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Bathed in beachside beauty

first_img Developer: Traders in Purple Price: Three-bedroom from $899,000 Vave Scarborough Vave Scarborough launched this month.TWO new projects from builders Traders in Purple have been launched on the Redcliffe Peninsula, offering owner-occupiers the opportunity to invest in a growing region. Bathers Beachside at Margate Beach is currently under construction, and Vave Scarborough launched this month. Both aim to compete with the waterfront property markets of Sydney and Melbourne while remaining affordable. A render showing a kitchen at Vave.He said Redcliffe Peninsula’s beaches and the recent addition of the train line meant it was an attractive place to invest. “The Redcliffe apartment market continues to perform strongly, with increased buyer demand off the back of infrastructure improvements attracting a diverse range of buyers for its location, value and overall laid-back beach lifestyle and cafe culture,” he said.*** THE BASICS Bathers couple David Brougham and his wife Nora Hyde.“We selected that apartment because it’s boutique, and it gives us the layout we wanted,” Mr Brougham said. “Three bedrooms give us room for visitors.“But what we want to do is just push a paddleboard out.”Mr Brougham also cited the recently completed Redcliffe Peninsula rail line as a factor in choosing the area, as his wife could easily commute to her work in the CBD. “We weren’t seriously looking at Redcliffe until the rail line had been completed,” he said.More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Tropical haven walking distance from the surf9 Oct 2019Traders in Purple chief executive Brett Robinson said the two projects would complement the area’s beachfront location in a similar fashion to the company’s recent project at The Sebel Brisbane.“Both developments capitalise on the picturesque coastal setting and more affordable waterfront housing compared with Sydney or Melbourne,” Mr Robinson said. “The village feel and waterfront living boasts 23km of flat walking paths along the waterfront, and close proximity to the new Sebel hotel at Margate Beach.” Vave Scarborough encompasses 50 two and three-bedroom options, including 11 penthouse apartments, while Bathers Beachside will have 24 three-bedroom apartments. center_img Vave Scarborough launched this month.“The development of both Bathers Beachside and Vave Scarborough will offer something for buyers at every stage of their lives and every budget, including those who wish to downsize from the family home,” Mr Robinson said. Developer: Traders in Purple Price: From $585,000 for two-bedroom, from $768,000 for three-bedroom Bather’s Beachside Bathers Beachside at Margate Beach is currently under construction.Recent data showed Redcliffe was one of the southeast top 10 markets for interstate buyers looking for a new home. David and Nora Brougham have bought a three-bedroom apartment at Bathers Beachside. They said their main motivation for buying in to the project was the lifestyle on offer.last_img read more

Documentary captures restoration of historic Queensland homestead

first_imgChris Allan and Annie Moir with her mum Jan Moir outside the squatter’s cottage which is the next to be restored at Rosenthal. Picture: Michael Nolan.ONE of Queensland’s oldest properties, that is said to have sheltered Australian explorer Ludwig Leichhardt and bushranger Captain Thunderbolt at different times, will have its restoration journey revealed to Australia tonight. The dilapidated squatters cottage as it looked in 2016. Picture: CoreLogic.“We don’t have any children, so it’s time to turn the page regrettably,” Mrs Mulcahy told the Warwick Daily News prior to the auction.“I hope someone buys it who has the money and the time to restore it back.”More from newsParks and wildlife the new lust-haves post coronavirus13 hours agoNoosa’s best beachfront penthouse is about to hit the market13 hours agoTheir wish came true when mother and daughter team Jan and Annie Moir bought the lot at auction for $845,000.“I am so grateful to them,” Annie Moir said.“They were going to sell it in three lots of 20 acres and there were five people wanting the homestead.“Mum and I had a quick drink at the bar and decided we really wanted all 60 acres so we went up and bid against the vendor for the lot.”For the past two and a half years, Annie and her partner Chris Allan have worked to preserve the property, while running the nearby Killarney Hotel which is another historic building.“You have to sometimes kick yourself that we actually got the property in the first place,” she said.“It was riddled with white ants. I put my hand through a VJ board at one point, but that didn’t’ stop me. I really wanted the place.” >>>FOLLOW THE COURIER-MAIL REAL ESTATE TEAM ON FACEBOOK<<< The property is littered with historical relics. Picture: Michael Nolan.The restoration is running into the hundreds of thousands of dollars, with the main homestead finished and Jan Moir moving in.Annie and Chris are now working to turn the squatter’s cottage into their own home.“The homestead is three great big rooms with a big hallway going through it. We had to make a hallway to stabilise the structure.“There was a lot of white ant damage.” MORE REAL ESTATE STORIES Rosenthal Homestead at Warwick on the Darling Downs was built in the 1840s and is part of Queensland’s pioneering history for its role in the breeding of Merino sheep and cattle. The Mulcahy family bought the property in 1919 and ran a dairy farm until the 1980s.In 2016, third-generation owners, Jim and Diane Mulcahy, made the hard decision the sell the heritage-listed property which included the homestead, a squatter’s cottage, kitchen building, plus sheds and a meat box that served as a garden shed. When Jan and Annie Moir bought the historic property, the rooms looked like this, with all the original furniture inside. Picture: CoreLogic.Their story has been documented by ABC TV’s Restoration Australia program over the past two and a half years and ‘Rosenthal’ will air tonight at 11.30pm. The original homestead at Rosenthal is the focus of an ABC documentary to air tonight. Picture: Michael Nolan.last_img read more

