Trilogy Tower - Going Ahead

Trilogy is a building that will have three parts - office, hotel and residents. APH tried to sell the office component and failed. See Brisbane's $300m Trilogy tower campaign fails from The Australian.

That article states:

APH managing director John Wilson said a funding package, led by the Bank of Scotland, was now in place for Trilogy and negotiations finalised with builder Laing O'Rourke.

"At no stage have we hesitated," he said.

A deal had been signed with a five-star hotel operator and would be announced soon.

Marketing would begin this month on the sale of the 192 one- and two-bedroom hotel apartments, which would range in price from $500,000 to $900,000.

The 110 residential apartments at the top of the tower would be priced between $1 million and $5million.

A start of work on the $700 million Trilogy -- which APH said would be taller than any other existing building in Brisbane -- would confirm the race had begun to deliver the city's next generation of super towers.

However, with funding difficult in the wake of the credit crisis, analysts believe many of the developments proposed for Brisbane will fail to materialise.

With timing now crucial, GPT Group has started work on its $500 million 111 Eagle Street tower nearby, and work is under way on Austcorp's $1 billion Vision tower.

APH has begun demolition on its site between Queen and Adelaide streets and expects to start construction next month.

Mr Wilson said special techniques would speed construction and allow delivery of the office space by May 2011.

"As far as we know we will be first to market, in terms of buildings that are about to start," Mr Wilson said.

Meanwhile, Metacap Developments -- a joint venture between Sydney-based Newell Palmer Securities and Brisbane developer Alex Jimenez -- has announced it will start construction in the new financial year on its $500 million Empire Square tower on Elizabeth Street. It secured a deal last year with five-star hotel operator Westin over the 306 hotel rooms and 104 branded apartments.

Empire Square will include about 23,500sqm of A-grade office space.

Trilogy - New tower will ease five-star room shortage

From the Sunday Mail today:

CONSTRUCTION will begin next month on Brisbane's latest luxury hotel as the city continues to face a critical accommodation shortage.

Trilogy, which will feature 192 five-star one and two-bedroom hotel apartments in a 70-storey tower, will be the first five-star hotel built in Brisbane for a decade. A report released by Deloitte last week found Brisbane had the fourth-highest hotel occupancy rate in the world at 84.3 per cent. "It's pretty powerful, compelling evidence of the need for more hotel rooms in Brisbane," said John Wilson of APH Capital Partners, backers of the $700 million development. "There's a tremendous demand for five-star rooms in the city." Trilogy will have a massive lantern incorporated into the design, which will light up the night sky over the CBD and make it one of the city's most recognisable buildings.

"It will be an incredible landmark," he said. "Our intent was to make it something that over time will be instantly recognisable. "There are buildings around the world that people recognise and associate with particular cities and this will become one of them."

At 265m, APH is also claiming it will be Brisbane's tallest building, although it could be overtaken by Vision, a 287m residential and commercial tower planned for the city.

Trilogy will be built on the site formerly occupied by the Red Cross building at 480 Queen St. Demolition has begun and construction will start in June. It should be completed about the middle of 2012. In addition to the hotel, it will feature 109 luxury residential apartments and 28 levels of offices. The cost of building traditional luxury hotels had been prohibitive, but Trilogy will be selling the hotel apartments as strata titles to individual investors and leased back to the hotel operator – to be named later this month.

Prices for the fully furnished rooms – with views over the Brisbane River, Story Bridge and the city – will range from $500,000 to $900,000.

The Deloitte annual Hotel Occupancy Global Ranking Index, which compares 165 cities outside North America, listed Perth at No. 1. Cairns, Sydney, Melbourne and Adelaide also joined Brisbane in the Top 20.

Brisbane Apartment Pipeline

As far as I can tell, these are off-the-plan apartment sales that will be launched this year in Brisbane (larger apartment developments only). I have put in bold those that are in the downtown area.

1. Trilogy Hotel - 192 apartments
   
2. Trilogy Skyhome Apartments - 109 apartments
   
3. Westin Residences (Empire Square) - 104 apartments
   
4. Waters Edge at West End - 220 apartments in the first 2 buildings to be released
   
5. Union at Milton - 213 residential apartments and 127 hotel rooms
   
6. French Quarter - about 70 apartments and 150 hotel rooms
7. Hamilton Harbour - about 250 apartments
   
8. Meriton Tower - 200 serviced apartments plus 200 residential apartments
9. The Mill at Albion
10. Waterfront Newstead - 631 apartments
    

