Business Confidential: Your way in to the boardroom

THERE have been plenty of rumours of late about this much-hyped CBD highrise apartment, but the developers say it is full steam ahead.

An artist’s impression of the proposed highrise at 545 Queen Street, Brisbane.

WHAT goes on behind the closed doors of Queensland’s biggest boardrooms? Our insiders are here to spill the beans on all that’s happening in the world of business and property.

OVERSUPPLY? WHAT OVERSUPPLY?

PDS Australia executive chairman Sameh Ibrahim reckons all this talk about an apartment oversupply in Brisbane is way off track.

An artist’s impression of 545 Queen Street.

In a few bullet points sent to Business Confidential via the group’s PR firm, Ibrahim said he wanted to clarify a few points about the proposed development at 545 Queen St.

This is the $1 billion 76-storey Queen’s Tower skyscraper that would feature 891 luxury residences, 100 serviced apartments as well as shops, restaurants and a rooftop pool and gymnasium.

Ibrahim says PDS Australia and the site’s owner 545 Queen Street PTY LTD (a Chinese group which has agreed to buy GPT’s 10-level office building for $82 million) have strong confidence in the Brisbane market.

He says they have a “long-term view” of Queen’s Tower and it is not on the market.

“Both PDS Australia and the site owners are confident in the strength of the Queensland residential property market, proved by the significant investment that has been made,” Ibrahim said

“Since the DA lodgement announcement positive interest has been received from the industry and future buyers, which proves buyers’ interest in high-quality apartment product is still strong.’

Interesting.

Just in the CBD there are currently about 3000 approved apartments over a range of towers and many thousand more still going through the approval process like 545 Queen St.

Certainly not all will be built in the immediate term and maybe the long term as well.

Perhaps Melbourne-based young gun Tim Gurner’s announcement that he has put his proposed 15-level 184-apartment tower at 156-162 Alfred St, in Fortitude Valley on ice is a sign for things to come.

Like many other developers he says he will wait for the next property cycle.

But Gurner is still committed to Brisbane in the future.

Property developer Tim Gurner.

Last year he announced that he will buy The Flying Cock Hotel at 388 Brunswick St and a 3000sq m site at 80-92 Kingsford Smith Drive.

However, both deals failed to proceed because of issues other than property cycles.

According to Gurner, the 388 Brunswick St, failed to get off the ground because the land owner had a long-term lease that stopped him from being able to proceed while in the subject-to-planning period. Otherwise he would have proceeded with this site.

The Kingsford Smith Drive site was purchased subject to planning but due to some proposed road works not yet approved and pending regulatory changes.

Then a new planning scheme was passed which made the proposed project unviable which is the reason the sale did not go ahead.

Gurner told Business Confidential that otherwise both projects would have gone ahead.

He says the company is still actively looking for future Brisbane sites and is absolutely committed to Brisbane in the future.

Meanwhile, the rich-lister still has a lot on his plate in Brisbane with the construction of the ionic $600 million FV project in Fortitude Valley.

The 980-apartment project, which draws on New York’s famous Flatiron building, is sold out and has been hailed as a Valley game changer.

Like many things in life it’s all a matter of timing.

UBER NOT AFRAID TO HIDE

THE days of Uber flying under the radar appear to be long past.

The taxi industry disruptor had an entire table booked at last week’s Committee for the Economic Development of Australia lunch with Queensland Treasurer Curtis Pitt.

Looks like they are trying to influence the movers and shakers as the debate over regulation heats up.

ROARING NEW NAME

A NEW name in commercial property agency is set to roar in Brisbane’s southside.

Lioncorp — which has emerged out of Coldwell Banker Commercial F & J Group — will officially start operating under its new name on Friday.

Joseph Miu, who is a co-director of the agency with Anita Fu, said he hoped the name change will widen the appeal of the agency which will continue to operate out of the old office at 50 Sanders St, Upper Mt Gravatt.

“We’re trying to open up our horizons more to the Asian market,” Miu said.