LIFESTYLE options, space and security – all with minimum maintenance – top the list of wants for Baby Boomers who are now actively downsizing from their family homes.
Developers are catering for the cashed-up generation, aged between 48 and 67, with three-bedroom apartments, often located in precincts with shops, restaurants and easy access to transport.
Unlike Generation X and Y, boomers wed in their 20s and bought into home ownership early in life. They have cashed in on several property booms (and free tertiary education), making them the richest generation—ever.
According to the Australian Bureau of Statistics, people aged 45-64 now boast the highest discretionary spending power.
Brookfield Residential Developments has sold 80 per cent of its three-bedroom high-end apartments in the Pinnacle building at Portside Wharf to Boomers.
The luxury apartment project on the river at Hamilton is set for construction later this year after chalking up more than $46 million in apartment and penthouse sales since its release in April.
Three-bedroom apartments in Pinnacle’s first stage have sold out, forcing Brookfield to release the final three-bed stock ahead of schedule.
Project director Lee Butterworth said Baby Boomer buyers were looking for maximum space with minimum maintenance.
“Although they are now empty-nesters, these buyers are trending towards large, three-bedroom apartments with quality fittings and finishes, spacious balconies, plenty of storage and extras such as two carparks and security,” he said.
“A large portion of these buyers no longer want the maintenance of their existing homes but aren’t ready to drastically downsize their living space, making the 139sq m three-bedroom apartments in Pinnacle the perfect compromise.
“For those making the shift from house to apartment, the apartments make it an easy transition with huge balconies up to 20sq m, open-plan living and floor-to-ceiling windows that showcase the stunning river and city views.
“Now that the children have moved out, these Baby Boomers have time to enjoy some of the finer things in life so location is key as they look for proximity to entertainment and dining.
“Transport and amenity also play a significant part, and building facilities such as pools, gyms and entertainment areas are a determining factor.”
Pinnacle is located on the doorstep of the mixed-use Portside Wharf community with its shops, cinema, fitness centre and restaurants. Three-bedroom apartments start from $1.2 million. and come with two secure car parks, two bathrooms and a choice of study or media room.
The fifth residential building in the precinct, the 16-level Pinnacle is a mix of one, two and three-bedroom apartments, penthouses and two-storey terrace homes.
Developer Mirvac is also seeing success with the Baby Boomer market, attracting the generation to its first two residential buildings at Waterfront Newstead.
Residential CEO John Carfi said the projects had predominantly attracted locals. Buyers fromTeneriffe, New Farm, Hamilton and Ascot accounted for more than 60 per cent of sales in the luxury first stage of Pier and 50 per cent in the second-stage Park building.
“Of these buyers, the majority are Baby Boomers wanting to downsize from a large family home, and they see there is limited opportunity to purchase in absolute riverfront developments,” he said.
“They want to move to a precinct that will offer an enhanced lifestyle with a lower maintenance property and a range of lifestyle amenities at the doorstep, while still being in a private and secure location.
“Newstead and its surrounding suburbs, like Teneriffe and Fortitude Valley, boast an increasing collection of some of Brisbane’s most sought-after restaurants, cafes and retailers – making it an appealing location for Baby Boomers.
“Amenity is also high on their list of priorities with many drawn to the convenience of the newly revitalised Newstead Riverpark precinct with the neighbouring Gasworks Plaza development now open.”
At Australand’s $500 million Hamilton Reach project it’s a similar story. The group has notched up more than $120 mil-lion in sales with the precinct proving popular with empty-nesters seeking a luxury, inner-city riverside address.
The Watermarque and Watermarque on the Park buildings have each achieved robust sales, bringing them to 89 per cent and 72 per cent sold.
Watermarque offers 78 apartments across two, five-level buildings – North and South – while Watermarque on the Park has 68 dwellings over five floors.
Australand Queensland residential division general manager Cameron Leggatt said empty-nesters could downsize without sacrificing privacy or a premium location.
Hamilton Reach is located 6km from the CBD and is within Economic Development Queensland’s Northshore precinct, which is currently undergoing a $5 billion urban renewal.
A Place Advisory report on the inner-Brisbane apartment market revealed that downsizers were beginning to influence off-the-plan sales for the first time since the GFC.
