RIGHTS METRO CONTENTS P O R T F O L I O 4 PROPERTIES
MANAGEMENT
RESORT BROKERS AUSTRALIA
NEWSTEAD IS UNDERGOING AN INFRASTRUCTURE REVIVAL, BOOSTED BY OVER $2 BILLION IN INFRASTRUCTURE INVESTMENT.
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4. OVERVIEW 6. METRO PROPERTY DEVELOPMENT BACKGROUND 8. LOCATION OVERVIEW 10. NEWSTEAD TOWERS 11. BROADWAY ON ANN 12. CANTERBURY TOWERS 13. AQUA & THE FUTURE OF NEWSTEAD CENTRAL 14. SUMMARY & INDUSTRY SPECIALISTS 15. SALES PROCESS 16. CONTACT
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CONTENTS
OVERVIEW
RESORT BROKERS AUSTRALIA IS DELIGHTED TO PRESENT ONE OF THE LARGEST PORTFOLIOS OF MANAGEMENT RIGHTS EVER OFFERED OFF THE PLAN
1. NEWSTEAD TOWERS 2. BROADWAY ON ANN 3. CANTERBURY TOWERS 4. AQUA
BE THE PROUD MANAGER OF A PRESTIGIOUS METRO PROPERTY DEVELOPMENT
These prime Brisbane properties are superbly located in Fortitude Valley and Newstead, within waking distance of the buzzing James Street and Gasworks shopping and dining precincts. The portfolio totals 905 apartments over four buildings, with a 95% investor profile and all the letting pool secured by the developer. The successful purchaser will also receive a generous marketing budget of $500 per unit in the manager’s letting pool, ensuring the ability to attract the best quality tenants and fill the buildings quickly. Income projections are being prepared by specialist industry accountants Holmans and will be available on application.
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THIS PORTFOLIO BY METRO PROPERTY DEVELOPMENT is entirely sold out and under construction.
METRO PROPERTY DEVELOPMENT From the super chic shopping precinct of James Street to outstanding restaurants and cafes in Gasworks, Fortitude Valley and Newstead is ‘the place’ to live. Major developers are working in concert to bring about the transformation of these key precincts, Metro Property Development chief among them. With their portfolio extending from the sophisticated luxury of Aqua at Newstead Central and the lifestyle-driven Newstead Towers, to the glamour of Broadway on Ann and chic country club feel of Canterbury Towers at Central Village, Metro is developing communities that signify Brisbane’s coming of age as a new world city. Apartment development approvals in Brisbane’s prime inner fringe areas have increased recently in the wake of significant urban renewal investment. But it must be noted that this supply boost has been in response to clear demand trends. Metro understands that the fabric of Brisbane is fundamentally shifting, driven primarily by two major demographic groups – the 25 to 30-year-old Gen Ys and the affluent and active baby boomers.
METRO CURRENTLY HAS A DEVELOPMENT PIPELINE OF $2.9BILLION
In this document we outline the key drivers underpinning Newstead-Bowen Hills and Fortitude Valley. These locales have what property consultants Urbis like to call ‘Place Superiority’. They tick three fundamental boxes – Population, Investment and Employment – ensuring they will always be considered the most desirable in which to live, work and play. The Newstead precinct is the beneficiary of massive infrastructure spending, notably the $2billion Newstead Riverpark. An August 2013 report on the wider Fortitude Valley Catchment (Fortitude Valley, Newstead, Bowen Hills) identified over $7 billion of recent or under-construction infrastructure. Close to 20,000 new residents are expected to be added by 2031, and surrounding employment nodes are forecast to provide nearly 150,000 new jobs between 2014 and 2031. That certainly is ‘place superiority’! There is no doubt that lasting appeal and enduring value are now the most important motivators for modern purchasers. The uplift in demand for apartments is both population and lifestyle driven. And it will endure, most particularly for well-located, quality apartments offering excellent value and great amenity, such as those by Metro.
BACKGROUND RESORTBROKERS.COM.AU
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Unsurprisingly, Metro’s suite of Newstead and Fortitude Valley apartment developments has struck a chord with savvy investors and future residents eager to be part of the dynamic transformation of Brisbane’s inner north. Quality, prime location and outstanding amenity come together to offer an engaging inner urban lifestyle – hip, happening and rewarding in every sense. Located at the gateway to the New Farm peninsula, Newstead and the adjoining vibrant and eclectic entertainment and shopping hub of Fortitude Valley are less than 3kms from Brisbane’s CBD. ‘The Valley’, once grungy, always offbeat and a rich creative breeding ground, is emerging with a slick and edgy new character, a unique vibe where raw and gritty meets luxe sophistication.
