Red & Co, a privately-owned property development company focused on high quality residential developments, has acquired an expansive site in Hamilton from global alternative asset manager Brookfield Asset Management for $19 million, reflecting a land rate of $2,567 per square metre.
Located at 11-23 Macarthur Avenue, the 7,401 square metre corner parcel was sold via Expressions of Interest handled by CBRE’s Will Carman and Trent Hobart.
The site carries existing development approval for two 23-storey build-to-rent residential towers comprising 560 apartments and a total GFA of 39,386 square metres, designed by award-winning architect Fender Katsalidis.
Mr Carman said it was a strong campaign attracting 74 enquiries with the result reflecting the strong underlying confidence in Brisbane’s residential development pipeline.
“Hamilton is one of SEQ’s most sought-after locations and the depth of enquiry we saw throughout this campaign confirmed that. The combination of an existing development approval, a genuinely prestigious waterfront address and the broader Northshore masterplan made this a site that serious capital was always going to compete hard for.”
Mr Hobart said the transaction pointed to the growing maturity of Brisbane’s build-to-rent sector.
“The level of engagement from both domestic and offshore capital throughout this campaign was a clear signal of where Brisbane sits in the national conversation right now. A site with this level of planning certainty, in a precinct actively backed by EDQ is exactly what well-capitalised buyers are looking for.”
Buyer, Keiran Foster from Red & Co, said opportunities of this scale are exceptionally rare in Brisbane, particularly large-format sites located directly alongside an established retail precinct within a blue-chip suburb.
Red & Co’s David Laverty, said that by working collaboratively with Economic Development Queensland, we were able to expedite the planning approval process, allowing the properties to be brought to market quickly and construction to commence within a shorter timeframe.
Hamilton is one of Brisbane’s most prestigious suburbs, with a median house price of $2.4 million and an average per capita income of $77,240, sitting well above both the Greater Brisbane and national averages.
The Northshore Hamilton Priority Development Area, governed by Economic Development Queensland, represents Queensland’s largest waterfront urban renewal project with a total investment of $12 billion. The precinct is forecast to house 24,500 residents and 25,000 employees at full build-out, with more than $600 million in infrastructure investment already committed.
Related Articles