Current off-the-plan buildings being marketed and under construction

1. Vision (400 apartments)
   
2. Iceworks at Paddington (47 apartments)
   
3. Parklands at Sherwood (82 apartments for sale now; 211 apartments planned in total)
   
4. Tennyson Reach (393 apartments)
   
5. SL8 (112 apartments)
   
6. Ciana Indooroopilly (132 apartments)
7. Portside Hamilton
8. Riverpoint West End (280 apartments)
   
9. The Macrossan (42 apartments)
   
10. SW1 (57 apartments)
11. Fresh Toowong (92 apartments)
    

Current completed buildings with unsold apartments

1. Skyline
2. M on Mary
3. Evolution
4. Koko
5. Tempo
6. Flow
7. Vue
8. Aurora Skyhomes
9. Pinnacle Parklands

From recent Collier's reports: "With three new projects bringing only 100 new units to the market in total, we now have our lowest unit supply since March 2004. Based on this quarter’s demand level of 104 units per month, we currently have enough stock in the market to last until May 2008."
"As a result the Dec 07 quarter has closed with 754 units available for sale, translating to 8.9 months of supply based on current demand levels. This supply is not evenly spread however, with the north precinct left with only 2.9 months of supply and the west with only 3.2 months, meaning if current demand levels remain constant both of these precincts will be completely sold out by the end of April 2008, unless new projects are released within these areas."
"Rental unit vacancy rate for Inner Brisbane sits at 1.3%, showing a considerably tighter rental market than the remainder of Brisbane which shows a rental vacancy rate of 2.2%."
See, e..g., http://www.colliersresidential.com/files/research/brisunitreport_dec07.pdf

New Apartment Prices in Brisbane

1. Trilogy Hotel Rooms (studios & two bedrooms)

• levels 36 to 47
• 16 apartments per floor
• sold fully furnished with 2 year rent guarantee
• hotel managed by Mirvac
• sizes range from 53 sqm to 89 sqm
• no balcony
• 3 elevators
  
• about half will have river views
• most do not have car parking
• completion about 2012
  

Average price per apartment on level 36: $639,000
Average price per square metre on level 36: $9,785

Average price per apartment on level 47: $695,000
Average price per square metre on level 47: $10,630

2. Empire Square (two and three bedrooms)

• levels 47 to 60
• 7 apartments per floor
• sold unfurnished
• hotel managed by Westin
• sizes range from 117 sqm to 150 sqm
• no balcony
• 5 elevators plus service elevator
• about half will have river views
• 1 or 2 car parks per apartment
• completion about 2012
  

Average price per apartment on level 47: $1,502,857
Average price per square metre on level 47: $11,336

3. Aurora Skyhome

• levels 64 to 65
  
• 5 apartments per floor
• sold unfurnished
• managed by Oaks
• 2 and 3 bed apartments
• four with river views
• 2 car parks per apartment
• completed in 2006
• Last year, apartment 643 on level 64 was listed at $1,095,000. 2 bed, 2 bath, 2 cars, 102 sqm internal, 125 sqm total, $8,760 per sqm metre

4. Pinnacle Parklands

• levels 4 to 12
• 5 apartments per floor
• range of sizes
• No river views - views of Roma Street Parklands
• completed 2007
  
• Last year, a 3 bed/2 bath/media room/3 car park display apartment about level 5 was being sold furnished at $1,675,000. 184 sqm internal, 257 sqm total, $6,517 per sqm.
  

5. Tennyson Reach

• five buildings, each around 10 floors
• some floors have 8 apartments, some 2 apartments
• range of sizes
• almost all have river views
• to be completed in about 2010
• about 1 elevator per 3 apartments per floor

Examples

• 2 bed, 2 bath, 111 sqm internal, 141 sqm total, 5th floor, $910,000 ($6,453 per sqm)
• 3 bed, 2 bath, 192 sqm internal, 227 sqm total, 4th floor, $1,320,000 ($5,814 per sqm)
• 3 bed, 2 bath, 189 sqm internal, 235 sqm total, 5th floor, $1,475,000 ($6,276 per sqm)

Trilogy Tower

Trilogy Tower, 480 Queen Street Brisbane

"Pre-release: VIP Appointments commence this Sunday 16th March. Official launch Saturday 19th April. 25 sales logged in 48 hours."

My summary (more details to follow): Hotel apartments - managed by Mirvac. Floors 36 to 47. There are 16 apartments per floor - six are 2 bedroom and ten are one bedroom. Price ranges: 1 bedroom - $480,000 to $595,000; 2 bedroom - $710,000 to $990,000. Sizes - 1 bedroom - 53sqm to 59 sqm; 2 bedroom - 70 sqm to 89 sqm. No balconies. Due for completion in 2012.

"Trilogy Tower is a 70 storey multi-use tower that derives its name from the three integrated environments contained within its spectacular steel and glass facade - office space, living space and hotel space. With its gaze firmly fixed on success, Trilogy Tower will become a centrepiece for Brisbane's future workforce, short stay visitors and permanent residents.

The $650 million to come to life on the site known as the Red Cross building, has been approved to 250m high, but will climb much higher once the City’s height limit is removed under the new CBD Masterplan. The state-of-the-art ultra-highrise tower will also contain the Brisbane CBD’s first new 5-star apartment hotel project in more than a decade.

The residential apartments will offer living areas from 85 sqm through to double-storey sky-homes of up to 350 sqm. Permanent residents at the top of the building will enjoy design, finishes and amenity rarely seen before in Australia.

The 5-star hotel accommodation component of the building comprises one and two-bedroom apartments of up to 100 sq m in living area. APH has signed a heads of agreement with a soon to be announced 5-star operator after fielding inquiry from a dozen or more local and international hotel management groups.

