Kangaroo Point new apartment developments

If you want to buy an apartment off-the-plan at Kangaroo Point,  there are many options at present:

• Liberte, by Pradella
• Yungaba, by Australand
• Riverview Towers, by Metro Property Group
• Peninsula, by Tom Dooley, reported as sold out.

Receivers Move Into Alderley Square

This blog reported recently that PCN's Alderley Square development was on hold.  The AFR reported on Thursday that receivers have moved into Alderley Square, due to a significant slow down in sales.

• Developer owes Westpac $12 million.
• Construction has not yet started.
• Off-the-plan purchases have dried up.
• Colliers reports 30 months of supply of new apartments in Brisbane.
• Alderley Square had 234 apartments across 3 buildings.
• In the first 12 months, $55 million of contracts, mostly to locals.
• In the next six months, only $4 million in sales, even with the $10,000 building boost.
• The AFR reports that buyer fatigue extends throughout south-east Queensland.
• At Australand's Yungaba project at Kangaroo Point, only 37 out of 167 lots have been sold, or about $33 million out of $150 million of stock.
• What will happen to PCN's El Dorado Indooroopilly development?
• See also story here and here.

Australand's New Riverfront Project

"LISTED property developer Australand will launch a $400 million riverside project in Brisbane’s Northshore precinct this month – the first major new development since January’s flood devastation.

The $55 million first stage of the Hamilton Reach project features 78 residential apartments across two five-storey buildings and will initially create up to 80 full time construction jobs. Once complete, the Northshore development will comprise around 800 apartments and townhouses across 530 metres of elevated riverfront living, about 6 kilometres from Brisbane’s CBD.

Australand has also commenced construction on its controversial $160m Yungaba development at Kangaroo Point last year and is close to releasing the first stage of luxury residences within the heritage-listed Yungaba House building.

The Promontory stage of Yungaba is around 60 per cent sold totalling $30 million. The project was initially met with some resistance from the community, particularly the Yungaba House Action Group who believed the redevelopment of the heritage building wasn’t in the interest of the public. Fulcher says the protests are well behind the company and the project will preserve the cultural value."

See Brisbane Business News

Yungaba and The Milton - Flood Issues

Yungaba is an off-the-plan development at Kangaroo Point current being built and marketed by Australand. The Australand Property Group informed the market yesterday that Yungaba would be delayed because of the floods. "That has obviously hampered progress on the project and the full impact is yet to be determined. First settlements are now expected in the first half of 2012 instead of the forecast second half of 2011".

I wonder what people will think of this project now -- I suspect sales may be a little slow for a while.

FKP said it suffered damage to its sales suite at Milton for its overpriced off-the-plan development "The Milton".

Analysts said Mirvac Group faced the risk of a slower sales rate because of the floods.

See also article in The Australian

New Apartment Developments in Brisbane

There are very few new apartment developments in inner city Brisbane under construction and nearing completion. This is good news for owners of existing apartments, as the number of apartments available for sale will not increase dramatically in the next few years. This is my list:

• Evolution - completed last year, overpriced, developer trying to sell remaining apartments
• Vision - developer in bankruptcy situation - unclear if this will proceed, and if so, in what form
• Trilogy - on hold
• Meriton's Soliel - under construction
• Meriton's Herschel Street highrise - advertised by Meriton as coming soon
• Devine's Hamilton Harbour - not in inner city - construction to commence January 2010, maybe Devine's last apartment project in Brisbane
• Rive at Breakfast Creek - construction commencing
• Waters Edge at West End - first stage: ground works commencing
• Riverpoint at West End - first stage under construction
  
• Code at Bowen Hills
• Multiplex's Promenade at the Hamilton shipping terminal
• Mirvac's Waterfront at Newstead
• Macrossan Towers, under construction, one apartment per floor
• Yungaba at Kangaroo Point, about to start pre-sales in the next month
• Mosaic, in the Valley, in presales

Yungaba at Kangaroo Point

DEVELOPER Australand will this month begin marketing its $160 million Brisbane apartment development -- to be built on the heritage-listed site where the city's first immigrants arrived in 1887.

The 167 apartments are planned for the Yungaba House site at Kangaroo Point, an exclusive pocket of inner-city real estate on the banks of the Brisbane River.

The development, which has been hotly opposed by the Yungaba Action Group, involves three new apartment buildings as well as the conversion of historic Yungaba House immigration centre into 10 luxury residences. According to selling agents Colliers International, this month's scheduled release of off-the-plan apartments comes at a time of huge pent-up demand from buyers.

"In a Brisbane market paralysed by the credit crunch, buyers have had very limited off-the-plan options," said residential director Ben Langfield said.

"The launch of Yungaba comes at a time when buyers are crying out for a slice of inner-city living."

Built in 1887 as an immigration reception centre, Yungaba accepted its first six residents at the end of that year from the migrant ship the Duke of Buccleuch. Australand Queensland general manager Nigel Edgar said the project, which included the construction of a public multicultural centre, would unlock lost heritage and give residents an opportunity to live in one of Brisbane's most exclusive inner-city areas.

However, Australand's plans have not impressed the Yungaba Action Group, which says the planned multicultural centre is not an acceptable substitute for a building that was the gateway to Queensland.

The Kangaroo Point development, on a 1.9ha site bought by Australand in 2003, will be a mix of one-, two- and three-bedroom apartments as well as double-storey sky homes.

The Australian

Prices range from $410,000 for a 77sqm one bedroom to $2.2M for a 286sqm three bedroom apartment.