Family-friendly community a drawcard for new buyers

first_imgVilla World’s $200 million The Meadows at Strathpine is a near sellout. Buyers Crisalyn and Marvin Tenio with daughter’s Autumn and Winter.First homebuyers are snapping up property at Villa World’s $200 million The Meadows, with stage three almost sold out.Following strong sales and the success of stage one late last year, The Meadows has fast tracked construction.The Strathpine development on Brisbane’s northside has secured 137 sales since its launch 18 months ago which Villa World Development Queensland director Peter Johnson attributed to the family-friendly aspect of the community.“The Meadows’ parklands which includes a playground, walking track, exercise stations and community gardens has been a real drawcard for young families, where they are able exercise, socialise and relax,” he said.More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours ago“Our residents feel comfortable knowing their neighbours have also bought at The Meadows for its sense of community and family-oriented focus.”Mr Johnson said The Meadows was one of Villa World’s Active8 communities, with a 2km cycle loop, sit-up benches, push-up bars and a range of interactive exercise stations.Marvin and Crislayn Tenio and their two daughters moved into their four-bedroom home at The Meadows after realising their budget would not get them far in Sydney.“Our family did a weekend trip to inspect homes around Brisbane, but nothing came close to the product and value we were getting at The Meadows,” Mrs Tenio said.“We managed to stick to our budget, getting a brand-new family home that we love, and we were also entitled to the first homeowners grant, which was a real bonus.’’The Meadows feature a collection of contemporary family homes and will comprise 393 homes upon completion.last_img read more

