What will be the market impact of 150 more units under construction in Cleveland?
The area between Toondah Harbour and the Cleveland CBD is experiencing an apartment construction boom with 150 units under construction and at least 200 more units awaiting Council approval.
1 Fitzroy Street
1 Fitzroy Street 65 units
Application MCU013309 was submitted on 3 September 2014 and approved by Redland City Council on 28 November 2014.
The developer is Javica Property Solutions Pty Ltd.
The project will have 65 apartments in a single block of six storeys.
12-14 Wharf Street
12-14 Wharf Street – 35 units
Application MCU013470 was submitted on 30 April 2015. Following the Council’s decision on 6 August 2015, a negotiated decision was approved on 1 September 2015.
The developer is Australia Wistar Pty Ltd.
The project will have 35 units, 32 of them will have two bedrooms and three will have three bedrooms.
There will also be 210 m2 of commercial space.
211 Middle Street and 21-23 Passage Street
211 Middle and 21-23 Passage Street 42 units
Application MC012013 was made on 11 February 2013 and approved on 26 September 2013.
The developer is Middle Street Properties No. 1 Pty Ltd As Trustee
The project will have a total of 42 units.
13 North Street
13 North Street 10 units
Application MCU013244 was made on 5 May 2014 and approved on 13 November 2014.
The developer is Mr Peter Topatig.
The project will have 10 units in a single block of three storeys.
In the pipeline
Proposal for 86 units at 16 Wharf Street, 224 Middle Street and 37-47 Shore Street East
As well as these 150 units under construction two other projects could add more than 200 units to the stock of apartments in this part of Cleveland.
86 apartments could be built on adjoining blocks in Middle Street, Wharf and Shore Street East. This proposal, by Javica Pty Ltd, was submitted to council as MCU013661 on 21 January 2016.
The project is proposed to be for a single complex of six storeys.
Proposed apartment towers at Cleveland train station
124 units at the Cleveland train station are proposed under MCU013612. The proposal by Envisage Development Management is for two eight storey towers to be built above the station’s northern car park.
3,600 apartments could be developed at Toondah Harbour by Walker Corporation if its plans are approved by all three levels of government. If construction is staged over 15 years an average of 240 apartments per year would be added to the area’s accommodation supply.
Rental market implications
Apartments “For Rent” signs in Cleveland on 20 February 2016
There are indications that owners of Cleveland apartments may already be struggling to find tenants, with plenty of “For Rent” signs to be seen.
This is consistent with recent reports that Brisbane is experiencing an oversupply of apartments due to a large increase in new stock over the past year.
Landlords are experiencing long vacancy periods, declining investment yields and many are offering incentives like rent free periods to get tenants.
QUT property economist Dr Lyndall Bryant says:
In addition to the 10,000 near-city apartments under construction, inner ring Brisbane has another 15,000 apartments approved and another 15,000 waiting approval. If all these properties go ahead there will be an apartment oversupply and it’ll be a tenants’ market for the foreseeable future.
Population projections trimmed and City Plan implications
The Government has recently revised down its population forecasts for Redland City according to a report in the Redland City Bulletin. By 2041 the number of people to be accommodated in the Redlands is expected to be 18,000 less than previously forecast.
The Council’s draft City Plan 2015 was aimed at accommodating an extra 50 000 people in Redlands by 2041. Given the reduced population projections, the controversial approval of Shoreline (10,000 people) and the current Council’s plans for Toondah Harbour and Weinam Creek (another 10, 000) it’s clear that major changes to the Draft City Plan are required.
The Council elected on 19 March should reboot the planning process and manage it properly starting with a Statement of Proposal as required under the Planning Act – a step that was circumvented by the Williams Council.
Redlands2030 – 21 February 2016
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A construction boom in Redlands of apartments…why? Real estate agents say there is an over supply of units in Brisbane now. Congestion with no money for infrastructure projects can only increase. First time ever couldn’t find space to park at Old Cleveland Rd chemist, saw one entry to McDonalds but leaving had to get in line to exit the area. Getting to be the same way at Capalaba Park shops & seeing 1st of six 6-storey apt bldgs across from there with almost 300 apts soon to be occupied will result in a parking dilemma in Capalaba CBD I feel.
Hopefully we will see much needed change in the new council after March election. Spoke with friend who lives in Cr Julie Talty’s div who has impressive flyer showing her busily doing rounds in electorate with lovely photos, some pictured with Mayor, but who has never seen her….said she often saw previous Cr Toni Bowler out and about in the electorate. Toni took her job seriously. Some well paid local pollies ride the gravy train then ask to be re-elected. The people will have their say March 19, 2016.
Whether these projects constitute an oversupply or not is not really the issue – It is whether this is the sort of thing wanted by the community because it will not stop at these few projects. It will eventually change Cleveland from its “country town” atmosphere to that of a city ! Traffic chaos, parking problems, fumes, you name it. I drove to Victoria Point via Cleveland last night about 6.30 pm. Not exactly peak hour. I’m not usually in this area at night so I was amazed at the traffic during the journey. It brought home just how much development is going. My quick opinion. No high rise above 3 levels, No to the current Toondah project . In seeking public opinion for the “CITY plan did any one actually ask the public if they wanted high rise all over the Redlands. I doubt it.
Lesley, have you read the latest article in the local paper about what the candidates have to say? You can easily tell which candidates have had their orders from Karen Williams as to what they should and shouldn’t say particularly about the current town plan. Saves them thinking for themselves. Totally agree with you about Wendy Boglary as she is my Councillor too and I am only too happy to vote for her. There are several other councillors and candidates who I would be happy to see elected so please people think for yourselves and don’t let the current mayor tell you who to vote for.
Very interesting, anyone interested in living in Redlands should be carefully studying what their candidates for election are standing for. Too late we find out their plans don’t meet our expectations. Thank goodness I am happy to vote for Wendy my sitting member, time for a change might be right for some divisions and wrong for others. I think the secret is in the posting of billboards for candidates. Those candidates with their boards beside Karen Williams support her views.