Project Profile
>> WHAT'S NEW?
1 December 2009
Harvest in JV with Denison Capital secure acquisition of 26 Wharf Street.
8th February 2010
Harvest and Dension settle 26 Wharf Street. Investment fund over subscribed.
1st April 2010
Harvest enters into agreements to acquire Bass Hill (NSW) and Burpengary Pines Home Park as part of broader Home Park Strategy
15th May 2010
Graystone and Harvest commence construction at Brisbane Technology Park.
>> KEY FOCUS
"acquire and develop strategic land holdings within South East Queensland that blend passing income, repositioning and redevelopment potential to provide "value-add" property returns to its clients and investors"
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>> CONTACT US
Street Address: Level 7
WHK Horwath Centre
120 Edward Street
Brisbane QLD 4000
Postal Address: GPO Box 3336
Brisbane QLD 4001
Phone: (07) 3210 7300
Fax: (07) 3211 2925
Email: info@harvestproperty.com.au
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Lutwyche Outlook - 463 Lutwyche Road, Lutwyche.
>> $65m Mixed Use Redevelopment of key fringe CBD location.
Scehduled to commence construction in mid 2011, Lutwyche Outlook comprises 80 residential apartments, substantial gymnasium facilities, ground floor retail and first floor office accomodation. The site benefits from fantastic vistas towards ths Brisbane CBD, is located proximate to the future inner Northern Busway and is well serviced by retail and entertainment activities.
The centre was acquired on the 22 July 2007 and is currently fully occupied by the Lutwyche Fitness First Gynasium, Fitness First Regional Office, Optima Sports Medicine, and the Nirvana Day Spa, amongst others.
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Lots 1 & 2, 5 Gardner Close, Milton
>> $9m Commercial Office re-positioning in high quality fringe CBD location.
A total 1605 sqm of high quality commercial office strata was settled in October 2007 and has subsequently repositioned & released in October 2008 to Brisbane-based engineering company Sedgman Ltd.
Sedgman Ltd, which has offices at 2 Gardner Close in Milton, has secured 1656sqm across the road. Colliers International Leasing Executive, Bo Veivers, who negotiated the deal, said Sedgman needed to expand its Brisbane office space following substantial growth. The company has grown from less than 150 people in 2002 to more than 650 in 2008, with offices now in Brisbane, Mackay, Townsville, Perth, China and Chile along with representation in South Africa.
Sedgman, an ASX-listed leading provider of multi-disciplinary engineering, project delivery and operations services to the global resources industry, will take up occupation of the fully fitted out tenancy in late 2008 and has signed a three-year lease.
This is a good result for Harvest Property who manages the property on behalf of the syndicate of Private Investors ," Mr Veivers said. Mr Veivers said Milton remained a favourable inner city precinct for business opting out of the CBD.
"The city fringe can offer a more flexible workplace and Milton remains very popular," he said. "There's the restaurant and retail hub of Park Road, parking is easier and public transport still good." Mr Veivers said Sedgman Ltd was one of many Brisbane-based businesses, particularly in the engineering sector, which was expanding despite the global financial crisis. He said multi-billion dollar spending on infrastructure projects in south-east Queensland and a local mining industry which remained strong was providing a buffer from the crisis. "State government infrastructure projects such as Airport Link and the Gateway Upgrade will keep business moving and companies like Sedgman remain optimistic," Mr Veivers said. The property was previously occupied by Cardno who have since relocated to a new tenancy at Green Square. Cardno had been pursuing a sub lease of the accommodation, however the ability for Sedgman to request a new direct lease enabled Harvest to negotiate a surrender of the Cardno lease and obtain a significantly higher rental than was currently being achieved for the property.
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Lot 1305, Brisbane Technology Park, Eight Mile Plains.
>> 3,200sqm Commercial Office Accomodation located in the heart of Brisbane Technology Park.
Acquired at auction from the State Government in early May 2009, Lot 1305 @ BTP represents the cutting edge in science, research and technology focused business accomodation.
The proposed building provides 3200sqm of office accomodation that can be fitted for a wide variety of technical and business uses. Excellent floor plate design, high quality finishes, abundance of natural light and generous car parking ratios - all make the building a desireable tenancy option.
50% of the building has been pre-committed to a Dutch based Research and Innovation Group and Harvest is currently negotiating with a number of other prospective tenants for the balance.
Lot 1305 @ BTP represents the firt 5 Star Green Rated building within the Brisbane Technology Park and an evolution in the Park's built form.
It is expected the project will be completed early 2011 and represents approximately $14m in completed value.
This project in undertaken with Zernike Australia Pty Ltd and the Graystone Group as project partners.
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Nestle Inn Home Park - Manly Road, Tingalpa.
>> $9.25m High Yielding Residential holding in a bayside location
The asset comprises a strategically located 6.97 hectare parcel of land located approximately 9 Km east of the Brisbane CBD, operating as a tourist and permanent resident relocatable home park, currently generating a Net Operating Income of in excess of $1,000,000 per annum.
The acquisition of Nestle Inn continues Harvest's core strategy of acquiring significant parcels of land that have existing income and underlying future redevelopment potential. Whilst the site does have future redevelopment potential, Harvest's objective is to enhance the utilisation of the site for its current purpose. Home parks of this nature provide affordable housing in its purest form and we believe the site has more capacity than is currently being utilised to provide additional affordable housing options.
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O'Connells OBM House - 26 Wharf Street, Brisbane
>> $10m Office Refurbishment and Repositioning of key CBD asset.
In joint venture with Denison Capital, Harvest has secured the acquitision of 26 Wharf Street - located in the heart of Brisbane's CBD. Scheduled to settle in Jan 2010, O'Connells OBM House comprises 11 levels of office accomodation and approximately 3,000sqm of Net Lettable Area. Harvest plans a comprehensive refurbishment of the asset and an aggressive leasing campaign to attract addition tenants to the building and to re-position the asset to a more institutional investment grade product. Works are to begin in June 2010 with an expected completion date of March 2011. Total budget for refurbishment works to exceed $1.5m in addition to the $8.5m acquisition price.
Existing tenants include Macquarie Telecommunications, APT Allgas Energy, Cougar Energy, Roy Morgan Research amongst others.
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