Hamilton site marked for one of Queensland’s biggest urban renewal projects
Artists impression of an apartment in the 19 Hercules St, Hamilton development. Photo: Supplied
A RARE opportunity to be part of the Brisbane 2032 Olympic legacy in the riverside suburb of Hamilton has been revealed by Colliers Queensland on behalf of Wentworth Equities.
The 7,637 sqm of land at 19 Hercules St, Hamilton, is DA approved for three up to 30-storey towers with up to 433 apartments and over 4,600sq m of retail and commercial space situated within the Brisbane 2032 Olympic Athlete Village precinct.
The athlete‘s village will be home to more than 10,000 athletes and team officials and more than 5,000 for the Paralympics, with the project set to be part of one of Queensland’s most significant urban renewal projects.
Colliers Queensland National Director Investment Services Hunter Higgins said the 2032 Brisbane Olympics would do for Northshore Hamilton what Expo ‘88 did for South Bank.
Street view artists impression of the 19 Hercules St, Hamilton development. Photo: Supplied
“This is a truly unique offering to be part of the urban renewal of an entire Brisbane precinct”, Mr Higgens said.
“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.
“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.”
Colliers Queensland Director of Residential Development Sites Troy Linnane said that based on historical demand and likely anticipated supply, inner Brisbane would experience a shortfall of 16,000 new apartments over the next four years.
Artists impression of the view from one of the towers at the 19 Hercules St, Hamilton development. Photo: Supplied
“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,” Mr 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 three and four-bedroom units in one of Brisbane‘s most affluent suburbs”.
Aerial view of the site of the future 19 Hercules St, Hamilton development. Photo: Supplied
According to PropTrack data from May 2022 – April 2023, the median price for three-bedroom apartments in Hamilton is $955,000, up 6.2 per cent.
Colliers Head of Asia Markets Australia Harry Bui said 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,” Mr 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.”
Artists impression of the three towers in the 19 Hercules St, Hamilton development. Photo: Supplied
Wentworth Equities Executive Chairman Sameh Ibrahim said as the vendors they are absolutely committed to selling this development opportunity.
“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”, Mr Ibrahim said.
The first tower is DA-approved, while the second and third towers have preliminary approval offering the flexibility to adapt to Brisbane‘s ever-changing market, with the potential of a hotel to be built on the site.
Wentworth Equities purchased the site eight years ago and engaged award-winning Fuse Architecture to design the three-tower development approved for development in December 2021.
