BUILDING OUR FUTURE (A SIX-PART SERIES)

PART 5: Brisbane on track for boost in property sales

Building Our Future is an ongoing series that shines a spotlight on several new infrastructure projects happening in and around Brisbane – both now, and in the future. Throughout the series we breakdown a different development; what it is and why is it beneficial for Brisbane etc… as well as what it means for the local world of real estate.

This week we take a look at the Cross River Rail project.

What is the project?  

The proposed Cross River Rail line will run between Dutton Park and Bowen Hills - two major Brisbane suburbs - and deliver services to stations at five key locations: Boggo Road, Woolloongabba, Albert Street, Roma Street and Exhibition showgrounds.

Construction works are anticipated to commence during early 2018, and the project will take five years to finish. Upon completion it is anticipated that this city-changing addition to the South East Queensland public transport network will provide huge benefits to Brisbane, South East Queensland and the state.

For more information on the project, head to  http://www.crossriverrail.qld.gov.au/ 

Why is the development needed?

The Queensland Government considers the Cross River Rail a high-priority infrastructure project that will effectively address capacity constraints in the network and make Brisbane even more competitive on the global front.

The benefits to Brisbane

According to several reports, Brisbane has not made any major rail infrastructure investments within the inner-city or river crossings since 1996; this has resulted in significant pressure on the congested inner-city network.

Scheduled to commence operation in 2023, the new Cross River line will provide a new north-south rail connection across the Brisbane River, which is designed to provide superior inner-city capacity and connectivity to the north and south.

And it seems Brisbane CBD shows no signs of slowing down and time soon.

According to  http://www.crossriverrail.qld.gov.au/, employment in SEQ is forecast to increase from 1.4 million fulltime equivalent jobs to almost 2.2 million by 2031, meaning there are likely to be 1.2 million public transport trips into the Brisbane metropolitan region each day.

This forecasted population and employment growth for Brisbane is anticipated to lead to a further increase in both private vehicle and public transport congestion - just another reason why the government has placed such a strong priority on pursuing the rail project.

All-in-all, the Cross River Rail has become an important part of the Queensland Government’s vision to cater for future growth, expose more economic opportunities and make Queensland a more internationally competitive state.

The good news for investors

According to  http://www.crossriverrail.qld.gov.au/, Cross River Rail is the “natural and necessary next step and will be a catalyst for urban revitalisation in Australia’s New World City”.

One could safely assume that, once completed, this catalyst will add significant value to local Brisbane real estate and thus create high demand for Brisbane CBD property.  

Plus, like all infrastructure projects, there is also the strong economic boost that a project of this magnitude brings during construction. In our experience this is always great news for investors as when the economy goes up, it generally means that property sales and rental leases follow suit.

If, like the SEQ public transport system, you would like to revitalise and transform your investment strategy with a piece of Australia’s New World City, contact Hannah and the team at HSBP on 0419 782 133 – we would love to help!

BUILDING OUR FUTURE (A SIX-PART SERIES)

PART 4: Brisbane adds a cosmopolitan edge

Building Our Future is our latest series, which takes a look at the latest and greatest development projects to head Brisbane’s way – from the new M1 Upgrade to the Queen’s Wharf – and many other pivotal infrastructural projects.

Each week the series will take a close look at a different project underpinned for the city of Brisbane; focusing on what it is, its benefit for our local economy and, most importantly, what it means for the local real estate world.

This week we are focusing on the Howard Smith Wharves.

What is the project?  

The proposed $100-million Howard Smith Wharves development is set to deliver a five-star, 164-room boutique Art Series Hotel, a parkland with two lifts up the cliff face, as well as a 1500-square-metre exhibition space which will be used to host cultural events and food festivals.

The new waterfront redevelopment going under Story Bridge has been marked as a world-class recreation, lifestyle, event and tourism destination!

Lord Mayor Graham Quirk has said the site would be 80 per cent parkland and public space.

"The hotel development will be designed to blend into the cliff face to ensure the iconic Story Bridge is kept as the main focus of the world-class view from the city," he said.

