Clarence Property Offloads Hamilton Site for $17m
Clarence Property Corporation has sold its 28-storey development site within Brisbane’s former Olympic Athletes Village precinct for $17 million.
The property fund manager said the site at 9 Hercules Street, Hamilton, as well as an office property at 65 Park Road, Milton, had been sold at a premium to book value during the past month.
While it was revealed the latter had been picked up by privately owned investment and holding company Wattlestone, the new owner of the Hamilton site has not been disclosed.
The 189-apartment scheme proposed for the Hamilton site was approved by the Minister for Economic Development Queensland in July last year.
Jackson Teece designed the tower for the 1841sq m site that Clarence Property bought for around $12 million in 2018.
The Brisbane Athletes Village plan was relocated to the RNA Showgrounds at Bowen Hills last year by the Queensland Government in a bid to save on infrastructure costs.
The showground plans include a 20,000-seat main arena upgrade and apartments to house 10,000 athletes. The Ekka (the state agricultural show) is expected to operate as normal during and after construction.
Riverside Hamilton has been subject to Olympic-related plans from villages to stadiums during the past five years.
Regardless, the area continues to attract development, including a Graya “village” alongside Fortis’s four-storey plans on the far side of Kingsford Smith Drive.
Closer to the river, developer duo and cousins Frank and Joe Licastro won approval for a 15-storey residential tower in November.
Clarence Property said it was working on recycling its capital for other projects including a 6500sq m office next to The Rocket at Robina on the Gold Coast.
The bulk of its other projects are in northern NSW and include a block of six live/work terrace homes to be called Epiq at Lennox Head, where construction has started.
Meanwhile, civil works at its Swell Woolgoolga project, north of Coffs Harbour, are continuing, as are the final stages of its Yamba Quays waterfront residential development on the coast east of Grafton.
