21 posts tagged “fkp”

The rumor around town is that the Mill at Albion development, by FKP, has been shelved and will not go ahead.

Here is text of an advertisement for the Pulse off-the-plan apartment complex:

"Best Value Apartment in Brisbane CBD.   This 2 bedroom 2 bathroom inner city apartment located in the heart of Brisbane CBD is an unbelievable $499,000."

Advertisement by Martin Graham from Property Focus.

I am not sure how an apartment building that is almost in Milton could be said to be in the "heart of the Brisbane CBD"!  This complex is close to Milton Road, Coronation Drive and with views of the Inner City By Pass.

And on what basis is this the best value 2 bedroom apartment in Brisbane??

Take care, because FKP's complex next door  to Pulse (Vue) has had capital decline, not capital growth.

Pulse

"FOUR years after Transit Oriented Developments were touted as key to housing thousands of people around transport hubs, building is yet to start on any.

Instead projects designed to create a self-contained living, working and leisure environment in Brisbane have been blocked by red tape, rising headworks charges, financing issues and business woes.

It's not that the concept has no appeal. FKP's The Mill project in the inner northern Brisbane suburb of Albion has had strong pre-sales.  But in light of changing market conditions, FKP is still awaiting approval after reconfiguring some plans.

The company has also spent years developing plans for another TOD over the railway station at Milton, in the city's inner west, and has revised plans awaiting approval from the Brisbane City Council.

But without approvals in place yet there is no certainty as to when construction will start."

Courier Mail

Union at Milton -- FKP has cleared the site, and is waiting development approval.

SL8 in West End is nearing completion.

2 bedroom listed for re-sale at $570,000 (Apt 203)
2 bedroom listed for resale at $560,000 (Apt 213)
2 bedroom listed at $690,000 (Apt 241)
2 bedroom listed at $550,000 (Apt 142)
2 bedroom listed at $617,000 (Apt 214)

"With more than 90% of the 1, 2 & 3 bedroom apartments sold, limited opportunities remain to invest in SL8’s West End apartments. The two bedroom apartment final release is now selling from $565,000-$975,000."

See SL8 Real Estate (FKP)

Update:  After posting this, I received the following comment from a reader:
"A word of warning about SL8: it appears the financial crisis has forced the developer (FKP) into a number of "cost rationalization" exercises. A number of items in the original fit out (eg,. taps, balcony railings etc.) have been changed for cheaper, inferior substitutes. A good example are the verandas, which have gone from frosted glass to aluminum railings (which was NOT noted in the specs changed sent to owners!!) which are nowhere near as expensive or attractive as the original.

Disappointing really as this looked like being a good property from a good developer."
See here.

I drove past SL8 today in West End. I was not impressed. Although still under construction, to me it looks like a cheap motel from the 1950s. All the railings for the balconies are metal pipe rails. So from the front, it looks very uniform with railings going the complete width from left to right on every floor, without a break. From the back, it looks even worse. You may not realise, but the apartments don't have closed hallways. The door opens onto a hall that is outside -- and with the same rails going along the whole length. So you will be exposed to the the rain, heat and wind as soon as you open your door. The building looks to me like a larger version of the motel where Martin Luther King was assassinated when leaving his room.

"National Property Research managing director Matthew Gross said the area surrounding Sherwood in Brisbane's west will also be a future hot spot.  The combination of continued population growth and an undersupply of residential stock will lead to increased prices in the long-term, Mr Gross said.

Pradella's large-scale Parklands at Sherwood development is also likely to underpin growth, with stage one of the $150 million project nearing completion.

"As new, quality stock hits the market, it is anticipated the median rental figures for apartments in Sherwood will also grow significantly, providing investors with exciting purchasing opportunities," Mr Gross said.

See Brisbane Times

"With more than 90% of the 1, 2 & 3 bedroom apartments sold, limited opportunities remain to invest in SL8’s West End apartments. The two bedroom apartment final release is now selling from $565,000-$975,000."

Source:  SL8 website

"FKP intends to continue  discussions with Stockland, to ascertain whether a transaction in the best interests of FKP securityholders can be consummated."

See FKP Media Release from December 2008