Development Opportunity Report 151 Sir Fred Schonell Drive Issue A, 02 September 2014
Matt Williams Architects U122 / 53 Vernon Terrace Teneriffe Qld 4006 0410 232 939 mw-arch.com.au
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Matt Williams Architects U122 / 53 Vernon Terrace Teneriffe Qld 4006 0410 232 939 mw-arch.com.au Evelyn Building Manager C/o llington Apartments Monday, 1st September 2014. FILE NOTE:
PROPERTY DEVELOPMENT REPORT 151 SIR FRED SCHONELL DRIVE, ST LUCIA COMMERCIAL IN CONFIDENCE – NOT FOR DISTRIBUTION
OVERVIEW This report investigates the Development Opportunity for the property at 151 Sir Fred Schonell Drive, St Lucia, in terms of the site opportunity and planning constraints, local environment and features, transport intgegration, development precedent in the area, options for the development pathway, and recommendations on the appropriate way forward for the Project, including required major milestones, preliminary feasibility assessment of the preferred option, and consultants required for the development approval. The site is a unique development opportunity and represents a very astute purchase by the current Owner. The intent of the report is to articulate and understand how to maximize the development return to the Owner, arising from the range of development scenarios that exist. This report can also be used as a project briefing document for any consultant or joint venture partner/s who may be introduced to the Project.
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SITE LOCALITY The site is located on a major suburban roadway connecting from the University of Queensland to Toowong and ultimately the City. As such the site is strategically positioned in a zone of high exposure to passing traffic. It is noted that projects which propose higher density than might be allowable under the City Plan, usually have a better chance of succeeding if located on major suburban roadways than others which are more embedded to the smaller roadways of the inner suburb. Sir Fred Schonell Drive represents such an opportunity for Brisbane City Council; growth of the University of Queensland, in terms of local and international enrolments, requires a large amount of student housing, which is reasonably affordable, and in close proximity to existing infrastructure and transport links. Along Sir Fred Schonell Drive there are a number of larger lots that could sustain reasonable levels of development as either stand alone sites, or could be consolidated to provide higher density outcomes. It is reasonable to foresee a future for Sir Fred Schonell Drive, where there is a concentration of good quality medium density projects, that define the urban frame of Sir Fred Schonell Drive, and improve the arrival experience to the University of Queensland.
Toowong & Milton – 5 minute drive West End, accessible via UQ Green Bridge
Brisbane River, and connection to City via CityCat
Riverfront Park, providing direct River Access Main Route to UQ Project Site
University of Queensland (UQ) St Lucia Campus
Aerial Photo
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View from St Lucia towards City
Indicative 8th Level View from Project Site, St Lucia towards City
View from City towards St Lucia (Project Site marked in Red)
View Over St Lucia toward Toowong (Project Site marked in Red)
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CURRENT PLANNING CONTROLS As a preamble to the following discussion regarding planning constraints, the built environment surrounding the project site carries a wide range of density and height outcomes. There are a number of tall (up to 14 storey), apartment buildings constructed on river fronting properties a few hundred metres to the north, as well there are a number of urban infill projects consisting of 3, 4 or occasionally 5 stories, immediately surrounding the project site. One interesting feature of this particular site, is that it sits in a relatively low position for the surrounding precinct; the site backs on to a hill, on which are built reasonably recent development projects up to 5 storeys in height. Building up to an equivalent height from the Project Site would achieve approximately 8 stories.
SITE:
151 Sir Fred Schonell Drive, St Lucia, 4067
RP: WARD: Site Area:
Lot 4 on RP73622 Waltor Taylor 663m2
Relevant Brisbane City Council City Plan 2014 Codes: ⎯ ⎯ ⎯
LMR Residential Toowong – Indooroopilly District Neighbourhood Plan Queensland Development Code
The main considerations of these requirements for the Site are as follows: LOW MEDIUM DENSITY RESIDENTIAL Allowable use: Max Height: Density: Front Setback: Side Setback: Rear Setback: Overlooking: Car Parking:
Refuse:
0.5 times site area Not more than 9.5 metres above ground or 3 storeys Number of dwellings does not exceed 1 per 300sqm Consistent with neighbouring dwellings. 2 metres Consistent with neighbouring dwellings. Dwellings must not overlook adjoining properties Small Unit (<75sqm) 1 space per Unit Other 1 space per Unit Visitor 0.25 spaces per Unit Car parking must be recessed or concealed within building Located within Main Building
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TOOWONG â&#x20AC;&#x201C; INDOOROOPILLY DISTRICT LOCAL PLAN The site is not within any zone described by this Plan. ALTERNATIVE ZONINGS It is recommended to discuss the Project Site with a Town Planner to understand whether there is any opportunity to consider with a re-zoning, or a non-conforming use. The recommended Town Planner in this case is Natalie Rayment, Director at Wolter Consulting, based in Teneriffe. A preliminary meeting and discussion can be arranged for this Project. Such an approach can be tested with Council via a Pre-Lodgement Meeting. Such meetings are most beneficial when there is good preparation on the project case, and Council is fully briefed on the development intent. Council may be satisfied to improve the level of density to be more in keeping with other new projects in the area, and the issue of building height can be discussed with particular reference to the site. ADJOINING OWNERS
Consolidated Site Option 1 Approx 1800sqm site area
Consolidated Site Option 2 Approx 3200sqm site area
Consolidated Site Option 3a Approx 6395sqm site area Option 3b Options 1 & 2 combined Approx 5000sqm site area
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Consolidated Site Option 4 Approx 3200sqm site area Of the above, all the site configurations look workable and all but Option 1 provides more than 3000sqm site area. Inclusions of adjacent sites will prolongate the development process but will probably in this longer run scenario, provide more chance to succeed for higher relative density.
