- The site covers 7,800 sqm
- Currently has approval for a three-tower mixed-use precinct, with over 400 apartments and a 4,5000 sqm retail and design precinct
- The site is just six kilometres form the Brisbane CBD
A strategic site beside the Brisbane River at Northshore Hamilton has been acquired by Descon Group Australia for $70 million.
The acquisition is for the developer’s $800 million Olympic Village precinct.
The 7,800 sqm site is located at 19 Hercules Street, and was acquired from Wentworth Equities.
Currently, the site has approval for a three-tower mixed-use precinct with over 400 apartments and a 4,500 sqm retail and dining precinct.
Danny Issac, Descon Group Chairman, said the development arm of the group has a diversified income stream, and a strong pipeline to complement its vertically integrated construction and engineering business.
Also, he said the Hercules Street site was key to Northshore Hamilton’s redevelopment plans, and on the doorstep of the 2032 Olympics Athletes Village.
“This site is located in the heart of the Games development and will be a fantastic addition to the Brisbane skyline,’’ Mr Isaac said.
“The Queensland Government is 10 years into a 40-year master plan for this Priority Development Area, which is already attracting investments in infrastructure, transport, business and economic growth.
“Descon’s depth of experience, together with its strong balance sheet and ability to deliver projects, from complete engineering and building structures to the entire design and construct lifecycle, gives us a strong delivery advantage and we plan to commence construction early 2023.”
Danny Issac, Descon Group Chairman
Mr Issac added that the project would be delivered in several stages over the next four to five years.
Simon Slavin and Sameh Ibrahim of Wentworth Equities, who purchased the site eight years ago, said they were pleased to be handing the asset to Descon.
“The highly experienced team at Descon are well equipped and have an ambitious plan to bring the project to fruition,” Mr Slavin said.
“It will be the jewel in the crown of Brisbane’s largest urban waterside renewal project. The momentum is certainly building for the 2023 Olympics.’’
Mr Slavin himself had been instrumental in designing and developing the Homebush site for Sydney’s 2000 Olympic Games, and has also been involved in other legacy developments, including Wentworth Point.
The waterfront site is located beside Portside Wharf’s entertainment and commercial centre. There is easy access to Kingsford Smith Drive and the airport. Also, the site is just six kilometres from the Brisbane CBD.
PDSS, a development management consultancy that worked closely with Wentworth Equities to secure approvals on the site, will continue supporting the Descon team.