Cairns new homes: Redlynch community Springbrook fastracked

first_imgSpringbrook and Bellmere Lane land releases at Redlynch for property coverREDLYNCH’S largest and most popular masterplanned residential community, Springbrook, has fast-tracked the release of its latest stage to meet demand in the sought-after area from locals.Less than 15 minutes’ drive from Cairns CBD, one of the area’s fastest-growing suburbs is showing no signs of slowing down. Springbrook and Bellmere Lane land releases at RedlynchWith median house prices in the area rising by almost 7 per cent from 2018 to 2019, the appetite for affordable land options in the region continues to grow. “Over the past year, demand in the area has grown as more people look to build their homes in well-known property ‘hot spots’, with an easy traffic-free commute to the CBD,” Fortress Group sales manager Garett Kleinschmidt said.“The long-awaited release is located in a quiet cul-de-sac offering large-level lots up to 895 square metres in size, with prices beginning at $257,000.” Children on a playground in Redlynch’s largest and most popular masterplanned residential community.“Featuring some of the largest land available in Bellmere Lane to date, we are excited to offer premium homesites ranging from 1910sqm to 2535sqm in size with extra wide frontages allowing buyers to build the homes of their dreams,” Mr Kleinschmidt said.The large, level lifestyle blocks are located in the secluded boutique community of Bellmere Lane and are fully serviced by high pressure town water and sewerage.“This is our final land release, so the lots are in high demand,” he said.For more information on land now available at Springbrook and Bellmere and how to build your dream home, visit www.fortressgroup.com.au or phone 4051 4422.center_img Redlynch’s largest and most popular masterplanned residential community, Springbrook, has fast-tracked the release of its latest stage to meet demand in the sought-after area from locals. June 2019More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days agoSpringbrook offers a highly desirable address in an established, premium community surrounded by parks, playgrounds and bike trials.“Its proximity to established amenities — including a host of reputable state and private schools, James Cook University, shopping and health precincts — make it an attractive option for buyers,” Mr Kleinschmidt said.“The response in such a short time has been overwhelming; buyers are relishing the opportunity this vibrant estate offers to customise their homes in a very personal yet affordable way.”With the population of Cairns projected to grow to almost 223,000 by 2036 (from around 150,000 in 2016), Springbrook is set to deliver more than 320 homes for around 1000 residents.As one of Cairns’ premier lifestyle destinations, there’s no wonder buyers are flocking to the area with its proximity to the beaches and beautiful rainforest right at their doorstep.A number of major infrastructure projects currently underway are also contributing to the job growth and economic development in the region. Along with the early land release at Springbrook, Mr Kleinschmidt said Fortress Group was also proud to present the final release of large rural residential land in the north of Cairns.last_img read more

Country manor with a tropical twist south of the Gold Coast

first_imgA family sanctuary at 23-49 Ocean Drive, Chinderah.IMAGINE a childhood where carefree mornings are spent riding horses and go karts around the yard and afternoons fade to dusk fishing and frolicking at the beach.That’s been the life Jason and Christine Wagner’s three children have enjoyed growing up on this acreage nestled just over the border in Chinderah, NSW. A family sanctuary at 23-49 Ocean Drive, Chinderah.“It’s the perfect house for a growing family,” said Mr Wagner, who has put the property on the market with an asking price of $2.595 million.CoreLogic records show the Wagners purchased 23-49 Ocean Drive, Chinderah in November 2012 for $1.5 million.“There’s a playground there for the kids and plenty of space to ride their go karts, play soccer or ride a horse,” Mr Wagner said.“With our kids now grown up it’s time to pass the property on to another family to enjoy.” The house is surrounded by garden and trees.Set in the middle of 2.4ha, the main house is surrounded by landscaped gardens, palm trees and a 15m elevated lap pool which create a tropical feel. Enjoy easy access to the beach and the bush at 23-49 Ocean Drive, Chinderah. Light and bright living areas.Timber boardwalks connect the main house to a three-bedroom guesthouse which is suitable for extended family or for rent on Airbnb. MORE NEWS: Fuss-free living by the beach An 800m walk to the west takes you to Tweed River, while a 10-minute stroll east lands you on the beach.“It’s the closest acreage in this area to the Gold Coast and the only acreage available within a walk to the river or the beach,” he said.“My wife walks down the beach with the dogs and the kids love fishing in the river.”Kollosche agents Jamie Harrison and Corey Bedford have taken over marketing for the property which was first put up for sale last July. The guesthouse is ideal for visitors or Airbnb.More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago The water is never far away. The lap pool and palm trees create a tropical feel.The five-bedroom sanctuary has multiple modern living areas, a kitchen with all the mod cons, and a secluded master suite with lounge area, dressing room and ensuite. Old homes make way for new in knockdown trend Quirky pink Bungalow snapped up before auctionlast_img read more

