Apartments or Admin?

With the CBD commercial market in an oversupply limbo, and residential development dominating the headlines, the Property Council’s CCRE committee looked to one of Brisbane’s most successful fringe markets, South Brisbane, and posed the question – is the future apartments, or administration?

Over 60 commercial and residential professionals attended the seminar style breakfast event which was hosted by Herbert Smith Freehills and featured a commercial perspective from Andrew Carlton, Senior Director – Knight Frank, the residential perspective from Michael Zaicek, Commercial Manager – ARIA Property Group, and a mixed use focused presentation from Shane Bulloch, CEO – Anthony John Group.

Shane Bulloch began proceedings with a discussion of the development and community benefits that mixed use projects would bring to a market like South Brisbane. Shane drew on Anthony John Group’s experience in South Brisbane on the South Point project, and throughout Brisbane.

Shane spoke about South Brisbane and in particular South Bank having strong fundamentals and high amenity. This is very important in attracting commercial clients along with offering a mix of uses so that employees have the opportunity to live, work and play in the same precinct.

Following on from Shane’s discussion, Michael Zaicek’s presentation was supported by the considerable corporate history of ARIA Property Group in South Brisbane delivering residential properties and associated retail and food retail precincts.

Michael spoke about the key drivers for South Brisbane including, high population growth, well serviced by infrastructure, under serviced by retail and neighbouring Brisbane’s Cultural and Entertainment precinct.

Andrew Carlton’s perspective focused on the leasing history, and more recent transactions that support the continued growth of South Brisbane as a commercial market.

Andrew discussed the growing appeal of South Brisbane that was first inspired by Thiess’ move into 179 Grey Street in 1999. This appeal is driven by the market’s actual and perceived proximity to the Brisbane CBD, strong public transport links and parking ratios, and entertainment amenity.

Andrew argued that in many cases South Bank was closer to the George Street than sites within the CBD, let alone other Brisbane Fringe markets, and that this strength will only become more relevant as Queens Wharf comes to fruition.

Finally, however, Andrew agreed that the demand for residential was much stronger than commercial at this point in time, and a move towards greater commercial development would be dependent on the next stage in the cycle.

The presentations were followed by a panel discussion, moderated by Christine O’Hara, General Manager – Office at Investa Property Group and Chair of the Property Council’s Commercial and Corporate Real Estate Committee. It focused on our speakers’ predictions for the area, and the success of the South Bank/South Brisbane development story.

The Property Council would like to sincerely thank our guest speakers Shane, Michael and Andrew along with Christine O’Hara for moderating the event. Special thanks must also go to our major sponsor Dexus Property Group, host and sponsor Herbert Smith Freehills and supporting sponsor Yardii, without their support the series would not be possible.

 

Major Sponsor

Sponsored By

Supported By

 

Christine O’Hara – Investa Property Group

Shane Bulloch – Anthony John Group

Michael Zaicek – ARIA Property Group

Andrew Carlton – Knight Frank

Jaime Burnell – DEXUS Property Group

 
Jaime Burnell – DEXUS Property Group, Andrew Carlton – Knight Frank, Shane Bulloch – Anthony John Group, Christine O’Hara – Investa Property Group & Michael Zaicek – ARIA Property Group