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LOCATION OVERVIEW »
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BROADWAY ON ANN
CANTERBURY TOWERS
AQUA
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NEWSTEAD TOWERS
POPULATION At the time of the 2011 Census, the population of the Newstead Statistical Local Area (which takes in a large part of Teneriffe) was 5,537, and Fortitude Valley was home to 5,746. Relatively few children and seniors live in these communities. Between 80 and 90% of residents fall into the 15 – 64 year age bracket. Brisbane City Council, in its ‘Brisbane Inner City Investment Prospectus July 2014’ focused on the Newstead-Bowen Hills district where the 2011 Census combined population was 7,790 people. It said government forecasts predict significant population growth for this locality, lifting from 7,790 in 2011 to 25,107 by 2036.
NEWSTEAD CATCHMENT HAS SHOWN 20.7% GROWTH IN THE MEDIAN APARTMENT PRICE OVER 2013
LIFESTYLE In Newstead-Fortitude Valley, the population is characterised as mainly couples with no children, and singles. 91.5% of people in Fortitude Valley live in apartments, while 88.1% in Newstead are apartment dwellers. According to data published by realestate.com.au (viewed 13.8.15) approximately 43% of Newstead-Fortitude Valley residents are ‘Independent Youth’ (couples, singles and homesharers under 35) and 22% are ‘Maturing & Established Independents’ (families, couples, extended families and single parents aged 35-44).
Brisbane City Council’s current investment prospectus describes the residents of Newstead-Bowen Hills as well-educated, with 75% of people aged 15+ holding post-school qualifications, more than half at the level of bachelor degree or higher. The median weekly household income in Newstead at the last Census was $2,472, more than double the Queensland average. With a younger population, Fortitude Valley median household income ($1,586) was still almost 30% above the state average. The top three occupations identified across the area were Professionals, Managers, and Clerical/Administrative Workers.
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INCOME
NEWSTEAD TOWERS On the city side of the landmark Gasworks precinct, it is within easy walking distance to the shopping delights of The Emporium and James Street. Encompassing 314 of Brisbane’s finest new apartments – in spacious one, two or three-bedroom configurations – it boasts features and facilities rarely seen in such an affordable mixed use project. Superb residential. Boutique retail. And at its heart, a sub-tropical paradise. As well as the ubiquitous pool, gymnasium and barbecue facilities, Newstead Towers has some unique touches to take luxury urban living to the next level. Its own exclusive beach featuring a delightful beachside Teppanyaki bar. An exquisite yoga lawn to help free your mind, refresh your soul and strengthen your body. Lush landscaping seamlessly stretching to verdant vertical gardens.
» 314 APARTMENTS OVER TWO TOWERS (ONE BODY CORPORATE) » COMPLETELY SOLD OUT & UNDER CONSTRUCTION » EXPECTED COMPLETION MAY 2016
“STANDING LIKE TWO SENTINELS GUARDING THE APPROACH TO THE CITY FROM THE NORTH EAST, NEWSTEAD TOWERS IS DESTINED TO ACHIEVE ICON STATUS”
BROADWAY ON ANN Echoing the successes of a remarkable company, Metro Property Development, Broadway on Ann in Fortitude Valley pays homage to fabulous New York. From its higher levels, Broadway on Ann offers some exhilarating views embracing both the city and river. Open the bi-fold windows (in selected apartments) or step out onto those generous balconies and you’re in for mesmerizing views by day and glittering views each night. This distinctive design with its exterior of modern glass and textured concrete will provide a striking entrance to Fortitude Valley from Newstead.
» 247 APARTMENTS OVER 15 LEVELS » LARGE RETAIL ACTIVATION ON GROUND FLOOR » COMPLETELY SOLD OUT & UNDER CONSTRUCTION » EXPECTED COMPLETION MAY 2016
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“ MANY OF THE BROADWAY ON ANN APARTMENTS WILL FEATURE THE NEW YORK INSPIRED WINTERGARDEN CONCEPT, IDEAL FOR BRISBANE’S SUB-TROPICAL LIFESTYLE”
Metro Property Development is legendary in Brisbane offering impeccable apartments with star-studded appointments and facilities in a-list inner city locations. Boasting apartments that are supremely comfortable yet luxurious, they fulfil the Metro promise to take inner city living to a whole new level. Complete with 247 luxurious one and two bedroom apartments over 15 levels, plus 821m2 of ground floor retail, Broadway on Ann will undoubtedly be highly acclaimed.
LIVE ADJACENT TO THE NEWLY EMERGING LIFESTYLE PRECINCT OF THE ROYAL NATIONAL ASSOCIATION (RNA) SHOWGROUNDS, A $2.9 BILLION 15-YEAR ‘SUPER PRECINCT’. Canterbury Towers is the third stage of the Central Village masterplan, another exciting milestone in the iconic inner city suburb of Fortitude Valley. The $450 million development is an ideal location for a vibrant inner city village delivering a mix of architecture, heritage and green space. When you live at Central Village you will be able to stroll to Brisbane’s iconic Fortitude Valley and Chinatown. There, you will enjoy a magical mix of fine dining, retail shopping and nightlife.
