In an extremely rare opportunity to market, Colliers Queensland on behalf of Wentworth Equities have the exclusive listing of a landmark mixed-use development site located within the Brisbane 2032 Olympic Athlete Village precinct.
Occupying 7,637 sqm of land, connecting to Portside, the property at 19 Hercules Street in Hamilton is DA approved for three up to 30 storey towers with up to 433 apartments and over 4,600sqm of retail and commercial space.
With Tower One DA approved and ready to go, the second and third towers have preliminary approval, offering the flexibility to adapt them to the market, with the opportunity to even build a hotel on the site.
Colliers Queensland National Director Investment Services Hunter Higgins said the Brisbane 2032 Olympics was the accelerator for creating the next generation of CBD and inner-city real estate precincts.
“This rare site located within the Northshore Hamilton ‘Precinct of Gold’ is expected to fetch circa $60 to $70 million, and offers the opportunity to be part of Brisbane’s Olympic legacy,” Hunter Higgins said.
“It has been said that the 2032 Brisbane Olympics will do for Northshore what Expo ‘88 did for South Bank. This is a truly unique offering, to be part of the urban renewal of an entire Brisbane precinct.
“It also offers a unique opportunity for residential development to capitalise on the potential land value uplift created from the renewal of the area and the additional amenity and desirability created from the area’s redevelopment,” Hunter Higgins added.
Colliers Queensland Director Residential Development Sites Troy Linnane said based on historical demand and likely anticipated supply, inner Brisbane would experience a shortfall of 16,000 new apartments over the next four years.
“In the most recent ABS data, Queensland achieved a record net interstate migration figure of 53,984 persons relocating here over the year. This migration wave has triggered a significant increase in demand for new housing and economic activity, particularly in areas near to the Brisbane CBD and major transportation hubs,” Troy Linnane said.
“There are a variety of potential uses for this property given it is within the Northshore Hamilton Priority Development Area – Mixed Use High Density zone with development options including residential both build to sell or build to rent, hotel, commercial including office and retail.
“With uninterrupted river and city views from level 16 and above, it is ideally designed to cater for the most active section of the market being owner occupiers and downsizers, with a large contingent of 3 and 4 bedroom units in one of Brisbane’s most affluent suburbs.
“As of Q4 2022, the average sale price for new apartments in inner Brisbane is $1,036,936; which is the highest on record and with the lack of supply, coupled with strong demand, capital growth for new apartments will continue.
“Due to the strong population growth and the chronic lack of housing supply, we have an extraordinarily low vacancy rate of 0.7 per cent as at Q2 2023, which is contributing to significant rental growth for housing in the Brisbane market,” Troy Linnane added.
Colliers Head of Asia Markets Australia Harry Bui said for sometime, industry experts have been forecasting that Brisbane would be the best-performing capital city market over the coming three years.
“As of January 2022, Brisbane has been outperforming all other Australian capitals, with a total annual return for 2021 of 33.7 per cent, ahead of Sydney’s 20.2 per cent and Melbourne’s 12.7 per cent,” Harry Bui said.
“Over the next twenty years, Brisbane 2032 is forecast to generate economic and social benefits of $8.1 billion for Queensland and $17.6 billion for Australia according to the Queensland Premier Annastacia Palaszczuk.”
Wentworth Equities purchased the site eight years ago and engaged award winning Fuse Architecture to design the three tower development which received development approval in December 2021.
Director of Wentworth Equitites Simon Slavin was instrumental in the design and development of the Homebush site for Sydney’s 2000 Olympic Games and has been involved in legacy developments including Wentworth Point.
Wentworth Equities Executive Chairman Sameh Ibrahim said the site had previously been under offer by a company that failed to reach settlement.
“As the vendors we are now absolutely commited to sell this amazing development opportunity, this is a very rare opportunity to be part of building an exciting new Brisbane precinct,” Sameh Ibrahim said.
“The detail that has gone into the planning puts this development at the top of its field in quality and design, with every apartment offering a great aspect to either the Brisbane River and City, Hercules Park or the Eagle Farm racecourse.”
Situated in one of Brisbane’s premier inner northern suburbs with unmatched locality being about 5.5km from the Brisbane CBD and 10 minutes drive from the Brisbane’s International and Domestic Airports it is part of one of Queensland’s most significant Urban renewal Precinct, Hamilton Northshore.
The subject property benefits from an existing Development Approval for 153 units consisting of 20,096m² of residential Gross Floor Area (GFA) and 1,434m² of retail/commercial GFA.
Furthermore, a Preliminary Development Approval was granted for two 30-storey mixed-use high- rises allowing for up to 60,000m² of GFA with approximately 55,000m² residential and 5,000m² non- residential allowing for up to 433 units across the site.
This exclusive listing at 19 Hercules Street Hamilton is offered for sale via International Expressions of Interest campaign closing on Thursday 6 July 2023 at 4pm (AEST).