LIFESTYLE options, space and security – all with minimum maintenance – top the list of wants for Baby Boomers who are now actively downsizing from their family homes.
Developers are catering for the cashed-up generation, aged between 48 and 67, with three-bedroom apartments, often located in precincts with shops, restaurants and easy access to transport.
Unlike Generation X and Y, boomers wed in their 20s and bought into home ownership early in life. They have cashed in on several property booms (and free tertiary education), making them the richest generation—ever.
According to the Australian Bureau of Statistics, people aged 45-64 now boast the highest discretionary spending power.
Brookfield Residential Developments has sold 80 per cent of its three-bedroom high-end apartments in the Pinnacle building at Portside Wharf to Boomers.
The luxury apartment project on the river at Hamilton is set for construction later this year after chalking up more than $46 million in apartment and penthouse sales since its release in April.
Three-bedroom apartments in Pinnacle’s first stage have sold out, forcing Brookfield to release the final three-bed stock ahead of schedule.
Project director Lee Butterworth said Baby Boomer buyers were looking for maximum space with minimum maintenance.
“Although they are now empty-nesters, these buyers are trending towards large, three-bedroom apartments with quality fittings and finishes, spacious balconies, plenty of storage and extras such as two carparks and security,” he said.
“A large portion of these buyers no longer want the maintenance of their existing homes but aren’t ready to drastically downsize their living space, making the 139sq m three-bedroom apartments in Pinnacle the perfect compromise.
“For those making the shift from house to apartment, the apartments make it an easy transition with huge balconies up to 20sq m, open-plan living and floor-to-ceiling windows that showcase the stunning river and city views.
“Now that the children have moved out, these Baby Boomers have time to enjoy some of the finer things in life so location is key as they look for proximity to entertainment and dining.
“Transport and amenity also play a significant part, and building facilities such as pools, gyms and entertainment areas are a determining factor.”
Pinnacle is located on the doorstep of the mixed-use Portside Wharf community with its shops, cinema, fitness centre and restaurants. Three-bedroom apartments start from $1.2 million. and come with two secure car parks, two bathrooms and a choice of study or media room.
The fifth residential building in the precinct, the 16-level Pinnacle is a mix of one, two and three-bedroom apartments, penthouses and two-storey terrace homes.
Developer Mirvac is also seeing success with the Baby Boomer market, attracting the generation to its first two residential buildings at Waterfront Newstead.
Residential CEO John Carfi said the projects had predominantly attracted locals. Buyers fromTeneriffe, New Farm, Hamilton and Ascot accounted for more than 60 per cent of sales in the luxury first stage of Pier and 50 per cent in the second-stage Park building.
“Of these buyers, the majority are Baby Boomers wanting to downsize from a large family home, and they see there is limited opportunity to purchase in absolute riverfront developments,” he said.
“They want to move to a precinct that will offer an enhanced lifestyle with a lower maintenance property and a range of lifestyle amenities at the doorstep, while still being in a private and secure location.
“Newstead and its surrounding suburbs, like Teneriffe and Fortitude Valley, boast an increasing collection of some of Brisbane’s most sought-after restaurants, cafes and retailers – making it an appealing location for Baby Boomers.
“Amenity is also high on their list of priorities with many drawn to the convenience of the newly revitalised Newstead Riverpark precinct with the neighbouring Gasworks Plaza development now open.”
At Australand’s $500 million Hamilton Reach project it’s a similar story. The group has notched up more than $120 mil-lion in sales with the precinct proving popular with empty-nesters seeking a luxury, inner-city riverside address.
The Watermarque and Watermarque on the Park buildings have each achieved robust sales, bringing them to 89 per cent and 72 per cent sold.
Watermarque offers 78 apartments across two, five-level buildings – North and South – while Watermarque on the Park has 68 dwellings over five floors.
Australand Queensland residential division general manager Cameron Leggatt said empty-nesters could downsize without sacrificing privacy or a premium location.
Hamilton Reach is located 6km from the CBD and is within Economic Development Queensland’s Northshore precinct, which is currently undergoing a $5 billion urban renewal.
A Place Advisory report on the inner-Brisbane apartment market revealed that downsizers were beginning to influence off-the-plan sales for the first time since the GFC.
Buyers are now demanding larger and higher quality stock.
Original article published at www.news.com.au by Paula Shearer Home Editor, The Courier Mail, 18/9/2013
Property Group Buys Land Plots for Development in Brisbane’s North
The land parcels total 6.72-hectares at Graham Road, Morayfield, and each lot will provide a new house ranging from 300 to 687sq m. The acquisition will take CFMG’s pipeline to more than 1,000 lots across Queensland and Victoria.
CFMG managing director Scott Watson said pre-release marketing had generated strong sales enquiry from both owner -occupiers and local volume builders looking to secure land for their clients.
“The momentum of the project is expected to continue with official data indicating the demand for quality affordable projects in strong growth corridors forecast to continue,” he said.
Since 2009 Morayfield has experienced an average of 2.5 per cent population growth, higher than the state average of 1.8 per cent.
The project also benefits from close proximity parkland facilities, schools, childcare, shopping centres, specialty retailers and public transport networks.
CFMG Capital operates two core divisions: a residential communities’ development business and residential funds management business which has raised more than $90 million in third party equity.
