The completion of the city-changing $2.5bn Waterfront Brisbane development has been put back another year and there would have to been more than a ripple of concern through those businesses that precommitted or are wanting to make a commitment.<\/p>\n
The first stage of the development \u2013 the North Tower and public realm on Eagle St \u2013 was originally slated for completion in 2027. It was then changed to early 2028, then late 2028 and now late 2029.<\/p>\n
Property giant Dexus blames all the rain and construction complexity that builder John Holland has to cope with.<\/p>\n
The 49-storey North Tower is 71 per cent precommitted with Deloitte, DLA Piper, Allens, MinterEllison, Gadens, Colliers and others signing up.<\/p>\n
While they cool their heels, the good news, according to Dexus, is that gross effective rents are about 50 per cent below markets rates, which is one of the advantages of signing up early.<\/p>\n
But in a tightening office market it will be a balancing act for Dexus, their new tenants and their landlords when their leases at their current address expire. For most there will be provisions on leasing agreements for such an event.<\/p>\n
Although sometimes there\u2019s very little wriggle room.<\/p>\n
On the retail side of the equation Dexus has started talking to prospective restaurateurs \u2013 we hear Gambaros is just one of a number of household names they have informally spoken to.<\/p>\n
Once again the extended delay is helping no one \u2013 especially those keen to get a foothold in the Olympic city as soon as possible.<\/p>\n
Dexus says there will be \u201cgreater certainty on timing\u201d in FY27 when construction is scheduled to reach level five. We will be waiting for the next announcement.<\/p>\n
SENTINEL INVESTS IN $70M HOME BUSINESS<\/p>\n
Fund manager Sentinel Property Group is diversifying into the home manufacturing sector.<\/p>\n
The company founded by Warren Ebert (illustrated) in 2010 has bought a Darwin-based modular building business for $70m.<\/p>\n
Ebert has now launched the northern Australia Manufactured Accommodation Investment Trust for a $25m capital raise, while his family business Ebert Investment Group is contributing $10m towards the acquisition, with the remainder funded by banks.<\/p>\n
Ebert says the acquisition offers a large-scale manufacturing presence, allowing the company to meet demand and provide a fast turnaround time for customers.<\/p>\n
\u201cCurrently there are three production sites, however, there\u2019s opportunity to consolidate the operations to achieve greater throughput and efficiencies,\u201d he says.<\/p>\n
Sentinel refused to divulge the name of the company but Territory sources say the fund is buying Northern Transportables.<\/p>\n
Sentinel is already \u201clong\u201d in the Northern Territory, with the company\u2019s property portfolio set to exceed $800m, including Casuarina Square in Darwin, the NT\u2019s largest shopping centre.<\/p>\n
\u201cOur confidence in the NT has exploded over the last 18 months, particularly since the Country Liberal Party returned to office in 2024,\u201d Ebert says.<\/p>\n
\u201cBut the Territory is in dire need of quality accommodation. Our intention is to improve the quality, improve the standard, and improve the number of housing units because we have to do something to try and solve the housing crisis, which is getting worse.<\/p>\n
\u201cOne of the biggest problems we have is lack of workers. So, what we\u2019ve got to do is build more accommodation. We\u2019ll work closely with the NT government and the Commonwealth government.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The completion of the city-changing $2.5bn Waterfront Brisbane development has been put back another year and there 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