Buyers are now demanding larger and higher quality stock.
Original article published at www.news.com.au by Paula Shearer Home Editor, The Courier Mail, 18/9/2013
Sinnathamby’s 52-Hectare ‘Health City’ Vision for Springfield
Singapore-based Broadway Malyan will design a 52-hectare “health city” in expanding Springfield, pegged to have a total end value of $6 billion if the development plan is fully realised.
The site, already home to the Mater Hospital and Aveo seniors’ accommodation, will be fully integrated with the masterplan encompassing education and research facilities, a 2500 apartment aged care facility, business facilities along with residential and retail offerings across the 52- hectare site.
A key feature of the project includes a Living Lab, which the urban planners say will act as a testbed for new technology related to smart living and healthcare.
Springfield founder and property mogul Maha Sinnathamby purchased the 7000 acre parcel of land no developer wanted to touch in 1992. Three decades later, Greater Springfield has transitioned from a completely undeveloped site to a residential population of 36,000 with estimates 150,000 will call Springfield home come 2035.
Broadway Malyan director Ed Baker says the health city masterplan will see the creation of a community that functions beyond the working day.
“We have used the concept of healthy living as our guiding design principle, focusing on a development that will support and encourage the wellbeing of the people who will live, work and visit Health City.”
Springfield’s Health City marks Broadway Malyan’s first appointment in Australia, after securing the project through an international competition working alongside local partner Conrad Gargett.
Located on Brisbane’s fringes, at 33-kilometres from the CBD, Greater Springfield sits among one of Australia’s fastest urban-growth corridors.
To date, more than $15 billion has been invested by public and private stakeholders into the masterplanned city, with estimates the area will be worth more than $85 billion upon completion.
Nearby development includes South Ripley’s $1.2 billion master planned community, which last month celebrated the opening of the $40 million first stage of its Ripley Town Centre, by developer Sekisui.
The state government has spent $1.5 billion on major infrastructure items in the western corridor since 2005, with an additional $500 million recently announced to further support the corridor’s growth objectives.
High-rise care for elderly in heart of Ipswich CBD
NEW ROLE: The Metro Hotel Ipswich International will undergo alterations in design and layout for aged-care facility. Rob Williams
IPSWICH is about to get another residential aged-care facility and this time it will be right in the middle of the Ipswich CBD. According to media articles the Metro International Hotel Ipswich is to be redeveloped into a residential aged-care high-rise facility by a company called Oracle Care.
The Queensland-based company is apparently a new operator in this market and is currently developing other facilities, three in Goodna, two others in Queensland and one in Western Australia, according to the Weekly Source.
The Queensland Times, Monday, May 7, in an article outlined the facility would “provide single ensuite rooms and double suites for couples”. The article commented further that the “existing building facade is to be retained but the hotel will undergo alterations to the existing layout and design”. Oracle will keep the ground-floor function rooms and dining areas for residents and the community alike.
Oracle Care was only incorporated in 2015 and the business is registered as an Australian Proprietary Company, limited by shares. This seems like a very large undertaking by such a young company and it makes me wonder just who is backing it.
Council of the Ageing Queensland, the sector’s peak body, has welcomed the proposed redevelopment as an efficient way to bring beds on-stream much earlier than building from scratch.
The question is, what is the cost to the short-term accommodation availability in this city. Ipswich does not have that much short-term accommodation as it is, especially when there are major events held in and around the city. So by reducing the accommodation rates by this redevelopment lessens that available space to cater for tourists and other visitors to our city.
The Metro International Hotel Ipswich is ideally located behind the Ipswich Civic Centre and caters to, or it did, patrons attending the many shows staged there. Many of the shows staged at the Civic Centre are very popular and much cheaper to attend than travelling to Brisbane. In fact many patrons to these shows come from other places and stay at the hotel behind the civic centre for the night.
According to Oracle, this redevelopment will create more than 200 jobs and if that is the case great. But realistically these types of developments start with this type of rhetoric which eventuates in much less than first anticipated. But what about the jobs that will be lost from the hospitality industry? What about the jobs lost by the cleaners and house attendants currently employed by the hotel? Is this development really only replacing jobs from one sector to another?
