101 3 bed, 2 bath $845,000
102 3 bed, 2 bath $850,000
103 2 bed, 2 bath, study $780,000
104 2 bed, 2 bath $695,000
105 2 bed, 2 bath $695,000
106 1 bed, 1 bath, study SOLD
107 1 bed, 1 bath SOLD
108 2 bed, 2 bath $690,000
109 2 bed, 2 bath $690,000
110 2 bed, 2 bath, study $775,000
Very expensive!! The project was originally advertised as starting in February 2009. My guess is that it will not start until late 2010 if at all.
"Thank you for your email enquiry regarding our proposed project at Milton.
Mirvac auctioned 9 apartments at Tennyson Reach last weekend. There are more than 15 purchasers of off-the-plan apartments at Tennyson Reach who failed to settle. Mirvac auctioned off nine apartments where there was no legal dispute between the Mirvac customer and Mirvac. These were all three bedroom apartments with river or mangrove views. For all these apartments, they sold off-the-plan for more than $1M.
At the auction, there was only one apartment where bidding was more than $1M. This was apartment 3311 (a 6th floor end apartment, 234 sqm including balcony.)
For all other apartments, the majority of bids were in the $800K and $900K range. Most of the apartments did not reach the reserve, and were passed in. Some sold after auction, and at least 5 were still for sale when I looked recently. The apartments that did not sell at auction or immediately after were:
www.johnstondixon.com/3111k
www.johnstondixon.com/3103k
www.johnstondixon.com/4117k
www.johnstondixon.com/4212k
www.johnstondixon.com/4215k
Mirvac is being very secretive regarding the results of the auction and the ultimate sales price. In my experience, when the seller and seller's agent do not publicise auction results, this is often because the results were not good. The results were not reported to APM, and so the weekend auction result report for last weekend was even worse than reported for Brisbane.
In April 2008, I listed apartments buildings that were planned for Brisbane.
Here is an update of that post. Times have changed!
- Trilogy Hotel - 192 apartments - being sold off the plan, but project on indefinite hold
- Trilogy Skyhome Apartments - 109 apartments - on indefinite hold
- Westin Residences (Empire Square) - 104 apartments - project abandoned.
- Waters Edge at West End - 220 apartments in the first 2 buildings to be released - earthworks have started
- Union at Milton - 213 residential apartments and 127 hotel rooms - status unknown
- French Quarter - about 70 apartments and 150 hotel rooms - project abandoned
- Hamilton Harbour - about 250 apartments - stages one and two being sold off-the-plan; construction finance not yet obtained
- Meriton Tower
- 200 serviced apartments plus 200 residential apartments - now called
Soleil, and all apartments -- no hotel or serviced apartment component.
- The Mill at Albion - likely to be cancelled
- Waterfront Newstead - 631 apartments - two buildings under construction
Off-the-plan buildings being marketed in April 2008 and under construction
- Vision (400 apartments) - cancelled
- Iceworks at Paddington (47 apartments) - complete
- Parklands at Sherwood (82 apartments for sale now; 211 apartments planned in total) stages one and two complete
- Tennyson Reach (393 apartments) - two buildings complete, and a third building under construction
- SL8 (112 apartments) - complete
- Ciana Indooroopilly (132 apartments) - complete
- Portside Hamilton - three buildings complete, one building in off-the-plan sales
- Riverpoint West End (280 apartments) - under construction
- The Macrossan (42 apartments) - under construction
- SW1 (57 apartments) - complete
- Fresh Toowong (92 apartments) - complete
"HIGH-rise king Harry Triguboff, confident that the Brisbane and Gold Coast apartment markets are heading for a price surge, is to step up his quest for new development sites and hasten the launch of two major projects.
The veteran developer is putting sites in the Brisbane CBD and central Gold Coast 'under the microscope'.
He says he will bring forward the launch of a 77-level Brisbane tower, Infinity, by several months to the middle of 2010.
"Prices in Queensland will, I am sure, follow suit and that will happen sooner rather than later. They may not reach Sydney levels but the gap will close.
"That's because apartment supply levels in Brisbane and the Gold Coast are falling and, with the credit squeeze forcing many projects to be shelved or deferred, supply will get even tighter. That means rents will go up, with rent pressures being further increased by strong migration to south-east Queensland."
