CIMIC Lists Final Hamilton Harbour Development

CIMIC Group has signalled its confidence in Brisbane’s fringe office market, listing a 14-storey commercial tower it is yet to break ground on. 

Australia’s biggest construction firm, formerly Leighton Holdings, lodged plans for KSD2, a Cox Architecutre-designed commercial tower at 12 Hercules Street on a 2325sq m site earlier this year, but is yet to receive approval from Economic Development Queensland.

The development is being listed on a fund-through offering, which is subject to development application approval, according to Cushman & Wakefield agent Mike Walsh, who is marketing the property alongside Peter Court and Frederic Le Fanue.

It is the fifth and final portion of the Hamilton Harbour redevelopment, which was originally masterplanned by Cox in 2008.

Walsh said KSD2 was expected to have an estimated end value of $160 million upon completion in 2026. 

The Hamilton Northshore area has been earmarked for the 2032 Olympic Games athletes village and is expected to become a hub of activity between the airport and Brisbane’s CBD in the lead up to the Games. 

“This new office tower is located in one of Inner-Brisbane’s most exciting and promising urban renewal precincts,” Walsh said. 

“It offers a proxy for exposure to bond-like inflation protected income security, with the lease underpinned by CIMIC Group Operating Companies for at least 10 years post practical completion in 2026.”

The commercial tower will comprise 14,307sq m of commercial space with three retail tenancies at the ground plane, a rooftop terrace and 170 car parking spaces. 

Cushman and Wakefield agent Peter Court said the precinct would be a gateway to the CBD and the new commercial tower would be targeting green credentials and depreciation benefits. 

“Brisbane is experiencing a major growth phase underpinned by historic interstate migration, more than 100,000 jobs created since March 2020 and generational infrastructure investment including the Airport runway duplication and preparation for the 2032 Brisbane Olympics,” he said.

The Hamilton Harbour development already included 600 residential apartments, a five-storey commercial building and a significant retail offering, which included medical, dental, food and beverage, and a Woolworths Metro. 

According to the architectural report the building will offer views in nearly all directions, with three street frontages and an “integrated and fully activated hub”.

The property is being offered for sale on a fund-through basis via International Expressions of Interest, which close at 4pm on October 20.