This iconic development will deliver the next generation of technology and sustainable design with first class accommodation facilities for office workers, short-term visitors to Brisbane and permanent residents as well as unparalleled and uninterrupted views of the Brisbane River, the Story Bridge and greater Brisbane,” said APH Managing Director John Wilson.

“The residential buildings we see around the CBD now are a part of the first generation of CBD living in Brisbane,” Mr Wilson said. “This new tower will meet the standards of a market that won’t be moving in until 2011, so it has to be beyond the forefront of design innovation."

Brisbane Videos

These interesting videos show future developments for Brisbane. So take care when buying -- some existing buildings will loose their views; and there will be a huge influx of apartments into Brisbane in the future.

http://www.youtube.com/watch?v=BmGWIbOYZmU

http://www.youtube.com/watch?v=l687g1Ub5qM&feature=related

Trilogy Tower

Wickham Terrace & Turbot Street (Central Station)

Vision

Tennyson Reach

NorthBridge (office development, which will block some views from Evolution)

Brisbane Now, from PleaseTakeMeTo.com

Trilogy Tower & Mirvac

APH is spreading the rumor that Mirvac will be managing its new apartment hotel complex at Trilogy. Pricing is said to start at $480,000 for a one bedroom furnished apartment without a river view.

I hope that APH will do a better job than it did on Aurora, where there are many unhappy residents and unhappy owners.

Brisbane Construction

As reported on SkyScraperLife (including projected completion date and name of builder):

Under Construction:
Centary Square [108 Wickham St] -- Feb-08 <<>>
Evolution - [18 Tank St] -- due Apr-08 <<>>
Green Square [503 St. Paul’s Tce] -- Jun-08 <<>>
Tribune [199 Grey St] -- Jun-08 <<>>
WBC Annex [199 George St] -- Jun-08 <<>>
Devine Office [333 Ann St] -- Sep-08 <<>>
Wesly Mission [110 Ann St] -- Sep-08 << ???????? >>
545 Queen St [545 Queen St] -- Nov-08 <<>>
Petrie Barracks [Given Tce] -- Nov-08 <<>>
Central Plaza 3 [80 Eagle St] -- Dec-08 <<>>
NAB Annex [308 Queen St] -- Dec-08 <<>>
53 Albert St [53 Albert St] -- Mar-09 <<>>
Brisbane Central [140 Elizabeth St] -- Mar-09 <<>>
Matisee tower [110 Mary St] -- Mar-09 <<>>
NorthBridge [31 Tank St] -- Mar-09 <<>>
AM60 [42 Albert St] -- Mar-09 <<>>
The Macrossan [475 Adelaide St] -- Jun-09 <<>>
Suncorp Tower [179 Turbot St] -- Jun-09 <<>>
Icon Place [270 Adelaide St] -- Jun-09 <<>>
Sky Campus [400 George St] -- Dec-09 <<>>
NorthBank Plaza [275 George] -- Dec-09 <<>>
Vision [131 Mary St] -- Jun 2012 <<>>

Pending Start: (real Projects with construction contract, due to start soon)
Trilogy [480 Queen] -- <<>>
111 Eagle St [111 Eagle St] -- <<>>
Union [Milton Station 150 Milton Rd] -- <<>>
Westminster Hall [145 Ann St] -- <<>>
Southpoint [Collins Place] -- <<>>
Meriton [495 Adelaide St] -- <<>>
550 Queen St [550 Queen St] -- <<>>

Not all of these are apartments. Will these block views of existing apartments?

Trilogy Tower

The pre-sales website has been launched for Trilogy Tower, on Queen Street. See http://www.trilogytower.com.au/

The developer, APH, is selling the whole building. There have been full page advertisements in the Financial Review.

Although not yet started, this building will be 70 floors high, located next door to Aurora.

"Trilogy Tower is situated on Queen Street, Brisbane's main street, and is destined to be the city's most famous landmark in the decades to come.

Due for completion in 2011, it will dominate the city and the waterfront from its position at the gateway to the CBD's highly prized 'Golden Triangle', the preferred location for Brisbane's leading corporate tenants.

Trilogy Tower is also conveniently sited within strolling distance of Brisbane's main shopping precinct, the majority of Brisbane's fine dining restaurants and many upmarket stores and lifestyle boutiques."

The building will include apartments:

"109 single and double storey prestige residential apartments

• Occupation late 2011
• World-class interior designs
• Residents will have access to premium services (TBA)
• Access to Residents private recreation deck including pool and spa on level 53
• Dedicated high-speed lifts for residents use only
• Secured basement carparks
• Secured basement storage facilities"

And a hotel:

• Five-star All Suite Hotel to commence operation in late 2011
• Managed by Five-star hotel operator
• 192 one and two bedroom hotel apartments
• Dedicated Porte Cochere and Reception via Adelaide Street
• Business Centre
• Functions Centre
• 25m heated pool
• Fitness Centre
• Stunning views of the Brisbane River and Story Bridge from all levels
• Secured basement carpark
• High speed lifts dedicated for hotel guests only
• Five-star furniture packages available
• One and Two bedroom Five-star Hotel Apartments available for investment from only AUD $450,000"