MARINERS COVE - MAIN BEACH - SOUTHPORT
Mariner’s Cove is located at 60-70 Sea World Drive, The Spit at Main Beach on Queensland’s Gold Coast. This asset is a multi-use tourism development site that is positioned on the Gold Coast Broadwater. The property currently has a number of retail and commercial tenancies, and a 110 berth marina. The Marina also contains a high speed marine fuel depot and convenience shop.
Three stages of refurbishment were completed since acquiring the site.
The business has also extensively restructured to best cater for Gold Coast market demands, involving changes to the tenancy mix, berth leasing make up and fuelling facilities.
On 4 April, 2008, Ariadne and its joint venture partner Abacus Funds Management Limited (“Abacus”) completed the sale of Mariners Cove to SP Marina Pty Ltd, a company associated with Raptis Group Ltd and City Pacific Ltd.
Ariadne received net cash proceeds from the sale of approximately $21.5m after retirement of debt. An accounting gain of approximately $17.8m was generated from the sale.
VIRIDIAN NOOSA - NOOSA HILL
The Viridian Noosa development is located on a 10.5 hectare site on the Noosa hill in Queensland, contained within 19 hectares national park.
Ariadne and its joint venture partner Leighton Properties Pty Ltd successfully delivered 2 of the 3 stages of the premier residential and tourism development in Noosa on Queensland’s Sunshine Coast. Stages 1 and 2 of The Viridian Noosa development consisted of 8 stand alone houses and 23 Villas, and was successfully completed in 2005.
The first two stages of the project received numerous awards, receiving the UDIA Award for Best Large Medium Development in Queensland.
Ariadne disposed of its interest in Stage 3 of the project in June 2007.
SKYLINE APARTMENTS - BRISBANE
Ariadne and its joint venture partners the Seymour Group and Watpac Limited were responsible for the development of Skyline Apartments, a landmark 47 level residential development located in the heart of Brisbane’s Riverfront Residential Precinct.
Skyline Apartments is located on one of the last remaining land parcels along this River Precinct making it a unique and special place to live. The innovative form of the apartment tower reflects a new direction of architecture in the area, with master planning providing a seamless relationship to the city grid and the river’s edge with view corridors that maximise these links and promote privacy.
BOTANIC - MITCHELTON - BRISBANE
In 2003, Ariadne and its joint venture partner, Watpac Limited acquired a 8.9 hectares of land at Mitchelton located 8.8 kilometres from the Brisbane CBD. This land subdivision, called Botanic, is a beautifully master planned residential enclave close to transport, shops and schools.
ELEMENT ON COOLUM - COOLUM BEACH
Ariadne with its joint venture partner SPB Developments Pty Ltd has delivered mixed retail and investor accommodation project in Stages 1 and 2 of the development, which is strategically located at a beach side site in Coolum Beach on the Queensland’s Sunshine Coast.
The investor accommodation product has set a new benchmark of quality in the Coolum Beach area and retail tenancies have attracted a strong level of interest from both commercial investors and business owner/operators. Stage 3 of the project was disposed of in June 2007.
PORTAL BUSINESS COMMUNITY – NEWSTEAD - BRISBANE
In 2000, Ariadne acquired a 13,931 square metre site on Breakfast Creek Road, Newstead for a proposed mixed residential, retail and commercial development. Stage 1 comprising a 6,282 square metre commercial building on 6,000 square metres of land was completed and sold for $17.8 million. Stage 2 of the site comprising 4677 square metres of land was disposed of in June 2005, with Stage 3 also sold in June 2007.
BRISBANE ADMINISTRATION CENTRE AND CITY PLAZA
In August 2003 a consortium comprising of Ariadne, Watpac Limited and The Seymour Group entered into a contract to acquire the Brisbane Administration Centre and City Plaza (“BAC Precinct”). Settlement was scheduled to occur once the Brisbane City Council relocated to the new Brisbane Square development.