For more information on the project, head to  http://howardsmithwharves.com/ 

Why is the development needed? 

The answer is simple… it puts Brisbane on the map!

Howard Smith Wharves puts Brisbane right up there in terms of cosmopolitan cities – suddenly now giving Melbourne a run for its money.

Lord Mayor Graham Quirk agrees, saying that the new Brisbane landmark would deliver a "world-class waterfront destination" that would enhance Brisbane's reputation.

When he says world-class, that is exactly what he means; the boutique accommodation in the new Howard Smith Wharves redevelopment is set to be run by Art Series Hotel Group.

Marketing director or Art Series Hotel Group, Ryan Tuckerman, said they dedicate each property to one single Australian artist, so each of the properties that are already in existence – there are six already – all of them are named after and celebrate one individual artist.

"So it's almost like it's not only a boutique hotel, but it's also an art gallery as well."

 Mr Tuckerman said Art Series Hotel Group had been admittedly "Melbourne-centric" prior to its expansion into Adelaide last year but that they are really looking forward to being in Brisbane.

 "There's very much a cultural arts scene up there."

 With the new development set to attract more Australians to Brisbane, it seems that the Howard Smith Wharves will contribute to another significant tourism boost (local and international).

 However, the benefits are far greater than just providing a boost to our tourism market…

The benefits to Brisbane

For Brisbane, this milestone development spells far more than a fancy facelift for the city; it is a complete game changer! Especially when it comes to real estate. Whilst the major development is underway, employment numbers are expected to double after construction. Yes… double!

Lord Mayor Graham Quirk said that the Howard Smith Wharves development will create more than 200 jobs during the construction phase and more than 400 permanent jobs; further strengthening the local economy. In addition, the site is expected to offer a truly flexible and completely distinctive entertainment space…

"The state-of-the-art 1500 square metre exhibition space will open up opportunities to host exciting events such as cultural and food festivals, food and retail markets, weddings, conferences and pop-up retail spaces," said Quirk.

At the New Farm end of the site is the events hall, designed by Brisbane firm Woods Bagot, whom have described the hall as a "truly flexible space that offers Brisbane a unique opportunity on the river edge".

"Designed for multiple uses, this place is conceived as a public platform for events that contribute to the public realm of the entire site and the city beyond," Woods Bagot said.

All-in-all, there is much for Brisbane to get excited about when it comes to this new infrastructural addition to the city. Look out world, here we come!

The good news for investors

Now, given that the vast majority of new jobs are being created right here in the heart of Brisbane, one would expect quite a strong influx in the number of tenants looking to live in the CBD over the coming years so they can live closer to work.

New cultural spaces, boutique hotels and, overall, a more cosmopolitan lifestyle, Brisbane is on the verge of very exciting times ahead. With so much activity on the cards, it is evident that the demand for CBD properties (rentals and owner-occupied) is certainly on the up!

As the city of Brisbane grows, so too can your investment portfolio. Whether you are starting out or a well-apt investor, we can help. For more information or to schedule an appointment, contact Hannah and the HSBP team on 0419 782 133.

BUILDING OUR FUTURE (A SIX-PART SERIES)

PART 3: Brisbane takes off thanks to new airport development

Building Our Future is a series that takes a look at many of the new development projects, which are currently in the pipeline for the city of Brisbane. Throughout the series we put a different project under the microscope; focusing on what it is, its benefit for our local economy and, most importantly, what it means for the world of local Brisbane real estate.

Today our attention is on the Brisbane Airport… and the new infrastructure that is about to take off. This includes two new hotels and a brand new runway.

What is the project?  

Brisbane Airport is set to get two brand new hotels in 2017; the five-star, 130-room Pullman Hotel and the 3.5-star, 243-room Ibis Hotel… along with the 600-capacity, 1735 square metre Brisbane Airport Conference Centre. Both hotels will be built in the airport's domestic terminal precinct. 

Plus, who can forget the addition of Brisbane Airport's second runway in 2020!

Why are the developments needed?

