Business Confidential: Brisbane property, development, business news and gossip
WE hear AMP Capital is in due diligence to buy a half-stake in the Indooroopilly Shopping Centre – but the eye-watering price tag might be a tad too high.
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THERE will be a lot of number crunching over a couple of Brisbane’s prime retail assets as Christmas approaches.
We hear AMP Capital is in due diligence to buy the Commonwealth Superannuation Corporation’s half-stake in the Indooroopilly Shopping Centre.
However, we understand that the original $1 billion price tag may be a tad ambitious even for such retail sales supremos as JLL’s Simon Rooney and Lachlan MacGillivray from Colliers International.
With Amazon looming there will be much interest on the final price of the recently upgraded super regional shopping centre with any deal including management rights.
We also understand that there’s plenty of interest on ASX-listed retirement living developer and operator Aveo’s last commercial property at the Gasworks in Newstead.
The asset include 9000sq m of office space and the 8700sq m of largely ground floor retail anchored by Woolworths.
McVay’s Real Estate is shopping the property around for $180 million to $200 million and have had plenty of institutions take a look, especially Charter Hall which has significant exposure in the precinct.
Others mentioned in the mix include Mirvac while many offshore groups will also be running the numbers.
JLL ON THE UP AND UP
VENERABLE property group JLL is going up in the world.
The agency at the end of the week will start the process of relocating to the 39th and 40th floors in ISPT’s Central Plaza One office tower on Queen St.
JLL was on the floors 33 and 34 but with a top notch fitout, a decent leasing deal and a bit more room to accommodate a bigger team, the shift was a no brainier.
The official opening will be on February 21.
It’s been good news all around for JLL. The global company’s Australian arm, under Stephen Conry, last week reported a 15 per cent rise in revenue for the first nine months of 2017 compared with the same period last year.
RAFT OF NEW IMPROVEMENTS FOR SWISH CENTRE
STILL on retail, the next stage of the multi million dollar upgrade of Surfers Paradise Chevron Renaissance Shopping Centre has kicked off.
The installation of a second supersized LED TV screen has recently been completed, following the recent unveiling of the first state-of-the-art large format digital outdoor billboard fronting the Surfers Paradise Boulevard entrance.
The latest works will also see the installation of expansive shade sails to include the north and south entrances, creating full weather protection for customers, with several new retailers planning to open in the coming months.
Precision Group acquired the centre in 2015, embarking on a raft of further improvements including new signage and painting throughout, along with the provision of free wi-fi for customers.
The works program also included refurbishment of the tower on the corner of Elkhorn Ave and Surfers Paradise Boulevard, renovated rest rooms, and the installation of glass balustrades and additional cosmetic improvements.
35-STOREY RESIDENTIAL HIGH-RISE UP FOR GRABS
IN one of the more interesting recent appointments, Cushman & Wakefield is selling a 35-storey residential high-rise at 120 Marine Parade, Southport on the Gold Coast.
On 4472sq m of land opposite the Southport Broadwater Parklands, the tower is under
construction and scheduled for completion in early 2019.
It will be sold as a completed development in one line via a national and international expressions of interest campaign on behalf of the developer, Phillip Usher Constructions.
Cushman & Wakefield’s Gold Coast’s Richard McCouaig and Chris Bouwer are selling the property.
Mr Bouwer said diminishing supply due to lack of funding has restricted many large-scale projects on the Gold Coast.
“This has resulted in an uplift in ‘off the plan’ sale values, further positioning this asset as excellent value. Gone are the days of seeing $6000 to $7000/sq m of gross saleable apartment area, with Gold Coast values more commonly placed at $8000 to $10,000/sq m upwards to $20,000/sq m for prime esplanade or beachfront high-rise developments,” he said.
SMALLER COMPANIES WILL BE SUITE ON NEW OPTION
DEXUS owned premium office tower Waterfront Place has launched its hi-tech new smart suite option.
Aimed at smaller companies, the workspaces are designed to promote a communal and active atmosphere where companies can network, share, connect and thrive.
The seven suites, which range from 166sq m and 328sq m, provide the ultimate tech-enabled, smart solutions including Clickshare streaming, Apple TV, Samsung Smart TVs, Sonos music streaming, Yamaha in-ceiling speakers, automatic blind controls, iPad air controls and motion sensors, all controlled through Amazon’s latest Echo technology.
The suites also featuring CCTV with remote access, were designed and delivered in collaboration with the team at Girvan Waugh.
According to DEXUS Smart Suites at Waterfront Place each enjoy their own unique, tailored design approach applying premium furnishings and finishes, all aimed at providing businesses with a contemporary and connected sense of arrival.
– Chris Herde
UQ BUSINESS SCHOOL MBA COURSE TOP THE CLASS
THE team at UQ Business school were crowing this week after their MBA course was once again ranked No.1 in Australia, and came in 16th in the world, in the 2017 Economist MBA rankings.
It was a strong effort considering only two other Australian universities made the top 50 – University of Melbourne and the Macquarie Graduate school of Management – which is based on factors such as post-MBA salaries and student feedback.
“The fact that we did so well is particularly impressive given the slide in the Australian dollar and the resources sector downturn,” UQ Vice-Chancellor and President Professor Peter Høj said.
The entire top 10 was made up of schools from the US, while the rest of the list was also US and Europe dominated.
– Stephanie Bennett
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