“memorial mews” bowen project update
Feb 2013
Development funding approved. Site works contract commenced. Demolition works application approved. Operational / civil works set to commence shortly.
Market Overview:
Project Update:
Bowen basin has attracted a lot of infrastructure
The contract was fully executed with Bloomer
spending from the federal government in
Construction during December 2012, with the
regards to the Abbott Point Port expansion as of
project commencement in the middle of January
late. The effects of this are expected to translate
after the Christmas shutdown period.
into the housing market this year. Growth in corporate action and mining developments
From the execution of the contract, Bloomer Construction has been busy working through the
in the area are thus likely to increase significantly. With the continued demand for energy (including coal, a major export of this region) and other raw materials coming out of Australia’s still rapidly growing trading partners China and India, we see a significant opportunity for substantial growth in this local region.
detailed design needed for construction. Bloomer has lodged the Demolition Approval and received a permit granted by the local council. They are now expecting to lodge for full Operational Works and Building Approval within the coming weeks. Full scale site works are expected to commence upon receiving the Operational Works and Building
Moreover, the Bowen local property market can be seen to be resurging after cooling off following the global financial crises. Realestate. com.au reports a 62.5% annual increase in the median price of units sold Bowen at the close of
Approvals, which is expected to be due in early March. Preparation and the disconnection of services has commenced for the site and it is now ready for demolition.
2012, while RP data reports show the number of house sales returning to a trend upwards with house capital growth up 16%. Future Estate anticipate property prices to grow in this region going forward.
AT A GLANCE Overview:
22 townhouse development
Location:
6 Brisbane Street, Bowen,QLD
Forecast Construction Completion:
October 2013
Fund Objective:
The development and construction of a townhouse project to provide wholesale prices for investors Funding approval in place
Current Status:
Building contract executed Site works commenced Project team mobilised Australian residential market has bottomed and is now growing Capital city median house price grew by 1.6% in Q2012 (RP Data)
Market update:
Adjoining proposed development offers potential improvement of streetscape Anecdotally, market sentiment is on the rise