Brisbane-based private investor, Steve Urquhart, has expanded his footprint in the Queensland Government’s Priority Development Area at Northshore Hamilton, acquiring 5 Hercules Street for $8 million, months after purchasing the 9 Hercules for $17 million.
The latest acquisition follows the off-market sale of the adjoining office building at 9 Hercules Street, bringing the investor’s combined landholding to 3,223sqm. Together, the sites are approved for a 189-apartment high-rise residential development.
In the near term, 5 Hercules Street is set to become the home of Hamilton Markets, a fully undercover food market operating five days a week within the riverside precinct. Expressions of interest are now being sought from food producers, artisans, retailers and hospitality operators to secure a place in the destination market.
New owner, Steve Urquhart, said, “Our vision for 5 Hercules Street is to create Brisbane’s most loved food markets, and the site offers the perfect all-weather location within Northshore Hamilton, Brisbane’s major waterfront urban renewal precinct.
“Our aim is to carefully curate a permanent mix of vendors and create a vibrant market experience that serves the growing residential community while also attracting visitors and tourists from across Brisbane. We see Hamilton Markets becoming a destination that celebrates local producers, great food and the Queensland way of life,” Mr Urquhart said.
Morgan Ruig & Jack Neumann of Cushman & Wakefield managed the off-market sale of 5 Hercules Street.
Mr Ruig, National Director at Cushman & Wakefield, said, “Northshore Hamilton is becoming one of Brisbane’s most significant waterfront urban renewal projects and is benefiting from continued investment as Olympic infrastructure plans gather momentum.
“This acquisition presented a compelling opportunity to activate the site in the short term through a unique market offering, while securing the long-term upside of an approved residential development as higher-density living continues to transform the precinct,” Mr Ruig said.
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