Hirsch & Faigen’s $350m Gold Coast debut portfolio nearly sold out

Melbourne-based Hirsch & Faigen has almost sold out its $350m Gold Coast portfolio, with Hemingway (Palm Beach) sold out, Emerson (Kirra Beach) sold out except for one penthouse and Yves (Mermaid Beach) 90% sold. All have been developed by Hutchinson Builders, with Hemingway and Emerson near completion as Yves progresses on its ground floor.

Director Daniel Faigen says the buildings are designed to replicate Melbourne’s quality with a coastal touch. Emerson’s sole remaining penthouse, priced at $10m, overlooks the southern Gold Coast.

Yves Mermaid Beach has seven units left, which are expected to sell before the end of the year.

“We’ve witnessed strong sales from southerners who are seeking generous living spaces where they can be host to visiting family. Whereas, on the other end of the scale, we’ve been inundated by sales from local buyers who are looking to downsize from a house to an apartment, without compromising the Gold Coast lifestyle they love,” said Matt George, Sales Director for Hirsch & Faigen.

Newly developed flagship childcare centre leased in Greensborough

Bright Steps Early Learning secured a Greensborough childcare centre for $395,000pa through CBRE. The two-story centre at 2 Pope Place can accommodate 92 children and is part of the Greensborough Station and Poulter Reserve development, with design advice from Architecton.

Sydney-based Bright Steps is expanding across NSW, VIC and SA.

With a shrinking childcare development pipeline and strong immediate demand, CBRE’s Marcello Caspani-Muto expects long waitlists for parents enrolling their children. As leasing volumes decline, investment sales opportunities are set to reduce, potentially causing yield compression.

“The country’s childcare development pipeline is shrinking at a rapid rate. Operators with further growth aspirations are aware they need to bid competitively now to secure their future pipeline as high-quality metropolitan opportunities will be few and far between over the coming years,” said Caspani-Muto.

5,000sqm in Sydney CBD tower 100% leased

Sydney’s 388 George Street has achieved full occupancy with 6,585sqm of office space leased. PVH Brands secured 5,000sqm for 7 years. Existing tenants include Aware Super and QBE Insurance.

The tower holds a Well Core Gold Rating and 5 Star NABERS Energy rating.

Retail amenities include Locali by Romeo’s, Cartier, Bally and an upcoming Japanese rooftop bar and restaurant. The tower’s redesign by FJMT includes activated atriums and on-floor amenities to support more productive 1:10 workspace densities.

“We are delighted to achieve 100% occupancy at 388 George Street which has been a fantastic example of transforming an existing asset to a premier asset through a well-considered redevelopment. The deals struck reflect the ongoing ‘flight to quality’ trend in the market and are testimony to the ongoing demand for high-quality, well-located space within the Sydney CBD,” said Danny Poljak, President of Brookfield Properties.

Construction complete for $6m Langwarrin childcare centre

In Langwarrin VIC, a $6m Inspire Early Learning childcare centre is now complete. The centre has capacity for 76 children and will create 25 new jobs.

Located on 60 Aqueduct Road, it’s a 2,320 sqm area that features expansive outdoor play spaces, play equipment and lush natural landscapes.

The building was delivered by Bensons Property Group and funded by Banner Asset Management, which provided a first mortgage construction facility for the multimillion-dollar project.

“The funding provided by Banner Asset Management has been fundamental to Bensons being able to undertake and deliver a new childcare centre that will serve the long-term education needs of the growing Langwarrin community,” said Rick Curtis, Managing Director at Bensons Property Group.

Green light for $110m Kangaroo Point project

Fortis has secured approval for the $110m River House at 44 O’Connell Street, Kangaroo Point.

This project includes 14 whole-floor apartments and amenities including an infinity pool and private pontoon. Set for construction in Q2 2024, the riverfront site is just minutes from the Brisbane CBD via the Green Bridge.

With a large amount of early interest, Simon Caulfield, Director of Place Kangaroo Point, believes it will become a standout addition to the Brisbane riverfront.

“We have received significant early interest in this development from a range of buyer segments including downsizers and young families, signifying that the top end of the market in Brisbane remains strong. With Fortis’ proven track record, we anticipate that the launch of their maiden QLD project will be no exception when it comes to achieving outstanding results,” he said.

Approval for 130 luxury apartments and strata retail in Kangaroo Point

A 3,069 sqm Kangaroo Point site has hit the market. Located at 25-31 Ferry Street and 16-30 Prospect Terrace, the 15-storey mixed-use development has approval for 130 luxury apartments and a ground floor retail strata leased to Woolworths for a decade.

The finished site will include a BWS, café and the first supermarket in Kangaroo Point. Troy Linnane, Director – residential development sites at Colliers QLD, says there are very few development-approved sites in Kangaroo Point, despite the high demand for inner-city apartments.

This is compounding the critical housing shortage in inner-Brisbane.

“The huge demand for apartments both existing and off-the-plan has seen the weighted average sale price for Brisbane off-the-plan apartment stock hit $1,313,418,” said Linnane.

Brendale industrial site sells for more than $3m

A 2,033 sqm industrial site in the Brisbane suburb of Brendale sold for $3.03m in an off-market sale. The site was sold to an interstate investor, with the buyer interested in the property’s long-term leaseback agreement to an established business and strong asset fundamentals.

The sale reflected an initial yield of 6.17%, a strong result even in the coveted Brendale industrial precinct. The sale included several high-quality manufacturing facilities such as internal cranes and a substantial three-phase power supply.

“The industrial occupier market is particularly tight, with continued demand for land and hardstand driving record-breaking sales and leasing transactions, with no signs of slowing down,” said Jared Conway, executive – industrial at Colliers QLD.

Old Bar Tavern sells after just 5 days on the market

The Old Bar Tavern on the NSW mid-north coast achieved the state’s fastest on-market transaction in 2023.

Sold after just five days on the market, the tavern sits on a large 5.74ha coastal landholding and has multiple revenue streams, including a gaming room and drive-through bottle shop. The hotel generates over $117,000 weekly, with that figure trending upwards thanks to a growing residential catchment.

Kate MacDonald, Senior Vice President at JLL Hotels said there is plenty of confidence in the region’s growth, particularly with ongoing interest in venues with substantial landholdings and promising operational potential.

“The sale of Old Bar Tavern highlights the market’s resilience even after a further interest-rate hike on Melbourne Cup Day. Opportunities on large landholdings with a diversified mix of trade and genuine operational upside are still garnering interest from astute operators with long-term investment horizons,” she said.

New sales benchmark for Vicinity Robina

Engage Group’s Vicinity Robina, the latest medical office project in Robina’s commercial hub, has set a new sales benchmark for vacant owner-occupier strata accommodation on the Gold Coast.

After gaining pre-commitments for 60% of the project prior to completion, the Group has placed the final lots on the market. The four remaining lots are expected to be acquired by SMEs seeking high-quality office spaces.

Colliers’ Bede Blatchford says the record $8,000-plus per sqm for Vicinity Robina space is due to this being the last new-office supply project expected to be completed until 2026–27. The Gold Coast is also seeing a few nearby construction projects and a tightening office market.

“This new benchmark has been driven by strong demand from owner-occupiers for both medical and office suites, and it’s a testament to the strong demand from SME-style occupiers seeking to purchase on the Gold Coast,” said Blatchford.