Cairns real estate: Furnished apartments empty as border closure bites

first_img A furnished apartment the Cairns Harbour Lights complex on the Marina. This two-bedroom apartment is listed for $700 per week.While there had been some reports of tenants negotiating lower rents on existing leases, Ms Johnston said dropping the price for city units wouldn’t help generate interest. “There still are long-term locals that are moving around, but they’re not even looking at furnished apartments,” she said. “We’ve tried to have that discussion with some of our owners, about moving furniture into storage and opening their properties up to weather this storm. But most of them want to keep them furnished. “Say we dropped the rent of something at Harbour Lights from $700 to $650, I don’t think the inquiries will pick up. Cairns Property Office principal Julie Johnston said a certain interstate and international demographic was required to occupy the majority of the city’s furnished apartments, like the ones at Harbour Lights.“We just don’t have the people in the city at the moment that would occupy these units.”Ms Johnston said the fallout of the saturated furnished-unit market would likely be an increase in listings for sale.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago“We’ve got the hardcore investors, who know they have to wait sometimes 10 years (for a return on investment),” she said. “But there are the default investors, who perhaps had to move away and were unable to sell. Maybe they couldn’t get the right price at the time and they’ve put it up for rent. “They’re not too interested in investing, they’re not getting the returns right now and they don’t want the headaches. So I think by September, we might see some value for units.” “The No. 1 thing for applicants is to make sure they’ve filled out the entire form and filled it correctly,” Ms Johnston said. “If we have to go chasing information, that’s not a good sign on what sort of tenant they might be. They could even miss out if there’s a number of applications, and theirs is incomplete. “We see this too often, and filling it out correctly is 90 per cent of a good application. “For those who don’t have a rental history, everyone has to start somewhere. Make sure you’ve got an extra reference, or maybe your parents could be guarantors. “You could also offer some additional money upfront or instead of your first inspection at 13 weeks, offer to be inspected at four weeks. “For landlords, good communication, honesty and transparency. Once you’ve got a good tenant in, you can’t just be happy to collect rent – make sure you’re putting aside money for maintenance and be efficient when it comes to renewing – or you might lose your tenants.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:21Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:21 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to buy your first home01:21The impact of the border closure is being felt by property investors in the city’s central and fringe suburbs as rental listings from as early as March remain unoccupied. Cairns’ latest market vacancy rate was reported at 2.8 per cent at the end of April, but that number does not accurately paint the picture for investors with empty units in the CBD, Cairns North and nearby suburbs. Cairns Property Shop principal Julie Johnston said the central suburbs were hit hardest, as rental inquiries had dried up since late March. Cairns Property Shop principal Julie Johnston said investors with furnished units were among the hardest hit in the Cairns real estate landscape due to the border closure. PICTURE: JUSTIN BRIERTYShe said June was looking the “most normal” in terms of rental activity due to interest in houses in northern and southern suburbs, but she couldn’t see rental activity for central areas returning to normal until borders reopened. “A normal month for us was signing a lease per day,” Ms Johnston said. “We’re up to about 19 this month, a lot in Smithfield where we’ve had properties go in 24 hours, but April and May were about 20 leases and the gap was probably those furnished units in the city and on the fringe. “Those units are typically very appealing to interstate and international workers looking for something short-term and they don’t want to buy their own furniture.” center_img JULIE JOHNSTON’S RENTAL TIPS FOR APPLICANTS AND LANDLORDS last_img read more

COVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic

first_imgVictoria and Paul Taylor are renovating their investment property in Mitchelton. Picture: Tara Croser.Aussie families have jumped at the chance to renovate their properties during the coronavirus pandemic.New lending data has revealed just how keen Australians are to give their homes a facelift,, with the average budget coming in at a whopping $63,188.Victoria came in with the highest average renovation cost at $71,067, followed by Tasmania $67,416 and New South Wales $66,609. Queensland held the median at $60,560.ACT ($58,466), Western Australia ($54,377) and South Australia ($53,524) were below the national average renovation cost alongside QLD, according to Suncorp Bank lending data retrieved from July 2019 to June 2020.MORE: Amazing home has an entire skate park inside itExperts warn of sharp fall in house prices28-year-old buys house sight unseen, againBuilders have reported being inundated with enquiries for quotes for renovation projects.Brisbane-based builder Mitch Picklington of Mitcon Build has been inundated with construction enquiries from households during COVID-19.“We have been inundated with requests to quote for different jobs around Brisbane at the moment, whether it’s renovating one room in the house or making plans for a larger scale renovation to use the government’s Home Builder scheme.”Among the most popular requests were improvements to shared living areas, he said.“We’ve seen a surge in people wanting to expand their current living areas with an extension and refresh their outdoor entertainment area by adding a pergola, deck or even swimming pool.”AVERAGE COST OF RENOVATIONState/Territory Average AmountNSW $66,609WA $54,377QLD $60,560VIC $71,067TAS $67,416SA $53,524ACT $58,466Australia $63,118(Source: Suncorp)Suncorp data showed renovations were booming in The Gap, Burleigh Waters, Coorparoo, Elanora and Nerang in Queensland while Kellyville, Drummoyne, Miranda, Tamworth and Ballina were among those frequently renovated in New South Wales.Suncorp executive general manager consumer lending Bruce Rush said postponed holidays or events were among factors that were seeing households start planning renovations.More from newsWhizzkid buys almost one property a month during COVID-197 days agoThousands of affordable homes in limbo amid push for federal help15 Sep 2020“Many customers are keen to improve the look and feel of their home but don’t know where to start. The best way to keep a renovation on track and on budget is to do as much research as you can before getting started. Talking to your bank or broker is a good place to start to ensure you get the right finance for your renovation project.”Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58Victoria and Paul Taylor are among those who are planning to start renovation work, in their case on an investment property they’ve just picked up.“Our budget is $30,000 so spending on essential upgrades and upcycling as much as possible,” Mrs Taylor said. They’re saving money on the renovation by putting in a new bathroom with upcycled cast-iron bath and basin, and repainting the original 1950s kitchen rather than install a new one.“We should be done by mid October so that will be six weeks in total,” she said.Kitchens are still the most expensive part of the home to renovate but builders are reporting many requests coming in to improve living and entertainment zones.“We had been looking at purchasing an investment property for some time but nothing was jumping out at us. We found this renovators delight in Mitchelton and are taking time off to do it up rather than go on holiday. We weren’t thinking about renovating but given COVID-19 restrictions we figured we might as well put our energy and some dollars into a project that will hopefully reap rewards in the long term.”According to Suncorp’s renovation calculator, kitchens continue to be the most expensive part of the home to renovate – averaging $20,750, a bathroom around $16,250, a double carport would set a homeowner back $32,450, while a small deck costs about $4,300.Angie Brown from Randwick, New South Wales, said when COVID-19 changed her 2020 travel plans, she turned to renovations.Paul and Victoria Taylor are renovating their investment property during COVID-19. Pic: Tara Croser.“We had always planned to renovate, but COVID-19 and spending more time in our apartment than ever before made us reassess our finances, hastening up our renovation plans. It’s been nice to stay busy planning our apartment renovation, talking to our bank and having discussions with local suppliers and builders, and it has given us something to look forward to in a pretty crazy year where things haven’t exactly gone to plan.”LATEST REAL ESTATE NEWSlast_img read more

Boskalis, Van Oord joint venture wins Nord Stream 2 gig LoI

first_imgDutch energy and dredging services provider Boskalis has been awarded a letter of intent in a joint venture with Van Oord for rock placement services for the Nord Stream 2 gas pipeline project.The award was made by the project developer Nord Stream 2 AG and is a part of the construction of the planned gas pipeline running through the Baltic Sea, connecting Russian gas fields to European buyers.The joint venture between Boskalis and Van Oord will join the more than 200 companies from 17 countries which won contracts to work on this international energy infrastructure project.Boskalis said on Thursday that the contract value was approximately EUR 250 million ($286 million), with a 50 percent share for Boskalis. Contract details are expected to be finalized in the next few weeks.Rock needs to be installed at specific locations along the pipeline route to level the seabed and to protect the pipelines. The contract scope includes the sourcing of rock from quarries in the Baltic region. The project will be executed in a 50/50 partnership, and multiple specialized fallpipe vessels will be deployed in the period 2018-2019.In the period 2010-2012 Boskalis was also contracted for the rock placement for the first Nord Stream project and also constructed the landfall in Germany. In 2010, the partner on the project, Van Oord, was also involved in constructing the first Nord Stream pipeline. Namely, the company installed the pipeline landfall near Vyborg in Russia.The two 1,200-km Nord Stream 2 pipelines will mostly follow the route of the existing Nord Stream pipeline in the Baltic Sea – from the coast of Russia to Greifswald on Germany’s northern coast. It will have the capacity to transport up to 55 billion cubic meters of gas per year from Russia to Europe, connecting with pipelines within the European Union for onwards transmission.Nord Stream 2 AG said in a separate statement that the total value of contracts so far awarded on the project is more than four billion euros and that the project is progressing according to schedule.As far as the pipes for the pipelines go, Wasco Coating started work on the concrete weight coating of the Nord Stream 2 pipes in late March.After Nord Stream 2 AG had awarded Wasco Coatings Europe a contract for concrete weight coating, storage, and logistics of the 200,000 pipes for the namesake pipeline, Wasco awarded Denmark’s Blue Water Shipping a contract for the transport, handling, and storage of 113,000 of the pipes in late June.last_img read more