According to the company, sales in Morayfield have already been strong with 40 pre-sales already in place and current contract exchanges totaling a sales value of $7.2 million.
In the first half of the 2017-18 financial year CFMG secured more than 200 sales across six separate projects in Queensland and Victoria.
“Through most of calendar year 2017 we saw significant spikes in both enquiry and ultimately sales, and as a result we were able to achieve incremental price growth across multiple projects without noticeable impact on sales rates,” he said.
“Particularly in the back half of 2017, there was a strong appetite for land registering in early 2018 which could attract a premium price.
CFMG recently secured a 6.8-hectare land parcel in Bridgeman Downs, 12 kilometres north of the Brisbane CBD.
Originally Published: theurbandeveloper.com
$250 million mixed-use development a boon for north Brisbane suburb
Moreton Bay Regional Council has given the green light to a 1.7-hectare mixed-use development which will transform one of Queensland’s fastest growing areas.
With Brisbane-based practice Richards and Spence as lead architects, the Laguna development will be built in the heart of the suburban area of North Lakes, 26 km north of Brisbane.
It will feature 5,000 square metres of fashion, food and beverage retail space; a 140-room hotel; 2,000 square metres of health and wellness facilities; a 1,500-square-metre “resort-style” restaurant and bar; a convention and events centre and a publicly accessible aquatic centre with a lagoon-style pool.
Moreton Bay mayor Allan Sutherland said at the time of approval that the project would add to the 7,700 jobs in the North Lakes area, provide public green space and bolster the suburb’s reputation.
Originally part of Mango Hill, North Lakes was gazetted as a separate suburb in 2006, with its name derived from the masterplanned estate developed by property group Stockland. The suburb’s population has since grown exponentially, with the 2011 census recording a population of 15,046 and the 2016 census recording 21,671 people living in the area.
Richard and Spence director Ingrid Richards said “middle-ring” or “fringe” suburbs such as North Lakes often lack the cultural and social amenity associated with living close to the city. She said that as Australian cities grow outwards, developers, retailers and councils alike have “not just an opportunity but an obligation to help alleviate this shortcoming.”
“It’s critically important to provide quality retail and mixed-use amenity for the population that will call these areas home,” she said.
The Laguna development is intended to deliver this amenity all in one go. Richards said, “It’s got a complexity, and it’s got a depth to it as a suburb, as a fully functioning place.”
The precinct will be centred on a tree-lined, pedestrian-orientated high street, to be known as Laguna Drive, which will feature retail, cafe and outdoor dining space.
“We’re trying to raise the bar of what is good public space, of what is a good, exciting, engaging retail environment,” Richards said.
In addition to the retail and hospitality offerings, the project will also feature 10,500 square metres of office space across two buildings designed by Nettleton Tribe.
Richards said it was vital that jobs were created through the development.
“As a complete, masterplanned development…you can actually work there,” she said. “Everyone’s not necessarily driving to Brisbane for work, because there is business there. So, it’s not just a housing development, and that’s an important distinction to make.”
The project is being developed by the George Group in conjunction with Pointcorp.
Construction of the project is planned to commence in early 2018, with completion slated for late 2020.
Originally Published: architectureau.com
Moreton Bay Regional Council makes decision on North Lakes commercial precinct
DEVELOPERS of the proposed Laguna North Lakes commercial precinct will have six years to begin the project after getting council approval today.
The council this morning adopted a Material Change of Use application for the development at its coordination committee meeting at Strathpine.
The application is for a catering premises, commercial services, convention centre, hotel, indoor recreation, licensed club, occasional market, office, restaurant and shop.
It was lodged by Wolter Consulting Group with the Council listed as the owner of the site, which covers land at 28-40 North Lakes Drive, 10 The Corso and 75 Lakefield Drive.
The application was initially lodged on May 19.
Council planners, in the report to council, said it would be a high-quality mixed-use development.
The proposed development, which would cover the 1.72ha site, would be constructed over four stages, the report stated.
“The proposal seeks to create a unique experience in the North Lakes area, establishing a boutique retail, dining and lifestyle precinct in the heart of North Lakes,” it stated.
“The proposal will contain a total gross floor area of 34,892sq m and consist of five new buildings ranging in height from two storeys up to six storeys.
“The tallest buildings include the hotel and function centre and the commercial office towers (six storeys) which front The Corso and North Lakes Drive respectively.
“The development will be supported by a multi-level basement carpark, which will be integrated with the existing basement carpark situated beneath the existing council library.
“A new laneway (Laguna Drive) is proposed to connect The Corso and Lakefield Drive, internal to the site, which will enhance accessibility for users by providing short-term parking options and passenger set-down.”
The report recommended councillors approve the development, subject to amendments and conditions.
One of the recommended amendments was for a taxi rank set-down area adjacent to the function centre lobby. This would be designed to include either a drop-off/pick-up zone or a dedicated parking bay capable of accommodating a taxi suitable for use by people with disabilities.
The $250 million project first made headlines in December last year when it was announced Pointcorp and the George Group would develop the land, that at the time was being used for car parking.
Mayor Allan Sutherland said at the time the eventual sale price of the land would be $7.7 million and the developers were to pay a $700,000 deposit on a four-year lease.
A leasing campaign to attract retail and commercial tenants was launched in May.
Originally Published: www.couriermail.com.au
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