» 195 APARTMENTS & 2 RETAIL LOTS OVER 19 LEVELS » COMPLETELY SOLD OUT & UNDER CONSTRUCTION » EXPECTED COMPLETION APRIL 2016
CANTER TOWERS Central Village has incorporated three of the existing heritage buildings into its design to ensure that this important connection to the past is not lost. These three buildings will be retained, enhanced and utilised as common use facilities for all residents. Multi-million dollar man-made beach and pool (no responsibility for Canterbury Towers manager), drill hall, gymnasium and lounge and high tech security.
AQUA
AQUA IS THE ONLY PLACE WHERE ‘TRANQUIL LIVING MEETS INNER CITY SOPHISTICATION’ DELIVERING YOU AN ENTIRELY NEW EXPERIENCE ON INNER CITY LIFE’
A mecca for young professionals, it’s at the heart of Brisbane’s style evolution. Pumping life and vibrancy into the inner city, its energy is electric. With Teneriffe, James Street and Fortitude Valley a short stroll away, life in Newstead’s never dull. But when you’re at the heart of the action, that’s only to be expected. With another four stages to come, the successful purchaser will be particularly well positioned to secure these future opportunities.
» 149 APARTMENTS & 2 RETAIL LOTS OVER 16 LEVELS » COMPLETELY SOLD OUT & UNDER CONSTRUCTION » EXPECTED COMPLETION JUNE 2016
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BURY
Designed with pure luxury in mind this property is guaranteed to impress even the most enthusiastic city dweller. Aqua, Newstead Central will be the home you never thought you’d have. In a new take on inner city life, this unique living environment promises to combine luxury living and city sophistication in unforgettable style, designed by world-renowned architects Cox Rayner.
METRO PROPERTY PORTFOLIO SUMMARY:
» P ROJECTED NET PROFIT $2,318,635 (PREPARED BY SPECIALIST » » » » »
ACCOUNTANT) ALL BUILDINGS HAVE RETAIL ACTIVATION ON GROUND FLOOR A LL WITH BRAND NEW 25 YEAR AGREEMENTS INCREASING BY CPI E XPECTED LETTING POOL IS 860 OF 905 APARTMENTS (95% INVESTORS) C OMBINED BODY CORPORATE SALARY $956,500 BODY CORPORATE MANAGER IS SSKB FOR ALL BUILDINGS
BED BATH
» FINANCE BROKERS Daniel Green - Green Finance P: 07 3899 2866 M: 0457 883 700 E: daniel@greenfinancegroup.com.au Mike Phipps - Mike Phipps Finance P: 07 54735531 M: 0448 813 090 E: mike@mikephippsfinance.com.au Damien Windle - PCS Finance P: 3252 2812 M: 0417 713 289 E: damien@pcsfinance.com.au
» VALUER Alison Sun - Australian Valuers M: 0416 181 285 E: alison.sun@australianvaluers.com.au
ASSOCIATED REAL ESTATE PROJECT NAME
INDUSTRY SPECIALISTS
SIZE PRICE
Canterbury Towers
2
1
64m2
$496,000
Broadway on Ann
2
2
79m2
$609,575
Newstead Towers
2
1
77m2
$515,000
Aqua
2
2
102m2
$704,000
Head Office - Retail
0
0
141m2
$900,000
Chris Kennedy - CBRE Valuers P: 07 5581 2000 E: christopher.kennedy@cbre.com.au
» ACCOUNTANTS Tony Rossiter - Holmans Accountant P: 07 5430 7600 E: trossiter@holmans.com.au Sam Hodgetts - McAdam Siemon P: 07 3421 3421 E: shodgetts@mcadamsiemon.com.au
SALES PROCESS The management rights and associated real estate of the Metro Property Developments Portfolio are being offered off the plan in one line.
SALE TYPE
Offers are invited via expressions of interest. Interested parties must complete an ‘expressions of interest’ form, to be provided by the agents.
MARKETING AGENTS
Tim Crooks of Resort Brokers Australia has been appointed as the exclusive agent.
ENQUIRY
INSPECTIONS
Site inspections are strictly by appointment and can be arranged by contacting the agent.
DATA ROOM
Qualified parties will be provided confidential access to a data room containing more detailed information.
DUE DILIGENCE
Interested parties are encouraged to conduct appropriate due diligence during the expressions of interest period.
CONTRACTS
All enquiry is to be directed via the exclusive agent.
Copies of the contracts for sale can be provided by the agents on request.
CONFIDENTIALITY
CLOSING DATE
All interested parties will be required to complete confidentiality agreements and/or privacy statements, to be provided by the agent.
All offers are to be presented to the agent by 5pm on Thursday 22nd October 2015.
All information relating to the property and/or business conducted therein, whether given orally and/or in documents, including plans, agreements, income and expenses projected or actual, occupancy rates and the like is provided by the vendor. All intending purchasers are to make their own enquiries and assessments as to the accuracy or otherwise of the information supplied by the vendor.
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OFFERING
EXPRESSIONS OF INTEREST CLOSES 5PM THURSDAY 22ND OCTOBER 2015
CONTACT TIM CROOKS 0422 208 450 TIMCROOKS@ RESORTBROKERS.COM.AU
RESORTBROKERS.COM.AU
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