finish being supplied at completion." and then in a follow up email, Mr Mangelakis says: "You obviously have not looked at the photo’s properly. They are all marked with “indicative only”. I think you need to stop wasting my time. Goodbye"

The advertisement is clearly misleading -- showing a drawing of a bathroom from another apartment, and saying it is indicative of the finishes, where it is not indicative of the size, layout or features. The text of the advertisement does not make this clear at all. It is clearly misleading and deceptive. I would not want to buy or sell though this agent!



Wednesday, October 15, 2008

Riverpoint Update

Riverpoint reports that it has reconfigured some of their apartment layouts:

"... we are about to release a whole new range of designs, in response to public demand. They incorporate a range of 2 bedroom, 2 bathroom apartments, 3 bedrooms apartments and Sub Penthouses. These stunning new designs will be released to the Brisbane Property Market on Saturday the 25th of October."

"The new Super Penthouse will be built over floors 7 and 8 of Mosaic [note: this is not a direct riverfront building] and will raise the level of riverfront living to unexpected heights, in this rapidly evolving prestige location. The Super Penthouse will be spread over 700m² of exceptional living. It will also incorporate a 70m² ballroom/entertaining space on the 7th floor, complete with its own private lift to level 8 – The Owners Enclave."

West End Unit Owners are Concerned

"WEST END: Riverside apartment dwellers are banding together in a bid to give their direction on the future shape of the community. More than 30 residents from the Flow, Koko, Leftbank and Tempo complexes have met to discuss the need to build a sense of community in the area. Regatta Apartments body corporate chairman Paul Rees said they hoped to build a liveable community, not only for apartment dwellers but the whole of West End.

“We’re planning a series of regular events to build community in our area and the first event will be a breakfast in Riverside Park on Sunday, December 7 at 9am,” Mr Rees said.

He said they invited local, state and federal representatives as well as community groups and property developers to attend the breakfast to hear their ideas. Among residents’ concerns are building heights, closing Riverside Drive to public traffic and fast-tracking plans for a CityCat terminal. And Mr Rees said residents felt they were not consulted about increasing building heights.

“We are appalled at the suggestions of 15, 20 and 30-storey highrises being built here,” he said.

“We moved into this area believing the height limit would be seven storeys and we don’t want to see our area turned into a concrete jungle,” Mr Rees said.

He said a CityCat terminal and a reliable bus service on Montague Rd were important to give residents adequate public transport. Mr Rees said they supported redevelopment of the old riverside industrial areas as long as it was on a “human scale” and integrated with the established community of West End, “rather than creating a concrete barrier between West End and the river”."

See City South News

Saturday, September 22, 2007

Pradella's New West End Development

Soon, Flow will be complete. Next door, Pradella will launch a new West End riverside development. I suspect it will be worth considering.

It does not have a name, but it does have a website.

Pradella will have developed three West End riverside complexes:
  • Flow (to be completed in 2007) which looked extremely overpriced, but now just looks expensive; some apartments will be excellent (riverside on high floor) and some are not great
  • New and unnamed
  • LeftBank which is still looking very good
Stockland has Koko, which didn't live up to expectations.

And there is Riverpoint, currently selling off-the-plan, which looks very mixed.

I suspect there will be more to come.

West End - New Development called Riverpoint