Sunday, August 2, 2015
Lost Views for some apartments in Brisbane
Here is an example of an apartment in Sebel Suites (95 Charlotte St) on the 30th floor, where the aspect was impacted by a building nearby. There are many other apartments in Brisbane that have recently been impacted or may soon be impacted by pending construction.
Sunday, August 31, 2014
Austin on Grey Street
It is worth considering other established buildings, such as Arbour on Grey. An excellent 3rd level, 2 bed, 2 bath with park & river views is listed for rent fully furnished at $690 a week, much better value in my opinion.
South Brisbane Redevelopment
Saturday, February 8, 2014
550 Queen Street Potential Tower
This proposed development will have a negative impact on Willahra Tower, at 540 Queen Street. Willahra Tower is an apartment building that has short term rentals. (Bad reviews on TripAdvisor.) Small apartments, with a two bedroom less than 75sqm internal. Apartments are advertised as "cheap", and there is a reason for this. My advice -- avoid!
Friday, December 13, 2013
New hotel in Mary Street
103 Mary Street is the second building from the left. 212 Margaret is on the left. Quest River Park Central can be seen second from the right.
Sunday, August 11, 2013
Milton off-the-plan apartments
- The Milton, being developed by FKP, at 55 Railway Terrace. FKP has announced recently that it will be focusing on retirement properties, rather than residential developments.
- Westmark Milton, being developed by Lang Walker from Melbourne, at Railway Terrace between Walsh and Manning Streets.
Saturday, February 16, 2013
The Oracle Broadbeach
Apt 2003, 2 bedrooms, now listed for $825,000, originally sold for $1,495,000 off the plan.
Apt 1605, 1 bedroom, sold off the plan for $710,000, resold in January 2012 for $530,000.
Here is another 2 bed listed for $800,000.
Saturday, November 12, 2011
111-222 Billbergia Apartment Tower Approved
There will be two towers as part of this development. The large tower will be 90 storeys, located at 222 Margaret Street. It will be a hotel from level 5 to level 21, and apartments from level 24 to level 88. This building, if constructed, will be the tallest in Brisbane according to Brisbane Times. If you want to buy an apartment, you can register on this website: www.111plus222.com
The second smaller tower will be commercial office space, located at 111 Mary Street.
These two towers will have a major impact on the apartment building located at 212 Margaret St next door, and will also impact some views from Charlotte Towers.
New William Street Building
Friday, October 21, 2011
Mary Street Development
Monday, August 15, 2011
103 Mary Street - new development
Wednesday, April 27, 2011
Dangers of buying off-the-plan
Mr Conolly told Mr and Mrs Brecht that unit 7 would be suitable for them because it was going to have uninterrupted views that could never be built out and although there was a development to be built in front called “Splash”, the residents of the penthouses would be able to see over the roof of Splash because the balconies of the penthouses, in particular of unit 7, would be higher than the roof of Splash. Mr Conolly said there would be uninterrupted views from unit 7, Number One Park and those uninterrupted views would be views of the ocean. He said to them that if you were standing on the balcony “you may not see waves breaking onto the sand, but you will see waves breaking.” He said that those surf views were panoramic, which Mrs Brecht understood to mean 180 degree views. In common parlance, the word “surf” is synonymous with the words “breaking waves” or “white water”, so that a view of breaking waves has the same meaning as a view of surf or white water views.
The apartments in Number One Park were yet to be built so they were to be bought off the plan. It was not therefore possible for intending purchasers to stand on the balcony to see if the representation made as to the views was correct. In such circumstances the vendor, real estate agent and intending purchasers all realise that purchasers must rely in the usual course on representations made by the real estate agent retained by the vendor to market the property for sale. ...
In order for Barnscape to settle, the company borrowed $600,000 and used $600,000 of its own funds. Mrs Brecht said that if they had not used the $600,000 to purchase unit 7 at Number One Park, they would have otherwise invested the funds. They were unable to take up an opportunity to purchase a beach front block of land for $540,000 later in 2005 on Kangaroo Island (Lot 256 on De Coudie Drive) because the funds had been spent on Number One Park. The rest of their funds were invested elsewhere, and so were not available to purchase Lot 256. An RP Data Property Search showed that Lot 256 sold on 17 May 2005 for $540,000 and then on 27 March 2006 for $755,000.
If Barnscape had not purchased a unit in Number One Park, then there were properties which they could have bought on the Sunshine Coast between Coolum and Noosa with uninterrupted surf views. Of the alternative properties particularised, however, only unit 4, Splash appears to have become available during the relevant period and have the type of ocean view sought by the Brechts. Unit 4 Splash sold on 7 October 2003 for $1,950,000 and Unit 2 (rather than Unit 1), 16 Henderson Street sold on 18 October 2003 for $1,725,000. Those units were larger in size than either Unit 7 or Unit 8 Number One Park; Splash is closer to the ocean and has fewer units. Those factors made the units more expensive to purchase than unit 7 or unit 8, even if units 7 and 8 had shared the expansive views enjoyed by the units in Splash and 16 Henderson Street. Barnscape had access to an additional $1,000,000 at the time of settlement if more monies had been required to purchase a more expensive property. So those are opportunities that Barnscape missed as a result of the purchase of unit 7.
As the unit at Number One Park had been bought as an investment property, it was let as a holiday rental property. It was also used from time to time by Mr and Mrs Brecht personally. The rental was designed to provide some income while steps were put in place to work out what the cause of the problem with the view was and then to sell the property. The net rental received by Barnscape was as follows:
01/07/04 – 30/06/05 | Dolphin Bay Real Estate | $17,361.99 |
Laguna Noosa Holidays | $1,005.18 | |
01/07/05 – 30/06/06 | Dolphin Bay Real Estate | $20,112.58 |
Zinc Realty | $4,267.73 | |
01/07/06 – 30/06/07 | Dolphin Bay Real Estate | $15,978.80 |
Zinc Realty | $11,495.64 |
In addition, Barnscape had other expenses, including interest paid on the $600,000 loan. However, had they bought an alternative property at Sunshine Beach, they would have received rental income and most likely paid interest on borrowings. They would probably have received more income but paid more interest so it is very difficult to say they made a net loss on rental income and interest payments.
Unfortunately units 9 and 10 were for sale when the Barnscape contract settled and the Brechts took the view that the Barnscape unit would not attract a good price if it was put on the market at the same time as two other penthouse units. On 12 May 2006, Barnscape appointed Zinc Real Estate to sell unit 7 for $1,375,000. Once it was offered for sale it took 12 months to sell. Barnscape signed a contract to sell unit 7 on 29 May 2007 for $1,035,000.
See Avis v. Mark Bain Constructions and