New Capacity Lifts DONG Energy’s Wind Division

first_imgDONG Energy has recorded a 32% increase in earnings from operating offshore wind farms in the first half of 2017 as compared to the same period a year earlier.Power generation from offshore wind increased by 34%, to 3.9TWh in H1 2017, as a result of newly constructed and commissioned offshore wind farms in Germany and the UK – the 258MW Burbo Bank Extension and the 582MW Gode 1 and 2. Offshore wind power accounted for 45% of the company’s total power generation.The 573MW Race Bank offshore wind farm in the UK produced its first power during the period as well.Revenue in the company’s Wind Division stood at DKK 10.9 billion (EUR 1.5 billion) in the first half of 2017, with gross investments reaching DKK 5.9 billion.The division’s underlying operating profit (EBITDA) for the period was DKK 6.3 billion, as compared to DKK 5.2 billion reported in H1 2016.Wind conditions were close to the norm in the first half of 2017, DONG said, and the availability of offshore wind farms was high, resulting in solid earnings from the company’s existing wind farms.Following the agreement to divest 50% of the company’s ownership interest in the German offshore wind farm Borkum Riffgrund 2 in 2017 instead of in 2018, DONG raised its 2017 EBITDA guidance for the continuing operations from DKK 15-17 billion to DKK 17-19 billion. This corresponds to an underlying growth of 18-32%.The company’s gross investments for 2017 are still expected to amount to DKK 18-20 billion.”Within one to two years we will likely have excess investment capacity compared to the target rating of BBB+/Baa1, assuming the current dividend policy, the current farm down model, the current Wind Power build out plan as well as the ambition of a 1 GW per year offshore wind build out from 2021-2025 are continued,” Henrik Poulsen, DONG Energy’s CEO and President, said.”The likely excess investment capacity materialises as more and more Wind Power assets come on line and start generating cash flow and has recently been positively impacted by the experienced decline in the build out cost per MW (LCoE). Value-enhancing, green growth opportunities beyond the current investment plan will thus be explored against tight strategic and financial criteria. This could naturally include additional opportunities within offshore wind – which remains our core focus – as well as other renewable technologies and within our downstream, customer-facing business.”Following the farm down of Borkum Riffgrund 2 and the expected farm downs of Walney Extension and Hornsea 1, DONG Energy will only consider farm downs subject to substantial value creation and risk diversification, Poulsen said.last_img read more

Students Visit Clay’s Lake Ahead of Winter Shutdown

first_imgStudents from the University of Brighton have paid another visit to the Clay’s Lake Flood Prevention Scheme in West Sussex, where works have progressed during 2017 ahead of the winter shutdown.This is the third consecutive year that students from the University of Brighton have visited the site.The flood prevention works at Clay’s Lake are being carried out by Mackley working as part of Team Van Oord on behalf of the Environment Agency.The Clay’s Lake project forms part of the Upper Mole Flood Alleviation Scheme which was developed by the Environment Agency after floods in the Crawley area during 2000.When complete, the scheme will reduce the risk of flood to more than 280 homes in the area, and to Gatwick Airport.A key element of the project – the removal of an existing dam and its replacement with a larger dam to increase the lake’s capacity from 10,000 cubic meters to nearly 400,000 cubic meters – was completed on 22 September.Other works are ongoing including reinstatement of the ‘borrow’ area which provided material for the new dam, and mitigation measures including the creation of a pond and tree pruning.The winter shutdown will begin at the end of October, with works recommencing in April 2018 when the project team will return to complete the project.last_img read more