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Fundamentals in Brisbane inner city apartment market are weakening
Topic Started: 16 Aug 2014, 09:35 AM (2,260 Views)
peter fraser
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miw
17 Aug 2014, 09:54 PM
That area went under in 2011. Lang Parade was inundated from Dunmore Tce right around to the bottom side of Lima St.

Most of Douglas street and also Dunmore Park were underwater.
Thought it would have been. I meant Dunmore not Dunwich.
Any expressed market opinion is my own and is not to be taken as financial advice
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Bardon
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miw
17 Aug 2014, 09:40 PM
If you mean Park Rd, it looks like the top where all the coffee shops did not. Down next to the river and just over the other side of the railway line it looks as if there was a bit of inundation in places. However there is no solid purple on the map.


Any idea what is going to happen with the old ABC offices over the road from Toowong Village?
No I am not but surely they would have to be demolished given the unanswered source of cancer cluster question. Its an eyesore anyway for a prime elevated riverfront property.
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lulldapull
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I had just moved into the Regatta apartments after the 2011 Brisi floods from Gladstone, and if you go to the Regatta Hotel next time Bardon, check out the flood markers on one of their historic terrace posts..........fuck the river didn't overflow the banks, it was the sewers which bubbled up!

Many of the residents told me the water was over 3 metres deep around parts of Toowong. Milton, Auchenflower same.

Serious water damage to ground floor offices. Parts of the CBD were inundated too. It was a disaster man.
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peter fraser
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lulldapull
17 Aug 2014, 10:21 PM
I had just moved into the Regatta apartments after the 2011 Brisi floods from Gladstone, and if you go to the Regatta Hotel next time Bardon, check out the flood markers on one of their historic terrace posts..........fuck the river didn't overflow the banks, it was the sewers which bubbled up!

Many of the residents told me the water was over 3 metres deep around parts of Toowong. Milton, Auchenflower same.

Serious water damage to ground floor offices. Parts of the CBD were inundated too. It was a disaster man.
Yes it was a disaster and there would have been some raw sewerage released, but seriously sewerage can't go higher than the flood water, can it?
Any expressed market opinion is my own and is not to be taken as financial advice
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Bardon
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lulldapull
17 Aug 2014, 10:21 PM
I had just moved into the Regatta apartments after the 2011 Brisi floods from Gladstone, and if you go to the Regatta Hotel next time Bardon, check out the flood markers on one of their historic terrace posts..........fuck the river didn't overflow the banks, it was the sewers which bubbled up!

Many of the residents told me the water was over 3 metres deep around parts of Toowong. Milton, Auchenflower same.

Serious water damage to ground floor offices. Parts of the CBD were inundated too. It was a disaster man.
Hey Lulldapull I know those markers well, and also the stormwater backing up, it happens frequently around all of the low lying ex swamp now developed areas of Brisbane, Rosalie cops it often and in Hawthorne and Bulimba last time that's how the flood damage was done. They have non return flaps on all of those storm water outlets along the river now to prevent this. Were you working in Clough's Milton office during the last flood.
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miw
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Bardon
17 Aug 2014, 10:15 PM
No I am not but surely they would have to be demolished given the unanswered source of cancer cluster question. Its an eyesore anyway for a prime elevated riverfront property.
A mate of mine was thinking of putting a bid for the land and undertaking redevelopment and asked me if I wanted to be involved, so I did a bit of a check - I think it was about a year or so ago.

Well, we sure found out why there had already been two failed tenders for the site. The ABC was trying to control the use of the site after they sold it - all kinds of conditions were being put on the purchasers, - including keeping some of the existing buildings - I kid you not.

You are absolutely right about it being an absolutely prime elevated riverfront property. Almost all of it above 2011 and 1974 flood lines. and it is 15000sqm.

Just did a bit of a search and looks like it sold last September for $20,876,669 to a developer by the name of Sunlands who will put up three residential towers but have at least 3000sqm of parkland on the river and keep the now heritage listed Middenbury house and fig trees as well as extend the riverside bikeway through the grounds to Archer St. looks like they get to demolish everything else if they want though.

I was hoping the BCC might buy it back and turn it into a park. Fat chance.

Posted Image

Yellow buildings to be demolished now. Blue building heritage listed and retained. Green buildings not to be demolished immediately but maybe later.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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Bardon
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Wow, that's a very interesting update there MIW, is that the market rate for something like that?

I am a little superstitious and no matter how good the deals I wouldn't touch it given its recent history.

I just had a quick gander at prices in West End. Astounded by how little is on the market and how high the prices are. Pretty chuffed about it as well.

I managed to find some footage of Lulldapull when he was caught at the Regatta during the last floods, that's him at 0.22 with the white hat on:


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miw
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Bardon
17 Aug 2014, 11:01 PM
Wow, that's a very interesting update there MIW, is that the market rate for something like that?
From memory, my mate and I were working on $18M-$20M for the site so I guess yes. It works out cheap on a per square metre basis. compared to hi-rise sites along the river in St. Lucia I think, but the downside is they obviously do not have full use of the site.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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peter fraser
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miw
17 Aug 2014, 11:12 PM
From memory, my mate and I were working on $18M-$20M for the site so I guess yes. It works out cheap on a per square metre basis. compared to hi-rise sites along the river in St. Lucia I think, but the downside is they obviously do not have full use of the site.
On the upside for that site it is walk to a shopping centre, every major bank, train, ferry, and bus at door. The cancer cluster I believe was never able to be proven. Local word is the ABC women were all smokers and drinkers, so their lifestyle may have increased the likelihood of cancer, giving a false indication of a problem.

Archer St used to be the highest BCC rates street in Brisbane, so it's a high worth address.
Any expressed market opinion is my own and is not to be taken as financial advice
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Bardon
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Thanks for the info on that site guys, learn something every day.

I have fond memories of the Royal Exchange Beer Garden Sunday sessions when I first moved to Brisbane back in the eighties. 11am a great live performer singing Montego Bay, plenty of female yooni students and jugs of rum and coke, I thought I had died and went to heaven, that's when I knew Brisbane was for me.
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