City Beat: Kangaroo Point triple tower projects enrage locals
In what could amount to a first for Brisbane, a developer is concurrently proposing two different unit projects in Kangaroo Point - and residents aren’t happy.
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TWO FRONT WAR
A war on two fronts now faces Brisbane developer Pedro Pikos.
In what could amount to a first for the city, his development group is concurrently proposing two different unit projects in Kangaroo Point and each would have three towers.
But he is encountering ferocious pushback from area residents, who allege the schemes are way too intense and would lead to a laundry list of ills certain to undermine the area’s quality of life.
Opposition to one of the projects, which envisions three 15-story towers squeezed on to an amalgamated 5300 sqm site on Lambert Street, is so fierce that sign-toting protesters blocked peak-hour traffic last month.
Critics, who last week peppered Lord Mayor Adrian Schrinner with questions at a local forum, have also set up a website that has helped flood City Hall with complaints.
They are especially enraged that Pikos is proposing to remove and relocate three pre-1911 workers cottages as part of the plan that would deliver another 300 units to the already densely-built suburb.
That’s in addition to 433 car parks across six levels underground and an alleged lack of setbacks, adequate spacing between buildings and an allowance for the Riverwalk.
There’s also the perennial concern over parking, increased traffic congestion and the impact on cyclists.
Although city planners have taken issue with parts of the staged plan, it’s considered “code assessable,’’ meaning it complies with local planning laws and the public has no formal rights of appeal.
“How many elephants can you fit in a Mini?’’ asked an exasperated Lori Sexton, who is one of the fightback organisers.
“There’s quite a bit of anger in the community. There’s no proposed new parks, no green space. We need to ensure that whatever is built is complementary to the environment.’’
In case this wasn’t enough, Pikos is also facing criticism for his three-tower scheme for 8 River Terrace, which would deliver 63 three-bedroom units.
Two of the structures would be 15 storeys high and one would reach 14 storeys on the site, where a single 13-level building was previously proposed. Complaints from area residents have already been lodged with the council.
If either or both schemes end up getting approved, critics can challenge them in Planning and Environment Court but that’s obviously a costly option.
Pikos didn’t respond to requests for comment this week.
He has a long history with the Lambert Street site, having first lodged an application to build three 10-storey buildings there in 2016. It was later withdrawn but he had another crack last year and the council approved his scheme in July.
With a 15-storey height cap approved earlier this year, Pikos is now hoping to add an extra 100 units to the project.
TOOTH DECAY
A long-troubled Gold Coast dental group has collapsed, leaving investors with nothing to smile about.
Smiles Inclusive had 52 practices nationwide when it floated in April 2018 after raising $32 million.
But a near-endless series of dramas soon engulfed the firm, culminating in this week’s appointment of voluntary administrators.
The final straw was a failure to repay NAB more than $12m of a $19m facility that came due last week.
Chairman David Usasz said he now hopes to win creditor approval for a “deed of company arrangement’’ that would provide for the partial repayment of debts as the remaining dentists continue trading.
At the same time, joint administrators Luci Palaghia and Tim Heenan of Deloitte Restructuring Services said they would seek expressions of interest for the sale or recapitalisation of the group.
Few observers were surprised that the group crashed given all the warning signs.
Board dramas, lawsuits, a revolving door of senior executives and “please explain’’ demands from the ASX flared almost from the start.
Smiles belatedly released its December half results last month, revealing a $13.6m net loss. That followed a startling $31m of red ink in the 2019 financial year.
The cash squeeze eventually grew so severe that the company sought an $8m capital raising earlier this year just to repay the NAB debt.
Shares issued at $1 quickly tanked and were frozen in March at a mere 3.5 cents after Smiles missed a deadline to lodge half-year results.
HOUSE CALL
A UK medical company specialising in teleconferencing with clients aims to raise $102m as part of an IPO in Australia announced this month.
Like other healthcare providers, Doctor Care Anywhere has seen explosive growth in remote video consultations over the past year thanks to the pandemic.
With shares priced at 80 cents, it expects to have a market capitalisation of nearly $255m and start trading on the ASX in early December.
“The impact of COVID-19 on all our lives has demonstrated the vital role that technology can and must play in the future of healthcare,’’ chairman Jon Baines told us.
“We see Doctor Care Anywhere at the forefront of this revolution and we have a clear and ambitious growth strategy that aims to create real value for investors in the rapidly growing digital health market.”
The company currently carries out about 20,000 monthly online consultations, a figure which has swelled nearly 400 per cent in the past 12 months.
Launched in 2013, it has grown to have about 2 million patients and a staff of more than 300, including about 120 doctors.
Before the move to expand Down Under, the company embarked on three previous capital raisings.
The float follows the IPO earlier this year of other players in the health sector, including telehealth provider InteliCare, which is focused on aged care monitoring.
The global telehealth market was huge even before the pandemic, estimated at $US5.3bn.
Even with the roll out of a vaccine, it’s tipped to reach nearly $US15bn by 2024.
BOOK MARKED
The biggest Australian-owned online book retailer hopes to raise $43.1m as part of its float launched this month.
The offer to buy shares in Booktopia at $2.30 a piece opened this week as the firm aims to snare a larger slice of the nation’s annual $2.5bn spend on books, including ebooks.
The company enjoyed a 28 per cent lift in new book sales in the last financial year, with revenue topping $165m.
Co-founder and boss Tony Nash launched Booktopia in 2004 and it sold 6.4 million titles in the year to June 30, or about 30,000 a day.
He says lockdowns helped spur sales in the second half and forecasts suggest turnover will exceed $200m this year.
With 2.3 million repeat customers, it now controls 6 per cent of the nation’s book market and will be valued at nearly $316m when trading on the ASX kicks off on December 3.
Booktopia, which acquired Angus & Robertson in 2015, previously aimed to IPO about four years ago but ditched those plans. It raised $20m earlier this year from private equity investors.