The consortium had proposed a full refurbishment and expansion of the Brisbane Administration Centre, repositioning it to an ‘A’ grade commercial tower of approximately 32,000 square metres of net lettable area.
Amidst strong growth in the CBD leasing market, the consortium capitalised on an opportunity to dispose of its rights to purchase the BAC Precinct to private developer Indigo Land Owner Pty Ltd (“Indigo”) in June 2005. Assignment of this right to Indigo generated a profit in excess of $20 million for the consortium.
MARTIN COLLEGE – 119 CHARLOTTE STREET - BRISBANE
Ariadne purchased the site at 119 Charlotte Street in mid 1999, and then negotiated with the UK’s Daily Mail Group to pre-commit to approximately 6,000 square metres of the building’s net lettable area. At the time, this was the largest leasing deal ever undertaken in the Brisbane CBD. Ariadne then proceeded to refurbish the nine-storey commercial office tower to the Daily Mail Group’s specification, supplementing it with five ground floor retail tenancies and two levels of podium car parking providing approximately 54 bays.
THE SEBEL NOOSA RESORT - NOOSA
The Sebel Resort Noosa is a 8,300 square metre resort development located on Hastings Street Noosa, in the heart of Australia’s most exclusive tourist destination offering location, luxury and lifestyle.
The Sebel Resort Noosa features 112 luxury apartments in six blocks overlooking a retail precinct built around a pedestrian plaza. The retail precinct comprises nine specialty retail shops and restaurants with frontage to Hastings Street. All 112 apartments sold in the first day of release in November 1999. The project was a finalist in the Queensland UDIA Awards for Excellence 2001.
ANZ CENTRE - BRISBANE
The ANZ Centre is a twenty-six level building originally constructed in 1975, comprising approximately 18,607 square metres of net lettable area. The building provides twenty-three upper levels of office accommodation, ground floor retail and two levels of basement car parking.
Ariadne and its joint venture partner acquired the building in 1999, and carried out an extensive re-modelling and facelift program after a long-term lease was negotiated with the buildings vendor, ANZ Banking Group.
A successful leasing campaign resulted in the building being 85% leased within 12 months of commencing the refurbishment. The project was a finalist in the Queensland UDIA Awards for Excellence 2002.
30 MAKERSTON STREET - BRISBANE
Tourism Queensland House is a thirteen level building comprising 14,700 square metres of net lettable area. The building has two podium office levels, eleven upper office floors, ground floor retail and five levels of basement car parking.
Ariadne and its joint venture partners purchased the building under vacant possession in March 1999 and carried out a $9 million refurbishment program to dramatically transform the building to A grade commercial standard. The refurbishment program met with strong tenant demand, resulting in an extremely successful leasing campaign. The project was a finalist in the Queensland UDIA Awards for excellence in 2001.
ADMIRALTY QUAYS - BRISBANE
Admiralty Quays is a 176 apartment, 32 storey riverside residential building, which was completed in February 1998. Admiralty Quays was awarded the 1998 UDIA Queensland award for Best High-Rise Residential Development. In 1999 the building was also awarded the prestigious Rider Hunt National Award, Australia’s foremost property prize recognising excellence in property development. The building also received an award from the Master Builders Association. The Admiralty Precinct transformed Brisbane’s east end of the CBD into a thriving up-market residential district.
QUEEN STREET CENTRAL
The 5,000 square metre site bounded by the Queen Street Mall, Edward Street and Adelaide Street in the Brisbane CBD was purchased by Ariadne and its joint venture partners in August 1998.
Commitment was made to a retail refurbishment with Coles Express and Target as anchor tenants. The joint venture however subsequently secured development approval for the construction of a new retail complex comprising of a new David Jones store, ancillary car parking and associated specialty retail. After development approval was granted, the site was sold to the Gandel Retail Trust. Stage 1 of the development, aptly name QueensPlaza was completed as originally designed in May 2005, and is now the premier shopping destination in the Brisbane CBD.