When it comes to the hotel additions, Joint developer Scott Flynn, the managing director of Scott Flynn Properties said that he recognised the need for both hotels.

Mr Flynn said he was confident the business case for the $150 million development project, with its Accor-brand hotels, stacked up.

“We've done a lot of analysis, we've done a lot of research, and being the owners and operators of the Novotel down the road, we have a good understanding of what the market is demanding and what the market is looking for," he said.

"And yes, we believe there to be a market for a five-star hotel."

When it comes to the new runway, Brisbane Airport Corporation chief executive Julieanne Alroe said 22 million passengers went through the airport gates last financial year, and that number was set to double in the next two decades – clearly marking the need for a new runway.

The benefits to Brisbane

The new hotels in 2017, plus the arrival Brisbane Airport's second runway in 2020, are both expected to be a great addition to the city, from creating new jobs to helping boost tourism – domestically and internationally.

Brisbane Lord Mayor Graham Quirk said that approximately 1,000 jobs would be created… and that is only during the construction stage. Upon completion, once the hotels are operational, he believes there will be another 300 ongoing jobs available.

"One thing I've always said is that a successful city is completely dependent on a successful airport and I think vice versa," he said.

"That's why it's important that we support these projects out at the Brisbane Airport Corporation land.

"It will mean not only additional facilities and additional jobs here; it is also a further offering for our city."

The good news for investors

Sure, this development is great for Brisbane. But why for investors? Well, it comes back to the economy. When the economy is strong, so is the property market.

Often new infrastructural projects, like the Airport development, comes a major boost to the city’s employment by creating hundreds, if not thousands of new jobs.

Plus, there is also the flow on effect of Brisbane’s reputation which ultimately drives tourism to the city.

Cr Quirk said there was a 7½ per cent growth in international tourism to Brisbane last year, and he expects that those numbers will only continue to grow.

"The momentum is there following the G20 and, as a city, we're continuing to promote ourselves particularly in the Asia-Pacific region."

Positive employment and tourism on the up… this all leads back to creating a strong economy.

Investors take note… these new developments (new Airport hotels, Brisbane Live, Queens Wharf, M18, etc.) are really putting Brisbane on the map. Simply meaning, if there has even been a time to invest in property here in Brisbane… the time is now!

For more information, contact the expert team at HSBP on 0419 782 133.

BUILDING OUR FUTURE (A SIX-PART SERIES)

PART 2: Brisbane Live puts CBD on a global stage

Recently we started writing a new series called ‘Building Our Future – an ongoing six-part series that takes a look at the many new and exciting development and infrastructure projects on the cards for the city of Brisbane. Throughout this series we will be putting a different project under the microscope; focusing on what it is, its benefit for our local economy and, most importantly, what it means for the world of local Brisbane real estate.

This week we shift our attention to Brisbane Live.

What is Brisbane Live?

AEG-Ogden, a subsidiary company of AEG, (the world’s largest entertainment venue operator) has unveiled plans for a massive $2 billion ultra-entertainment precinct to be built above the Roma Street rail lines. This new entertainment precinct is called Brisbane Live, and is set to include a new 17,000 seat arena, cinema, restaurants and a public space - think Madison Square Garden in New York City; think Federation Square in Melbourne! 

The masterplan put forward by AEG-Ogden features a sliding front wall that opens to reveal live acts on stage, the $450 million arena will also include a 4000-capacity rock club and be surrounded by multiplex cinemas, restaurants and bars, and a giant screen and amphitheatre catering for around 15,000 people. 

 Furthermore, the complex is expected to make use of the valuable air space above existing rail lines as well as the connectivity that Roma Street has to every rail line in the SEQ rail network – with no land swap or sale required. An interactive 360-degree view of the masterplan proposal and streetscape can be viewed at www.brisbanelive.com.au. 

Why the precinct?

The centrepiece of the Brisbane Live plan is the 17,000-seat, world-class arena, which is anticipated to showcase international superstar concerts and performances as well as world sporting events. 

