Queensland business confidential
DEVELOPERS and agents are hot under the collar as highrise developments stall outside a major Brisbane shopping centre. But it’s not the buildings locals are worried about - it’s what they’ll bring with them.
QLD Business
Don't miss out on the headlines from QLD Business. Followed categories will be added to My News.
DEVELOPERS and agents are getting increasingly hot under the collar down Westfield Garden City way in Upper Mt Gravatt, on Brisbane’s southside.
It seems the State Goverment and Brisbane City Council are at loggerheads over residential highrise development along Logan Rd.
Those in the know report that the government is blocking plans for the highrises along the major thoroughfare because of fears of traffic congestion.
There are plenty of apartment blocks built, being built or planned a block in from the main road that conform to the neighbourhood plan.
But more people mean more traffic congestion.
Perhaps a bit of give and take may be the way to go.
BIG DEAL
THERE seems to be plenty of market chatter about the sale of the GPT-owned office building at 545 Queen St.
A Chinese investor is believed to have signed on the dotted line for about $80 million but the deal has not yet settled.
There are plans to build a $1 billion 76-storey luxury apartment tower on the site opposite the Hotel Orient — on an island between Queen, Adelaide and Macrossan streets
But the long drawn out settlement process is making people nervous.
For the record GPT say the sale is still proceedeing but they cannot comment any further.
GETTING READY FOR A NEW RIDE
AFTER an exclusive business club, modelled of New York’s Soho House, closed its doors in March due to a blow out on fit-out costs and slow membership, Flight Centre has set up shop in the ashes of The Corner Office while they await their move into their swank new office in September.
The Corner Office’s luxury meeting rooms and business facilities at the Macrossan Residences are being used by the travel giant who have apparently grown too big for their current office on Adelaide St.
Their new digs are still four to five months away from being completed and will be have slippery slides in the building, trampolines and meeting rooms in the shell of planes, trains and cruise ships.
The Corner Office shut up shop earlier this year after a falling out between company partners after running up hundreds of thousands of dollars fitting out the space with a business concierge, top shelf liquor offering and in-house sommelier.
Flight Centre’s new headquarters will be located within the commercial tower of Anthony John Group’s $590m Southpoint complex at Brisbane’s Southbank.
BANKING ON NEW NAME
ANOTHER credit union is taking the step of converting to a bank - and the new name of the Queensland Police Credit Union, also known as QPCU, is ... QBank.
The customer-owned lender, run by Grant Devine, is slated to start running under the new name from July.
The idea for just using Q is to be more relevant to other government services, beyond just its police base. QPCU already has other public servants, such as emergency workers, as members. The problem was a perception that those other public servants could not join the lender.
That makes another brand refit - Auswide Bank until last year was Wide Bay Australia building society. Heritage Building Society also flicked through to Heritage Bank and even Bank of Queensland goes by the shortened moniker of BoQ (yeah, that’ll trick the southerners).
MUM KNOWS BEST
WITH Mother’s Day having just passed, here’s the best bit of advice a Queensland finance bigwig got from their mother.
Jim Murphy, under-Treasurer for Queensland Treasury, said his mum’s advice was not to miss that girl - who ended up being his future wife.
Bank of Queensland boss Jon Sutton’s mum was more on the competitive side, she’s a keen golfer and told him to keep his head down.
Sunsuper economist Brian Parker was told he needed to get out more, while QIC chief executive Damien Frawley got what many a lad has got: “Be nice to your mum”.
The answers were given at the recent American Chamber of Commerce in Australia luncheon in Brisbane.
TAMBORINE BATTLE CONTINUES
DEVELOPER Jim Noort is still battling the ironically named Mount Tamborine Progress Association in the courts over his plans for an eco-mountain bike and zip line park in the Gold Coast Hinterland.
Noort, who thought he’d be operational this year, says he has spent hundreds of thousands of dollars of his own money on the case in the Planning and Environment Court, while also facing red tape hurdles with the Federal Government.
The Scenic Rim Council approved the development application for his $6 million eco-tourism venture, Guanaba Experience, in May last year.
But Mount Tamborine Progress Association has lodged an appeal against the council’s decision.
Noort, who made his fortune when he sold his port-a-loo business Viking Rentals, told Business Confidential he remains optimistic that it’ll go ahead next year. Until then he is dividing his time between relaxing on the beach and fielding calls from lawyers until he can open his park.
Noort is also hoping if he wins he’ll recover some of his outlays and be awarded costs.
Got something to share? For property stories contact Chris Herde and for business email Jacinda Tutty.
Furious buyers burned by sunset clauses, now they’re fighting back
With apartment developers cancelling contracts across the state under legally-fine but morally-ambiguous sunset clauses, some buyers are taking matters into their own hands.
Early colonial coin with $90k price tag leads historic auction
Australia’s earliest and most rare coins and colonial currency - including our first-ever half sovereign and an 1813 Holey Dollar with a $90,000 price tag - are up for auction this week.