Showing posts with label views. Show all posts
Showing posts with label views. Show all posts

Sunday, August 2, 2015

Lost Views for some apartments in Brisbane

You have to be careful these days when buying an apartment, because with all the development in Brisbane, your view may disappear or change.

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

Austin on Grey Street is almost fully built.  The rental campaign has started.  A 2 bed 1 bath apartment on a high floor with "breathtaking views" is listed for rent at $550 a week.  My guess is that this is a bait & switch offer, and that you will not be able to rent an apartment with "breathtaking views" at this rent.  I suspect that the photos in the advertisement are not from this apartment, because the same photos are used for all apartments advertised for rent.  A small two bedroom two bath is listed at "from" $640 a week unfurnished.  This building is very close to a major traffic intersection.

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

If you are thinking of buying in South Brisbane, you should first look at the Kurilpa Urban Renewal Master Plan, published by the Brisbane City Council:
This Plan will have a big impact on views, and it also gives an idea of how many apartments will be built in the next decade in this area.  See video.


Saturday, February 8, 2014

550 Queen Street Potential Tower

Consolidated Properties has put 550 Queen Street up for sale.  It has frontages to Queen St, Ann St and Clark Lane.  The land has development approval for a 20,000 sqm tower.  The AFR reported on Thursday (8/2/14, p. 45) that there was strong interest from residential development companies.  (The article also states that 4000 residential apartments are currently under construction in Brisbane, with up to another 3000 that could complete by 2015/16.  There is a risk of oversupply.)

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

Currently under construction, but almost complete, at 103 Mary Street is a new hotel, to be branded as a Four Points by Sheraton.  It is 33 storeys.  It is impacting the views of River City and 212 Margaret, both which are neighbouring apartment buildings.  It is also adjacent to the 111+222 site in Mary/Margaret 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

There are two competing apartment developments in Milton, currently being developed.

  • 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.
FKP's renderings show a park across the road from its development.  What FKP does not show is any illustration with the Westmark building, that will (I suspect) block out any river or city views that residents of The Milton may have been expecting.

Due to the railway, both buildings should have uninterrupted views of the XXXX brewery.

The Milton -- but where exactly is the green space that is shown?


Across the road is Westmark

Saturday, February 16, 2013

The Oracle Broadbeach

One trouble with off-the-plan marketing is that the apartments are often oversold.  The Oracle at Broadbeach was marketed as a beach apartment complex, but in fact, is not that close to the beach and many apartments do not have good beach views.  Even though the apartments are large, the values have dropped.  Dramatically.  Two examples:

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

The Brisbane City Council has approved the massive 111-222 apartment and hotel tower for Brisbane.  (See prior post here.)

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

Echo Entertainment, who operate the Treasury Casino and nearby Treasury Hotel, are planning a new 5 star hotel at 159 William Street.  The published renders show Casino Towers in the background.  It appears that Oaks Casino Towers will have some of its river views blocked by this 400 room hotel.


Friday, October 21, 2011

Mary Street Development

Demolition work has started on the 103 Mary St apartment hotel development.  It is located next door to the 111 Mary St "hole" that was to be the Vision building.

The 103 Mary Street development is 32 floors high, and will kill the views from the rear apartments in 212 Margaret St and in some of the Devine River City apartments.

In the photo below, 212 Margaret can be seen on the left and River City on the right.


Monday, August 15, 2011

103 Mary Street - new development

This is a rendering of the new apartment hotel complex being constructed at 103 Mary Street, between the 111+222 hole and RiverCity apartments. 212 Margaret St is shown at the rear. So some people will have their views impacted.

Wednesday, April 27, 2011

Dangers of buying off-the-plan

"When they returned to the Dolphin Bay Real Estate office, Mr Conolly told Mr and Mrs Brecht about the development which was to be Number One Park. He told them that it was a “crème de la crème real estate investment opportunity”. Number One Park consisted of apartments with four penthouses at the top, two of which had been sold, he said, to a company associated with the former celebrity tennis player, John Newcombe. Those were units 9 and 10. The third penthouse, unit 8, had been sold and the fourth penthouse, unit 7, was being held by the developer because he wished to keep it for himself. However Mr Conolly told them that perhaps the developer could be interested in selling the last penthouse at Number One Park.

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

Developer ordered to pay compensation after off-the-plan unit's views are blocked

Sunday, April 17, 2011

Albert Street


Photo of Albert Street, showing M on Mary and Festival Towers. Note that these buildings will be impacted if and when the small 6 story building in the front of the photo is demolished and a new high rise is built on that site. See here, and here.

Friday, December 24, 2010

Differences in Apartments

A recent Adjudicator's decision regarding Admiralty Towers II highlights a factor that buyers and valuers sometimes overlook -- that is, some apartments have different rights and facilities than other apartments in the same building. In Admiralty Towers II, there are two swimming pools -- a lower pool and a pool on the top floor. Each pool also has a gym. The top floor pool also has a roof sundeck.

The bylaws of the building state that the owners of lots 126 to 193 may use both pools and gyms. The owners of lots 1 to 125 may only use the pool and gym on the lower floor, and cannot use the top floor pool, gym or sundeck.

A resident challenged this bylaw. The challenge failed. These kind of bylaws are not unfair or unreasonable. See Ref 0915-2010 issued 23 December 2010.

Thus, the value of an apartment on a higher floor should be more than a similar an apartment on a lower floor -- not just because of the views, but because the apartment has access to more facilities.

The moral of the story: when buying or renting, check to see if any apartments have access to exclusive use facilities. Make sure you are doing a like for like comparison when looking at recent sales data.


Saturday, December 11, 2010

Casino Towers to Loose River Views

A new highrise hotel is to be built on the old State library site will block out river views from Casino Towers. So take care when buying in Casino Towers!

Wednesday, July 28, 2010

Impacted by future development

There are alert services that let you know if your property may be impacted by a neighbouring development. For example, see:

Sunday, March 7, 2010

Views and off-the-plan contracts

In a recent court judgment, the purchaser was able to get out of an off-the-plan contract, because the ocean views were obstructed. This purchaser was smart enough to put in a special condition into the contract dealing with this issue. Most purchasers however look at brochures and listen to the sales agent, but don't put what was promised into the contract.