 A precinct of this magnitude is certainly anticipated to put Brisbane on a global stage (quite literally) – attracting major worldwide acts and audiences to the city. Plus, given the location of the proposed development, the real power of the precinct is its ability to be able to transport thousands of spectators in and out of the precinct within just minutes.

The benefits to Brisbane

According to many industry experts, the sheer scale of the Brisbane Live project would not only create thousands of jobs for the city (during construction and at its conclusion), but also inject a much-needed boost to the development sectors for the state. 

According to Deputy Premier Jackie Trad, Brisbane Live is a great example of the kind of transformational infrastructure that will be possible by delivering Cross River Rail. 

 “The Brisbane Live proposal is an exciting idea that could reshape our city,” said Trad.

The good news for investors

In addition to the thousands of jobs that a project of this magnitude is expected to bring to Brisbane, much like Queens Wharf (which should bring over 10,000 new jobs to Brisbane), there is also the flow on effect of Brisbane’s reputation which ultimately drives tourism to the city.

According to brisbanedevelopment.com, AEG-Odgen chairman Harvey Lister told the Courier Mail that in over 40 years in the entertainment business – the last 30 of which working on this type of project in Australia and around the world – this is as exciting a transformative opportunity as we have seen.

“This is an urban renewal that removes an ugly scar and replaces it with something to be enjoyed by future generations,” said Lister.

Many experts, like Lister, are saying that Brisbane Live, coupled with Queens Wharf are likely to set off a chain reaction for Brisbane to finally move out of the shadows and truly become what our City Council has been marketing – a New World City, and one that is taken very seriously – which, for investors who have property in Brisbane this marks the beginning of something very special indeed!

Want to make the most of the lucrative opportunities that new developments, like Brisbane Live, are expected to bring to the Brisbane CBD? You need to contact the professional team at HSBP on 0419 782 133 - we know Brisbane like the back of our hand.

From world-class infrastructures to countless employment opportunities on the horizon – seems Queensland’s economy is going from strength to strength. But do not just take our word for it, Department of State Development’s Director-General, Michael Schaumburg, agrees, recently saying that Queensland’s economy is expected to grow by 4 per cent during this current financial year alone.

To shed some more light on this topic, we draw inspiration from the latest Spring edition of the Queensland Economic Buzz (QEB) where Schaumburg opens the newsletter by proudly saying, “I am pleased to hear that Queensland’s economy has improved over the last 12 months, with growth estimated to strengthen to 4 per cent in 2016-17.

In the QEB, Schaumburg also talks about how the Department of State Development is committed to its vision – “for Queensland’s economy to be Australia’s strongest and most diverse”.

In order to achieve this vision, he believes the department has identified several emerging priority industries to develop Queensland’s competitive strengths and create knowledge-based jobs of the future.

They include:

1.  Advanced manufacturing
2.  Biofutures
3.  Biomedical and life sciences
4.  Defence
5.  Aerospace
6. Mining equipment, technology and services

As any astute investor or well-apt buyer knows… of course all of this is great news for local property. After all, when the economy is booming, so is the housing market. Whether it be from increased employment opportunities, thus more income and more people opting for a new investment opportunity. Enter real estate!

Plus, we all know that a growing economy fosters trust - something that property buyers love! Both owner-occupier and investor types. And, going on our experience, past activity indicates that a strong economy equals a confident property market… a confident market equals a secure buyer… and this kind of active market is good news all round! 

The latest edition of Queensland Economic Buzz also discusses news from major mining and construction projects – two industries which continue to underpin Queensland’s economy – all the while, also heavily connected to Brisbane’s property market.

Here at HSBP we are delighted to see that the Department of State Development is implementing programs and initiatives that are delivering real economic outcomes and employment opportunities across Queensland, including right here in the heart of Brisbane.

With so much development and infrastructure on the cards, Brisbane is fast becoming an investors’ paradise!

If you want to purchase property in a city that continues to grow thanks to a clear vision of becoming Australia’s strongest and most diverse state, then Brisbane is where it is at.

For professional advice from experts who know Brisbane CBD better than anyone, contact the team at HSBP on 0419 782 133. We would love to chat with you about your next purchase, sale or investment project.