Site Area Comparison Approx 3000sqm site area CONTOURS The site faces north and falls from rear to front, or south to north. Image below shows 1 metre contours, there is a fall of about 6 metres across the site, this fall will be useful when constructing car parking basements.
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DEVELOPMENT CONTROL PRECINCT & HERITAGE The site appears to be located within a Development Control Precinct. However, there are no listed Heritage, Neighbourhood or Local Character Significant Elements on the Site.
FLOODING There appear to be some minor issues relating to flood design for the front, lower part of the site.
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NOISE The site is located within a Queensland Development Code MP4.4 Noise Category 3.
PROXIMATE RECENT APPROVALS Despite growth in property development remaining reasonably constrained by the local economic situation and uncertainty regarding the financial future of the economy, St Lucia has underway a number of reasonably sized urban infill projects, comprising 2 or 3 storey walk ups, to high end, multi storey executive apartment living. Strong demand reflects growth in demand for enrolments at University of Queensland from international students, particularly from Asia, who are not so constrained by local economic factors (their own economies instead being buoyed by the deep shifts in balance of trade occurring over last decade). As such demand for apartments in St Lucia is very strong. This demand is seen as only increasing, as the Government are currently deregulating the enrolment environment which should allow an increasing amount of international students to enroll at University of Queensland. UQ’s international reputation is without peer in Australia and due to affordability factors of Brisbane and livability factors for the city as a whole, is seen as a destination of choice for incoming international students. Such students establish living arrangements as either share house rentals, held jointly with other students, renting alone, or taking ownership for the period of study with the asset either disposed of at the end of the study period or retained as an investment for rental. ASPECT on Laurence http://www.aspectpropertygroup.com.au/currentproperties/propertylaurence/ This project includes medium to medium high level of quality 1 and 2 bed apartments, with one beds priced from $479,000, and 2 beds from $579,000. This project is pitched as a good quality urban offer, of medium to high density, and the prices are reasonably high indicating strong confidence in the saleability of the project. This project is located on a corner site, and appears to be over at least two standard suburban blocks, possibly a third. This appears to be a self financed project and it may be of interest to contact this Company to discuss possible joint venture opportunities for this Project. The project is 5 stories fronting to Sir Fred Schonell Drive, and 6 storeys to the secondary street, Laurence Street, has a total of 40 1, 2 and 3 bed Units, up to 4 and 5 storeys in height. This development density suggests Council have approved this Project under a Policy instrument, other than the LMR. For more information, Simon Wheelan from Aspect Property group is available to discuss, on Mobile 0417 799 963. The Aspect on Laurence Project, includes on the typical floors high end 2 bed apartments, double ensuited to improve rental yield. Powder rooms are included for guests. There appears to be no special design requirement for its use as ‘student accommodation’, given its location within the University of Queensland Catchment.
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Typical Floor Aspect on Laurence 10 apartments / floor Unit 4 Unit 7 Unit 8 Unit 9 Unit 10 Unit 11 Unit 12
2 Bed, 2 Bath, Powder 2 Bed, 2 Bath, Powder 2 Bed, 2 Bath, Powder 2 Bed, 2 Bath, Powder 2 Bed, 2 Bath, Powder 2 Bed, 2 Bath, Powder 1 Bed, 1 Bath, Powder + Study Unit 13 2 Bed, 2 Bath, Powder Unit 14 2 Bed, 2 Bath, Powder Unit 15 2 Bed, 2 Bath, Powder
Aspect on Laurence's finishes include: ⎯ stone kitchens with quality appliances ⎯ engineered polished timber floors ⎯ fully ducted & zoned air-conditioning ⎯ spacious open plan living and dining areas ⎯ a luxurious ensuite to all bedrooms, most with large walk in robes ⎯ a separate powder room & laundry ⎯ large balconies with beautiful outlook - perfect for outdoor entertaining ⎯ excellent secure parking. ⎯ fully landscaped complex with attractive entrance
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DESIGN OPPORTUNITY
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ELEVATION CONCEPT Detailed, lightweight screening of all facades to moderate acoustics, privacy, sunlight and view (North Elevation shown below).