So, will hundreds of jobs be created or will they just be one industry replacing another. Will there be any benefit for Ipswich jobs? I really do not think so. I believe that discussion about jobs is just a smoke screen by another developer seeking to rip money out of this community as we have seen so many times before.
We, the community, need to stand up and let the elected and bureaucrats of council know that it is no longer accepted that they continue to rip the guts out of the CBD. And that is what this approval for this redevelopment is doing. It is not good enough to continue to blame another level of government. Our council needs to take responsibility for its own actions.
$1.5 billion town centre officially open for business
THE first stage of Ripley Town Centre officially opened on the weekend as the $1.5 billion precinct is expected to be a catalyst for major regional growth during the next decade.
The milestone marks one of the first major regional infrastructure deliveries in the Ripley region since October 2010 when the State Government nominated it as a priority development area to accelerate development for the growth requirements in South East Queensland (SEQ).
The Ripley population is tipped to soar by almost 28% each year during the next eight years, which will underpin the growth requirements in SEQ. Latest data from Urbis shows the Ripley catchment will be the fastest growing suburb in Queensland until 2026.
This pace makes it one of Queensland’s fastest-growing areas, with the district set to reach a scale comparable with Springfield or North Lakes in the future.
The State Government has spent upwards of $1.5 billion on major infrastructure items in the western corridor since 2005, and a further $500 million has recently been announced to support the corridor’s growth objectives.
These include the $366 million extension of the Centenary Highway, the extension of the passenger rail line from Darra to Springfield plus the Centenary Highway duplication to Springfield valued at $1.27 billion, as well as a $124 million extension of the Ipswich Hospital.
The $40 million first installment of Ripley Town Centre, developed by Sekisui House and constructed by Hutchinson Builders, is anchored by a Coles store.
The first stage reflects a marketplace theme and spans 9400sqm, including 20 specialty businesses, commercial office space and 360 car parks to support the growing Ripley community.
Among the retailers are BWS, Madhouse Discount Ripley, APAR Hair Studio, Gold Class Nails, Orion Massage, Eco Shot Café, Mum’s Bakehouse, Ripley News, Ecco Ripley Sales & Information Centre, The Discount Chemist, Ripley Dental Surgery, Ripley Veterinary Hospital and opening soon Ripley Medical Centre and Chinese Lor Restaurant.
Sekisui House Australia CEO Toru Abe described the town centre opening as a “game-changer” for the western growth corridor, noting it was set to become a vital commercial and community hub for southeast Queensland.
Mr Abe said the site would ultimately turn into a 25ha precinct offering up to 1,000,000sqm of planned commercial, office and retail floor space as well as a dining precinct, regional transit hub, community and entertainment facilities, health and education, open spaces and new inner-urban residential nodes.
“Ripley Town Centre will epitomize the 20-minute neighbourhood – with everything located within 20 walking minutes,” he said.
The eco-friendly town centre recently received a 5 Star Green Star rating from the Green Building Council of Australia, after complying with strict criteria for sustainable design and construction across nine categories.
Mr Abe said the rating showed that Green Star transformation of the built environment wasn’t confined to Australia’s capital cities.
“Regional projects can lead on sustainability,” he said. “This project is packed with intelligent design features such as the rooftop solar that doubles as carpark shading and reduces greenhouse gas emissions up to 15 per cent.
“Sustainability excellence was a primary objective of the Ripley Town Centre project and this required innovative design and management to achieve high indoor environment quality, energy and water saving plus a selection of low-impact materials to minimise the impact on local ecology.”
The heart of the centre offers a showpiece open air space, Satoyama Way. Landscaped with trees, green walls, water features and a range of seating areas, the design was based on the Japanese concept of Satoyama – harmonious interaction between nature and man-made environments. The area will be extended as the town centre grows.
Ripley Town Centre will hold a Main Street Festival on May 26, from 11am to 4pm, to mark the official opening and to celebrate growth and harmony in the region.
Celebrations will include sidewalk dining, live music, entertainment, kids cooking, kite flying, rock climbing, community displays, roving performers and a silent disco.
Mr Abe said the festival was designed to showcase