He ventured into the Brisbane market in 2007 when he acquired a site on the corner of Adelaide and Boundary streets in a move he described as 'the opening of a third development front'. Construction of Soleil, a 74-level tower which will be Brisbane's tallest apartment building, is under way on the site and due for completion by late 2011.
Meriton has sold 82 one, two and three-bedroom apartments in Soleil, where prices start at $310,000 and peak at $900,000.
New project, Infinity, is a 77-level tower on a $25 million Herschel Street site and will include 209 apartments, 422 serviced apartments, and office and retail space.
Mr Triguboff says he is looking closely at a third Brisbane development site -- one on which another major developer has shelved plans for a sizeable project."
A luxury apartment on Fifth Avenue in NYC is a similar price to a luxury apartment in Brisbane. How can this be?
For example, see this brochure, that was issued at the height of the NY property boom.
http://www.newyorkresidence.com/Pictures/CompanyNews/1997_141_Fifth_Avenue_UPDATE.pdf
"Strong pre-sales of residential units in Hamilton Harbour stage 1 with 89% of 257 units now sold. (This project is also a JV with Leighton Properties) ... Hamilton Harbour and King George Central forecast to commence later this calendar year subject to finance being secured."
"SALES LEVELS ACHIEVED ON STAGE 1 OF THE HAMILTON HARBOUR MIXED-USE RESIDENTIAL, COMMERCIAL AND RETAIL DEVELOPMENT HAVE EXCEEDED OUR EARLIER EXPECTATIONS. ... TOGETHER WITH LEIGHTON PROPERTIES WE HAVE NOW COMMENCED THE PROCESS OF SECURING FUNDING FOR THE CONSTRUCTION PHASE AND, GIVEN THE HIGH LEVEL OF PRESALES ACHIEVED, ARE CONFIDENT OF ACHIEVING THIS TO ALLOW CONSTRUCTION TO COMMENCE SHORTLY."
The rumor around town is that the Mill at Albion development, by FKP, has been shelved and will not go ahead.
Tennyson Reach Lawsuit Judgment
As previously noted, Mirvac is suing a number of its off-the-plan customers for failure to settle at the over-priced Tennyson Reach development. Mirvac was recently successful in court on one issue. A purchaser claimed that the lot size of the apartment was 1sqm less than shown on the plan. This is what the court said on this issue:
"The contract provided that the seller could make changes to the size of a lot of up to five per cent (more or less) than that shown in the Disclosure Statement. Accordingly, the description of the floor area on the plan insofar as it operated to clearly identify the lot should be taken to be up to five per cent different (more or less) from 177 m2, namely that it would have an area of between 168.15 m2 and 185.85 m2. On this basis the reduction in the size of the balcony by 1 m2 as depicted on later plans including plans that became part of the second further statement did not mean that the Disclosure Statement contained information concerning the floor area of the proposed lot that became inaccurate.
In short, insofar as the description of the floor area served to clearly identify the lot, the floor area was to be between 168.15 m2 and 185.85 m2 and this information did not become inaccurate after the Disclosure Statement was given. On this basis, the reduction in the size of the balcony by 1 m2 did not give rise to an inaccuracy that the plaintiff was required to address in a rectification statement under s 22."
The leason to learn here is that most off-the-plan contracts have a clause that says that apartment sizes can vary. In this case, the purchaser could have ended up with 10sqm less than what they believed they were getting, and would still be required to settle.
See http://archive.sclqld.org.au/qjudgment/2009/QSC09-269.pdf
Mosaic The Valley is now being sold off-the-plan, with a large advertising campaign. It is located on Ann Street (the major road from the airport to the city), at Church Street. If there are enough off-the-plan sales, so that construction can start, the developer hopes to complete in mid-2012.
There are 16 apartments per floor, mostly small 1 bed apartments. The building is about 15 stories high. There are over 240 apartments. The building does not have a pool. Most apartments do not have a balcony.
The apartments are small. For example, there is a studio apartment which is 50sqm. The bedroom is located internally, with sliding doors that can open. A similar sign is 54sqm. The 54sqm studio apartment, with a car park, on a mid-level is about $500,000 (or $435,000 without a car).
The largest style apartment is a 2 bed, 2 bath, for example, 79sqm, plus a 7 sqm balcony. The two bedroom apartments are located at each of the four corners of the floorplate -- so two are on Ann Street, and the other two face West. Not ideal in either case.
The two bedroom apartments range from $505,000 to $700,000.
The developer is Leighton Properties.
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