The building composition as indicated above includes: ⎯ Car parking across a whole level at ground floor (slightly higher than the street), to deal with flooding issues. This car parking level will also include plant, refuse and water recycling. This level is screened from the street by a large, monolithic wall shown in grey tone above. This solid wall is punctuated at the entrance point and this leads up into the central access spine. ⎯ 4 Apartments per floor, this sketch showing 5 floors apartments (20 apartments total) and 1 floor of car parking and services. ⎯ The uppermost floor plan could be revised to include two, 3 bed apartments targeted more at the owner occupier market. ⎯ Central to the plan is a naturally ventilated circulation spine that can be articulated with vegetation to provide for a ‘vertical garden’. ⎯ The building design makes the most of the excellent views available to the north, over the park to the river.
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DESIGN FEATURES CLEAN, MINILAIST DETAILING AND AUTHENTIC, NATURAL MATERIALS A focus on clean, simple design features will create a more buildable and attractive end product. A material palette using warm, natural materials (timber, concrete, stone, water), integrated to the landscalping, will enhance the connection of the building to its natural environment.
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CENTRAL GARDEN VOID & INTERCONNECTING GARDEN STAIR Given the building is likely to be less than 25 metres in effective height, there is the opportunity to utilize open, naturally ventilated stairs, lift lobby and circulation, which can be used to vertically link the ground floor garden up and through the tower.
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FLEXIBLE, ADAPTABLE INTERIOR SPACES Generally the second bedroom can be linked (by way of removing an internal partition wall) with the Master Bed room. Internal spaces will utilize clean, minimalist materials and detailing, and will â&#x20AC;&#x2DC;flowâ&#x20AC;&#x2122; to outside. Apartments open to corners to enhance the feeling of connectedness with the gardens and significant trees surrounding the site. A neutral palette of colour will contrast with the natural tones and textures of outside.
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SUITABLE FOR INDEPENDENT RENTALS Each Bedroom has access to either an Ensuite, or separate bath. This allows independent students to have good privacy but rent apartments conjointly. This is cheaper for students than 1 bedroom apartments, but generates more rental income. DEVELOPMENT YIELD As noted in the preamble to this Report, the final development yield depends on the height of the proposed tower. Three scenarios are completed for building heights at 4, 6 and 8 storeys as per below. HEIGHT OPTION 1 – 4 Storeys LEVEL LEVEL 4 LEVEL 3 LEVEL 2 LEVEL 1 GROUND TOTAL
APT #1 90 90 90 90 Entry Lobby
Site Area:
APT #2 90 90 90 90
633sqm
APT #3 90 90 90 90 80
Plot:
APT #4 TOTAL NLA 75 345 75 345 75 345 75 345 Plant & Service 1380
2.6
Site Cover:
CIRC 12% 45 45 45 45 100
0.6
GFA 390 390 390 390 Cars 1640
CARS 4 4 4 4 16 16
Effective Height:
APARTMENTS 4x 2 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed 16 10.5 metres
HEIGHT OPTION 2 – 6 storeys LEVEL LEVEL 6 LEVEL 5 LEVEL 4 LEVEL 3 LEVEL 2 LEVEL 1 GROUND PARTIAL B1 TOTAL
APT #1 120 90 90 90 90 90 Entry Lobby
APT #2 90 90 90 90 90
APT #3 120 90 90 90 90 90 80
APT #4
TOTAL NLA 240 75 345 75 345 75 345 75 345 75 345 Plant & Service
CIRC 12% 45 45 45 45 45 45 100
1965
Site Area:
633sqm
Plot:
3.5
Site Cover:
0.6
GFA 285 390 390 390 390 390 Cars Cars 2235
CARS 4 4 4 4 4 4 16 8
APARTMENTS 2x 3 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed
22
Effective Height:
17.5 metres
HEIGHT OPTION 3 – 8 Storeys LEVEL LEVEL 8 LEVEL 7 LEVEL 6 LEVEL 5 LEVEL 4 LEVEL 3 LEVEL 2 LEVEL 1 GROUND B1 TOTAL
APT #1 120 90 90 90 90 90 90 90 Entry Lobby
Site Area:
APT #2 90 90 90 90 90 90 90
APT #3 120 90 90 90 90 90 90 90 80
APT #4
TOTAL NLA 240 75 345 75 345 75 345 75 345 75 345 75 345 75 345 Plant & Service
CIRC 12% 45 45 45 45 45 45 45 45 100
2655 633sqm
Plot:
4.7
Site Cover:
0.6
GFA 285 390 390 390 390 390 390 390 Cars Cars 3015
CARS 4 4 4 4 4 4 4 4 16 16
Effective Height:
APARTMENTS 2x 3 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed 4x 2 Bed
30 23.5 metres
I look forward discussing this report with you and please don’t hesitate to contact me directly if you have any queries. Yours Faithfully,
Matthew Williams MWA mw@mw-arch.com.au
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