The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JUST 15 DAYS UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 15 DAYS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
4
print
Print
RetailTaryn ParisThu 01 Jun 23

Hercules Street Site Back on Block after Descon Deal Fails

Wentworth Equities has re-listed its DA-approved site at 19 Hercules Street in Brisbane’s 2032 Olympic athlete village precinct after a deal with Descon failed to get over the line. 

In November last year, The Urban Developer reported that Descon had splashed $70 million on the site, however the deal did not complete. 

Real estate investment fund Wentworth acquired the site more than eight years ago and engaged Fuse Architecture to design a three-tower proposal for the property, next to Portside Wharf. 

The 7637sq m site has an approval for three towers up to 30 storeys, and 433 apartments above retail and commercial space. 

Tower One has final approval, while the second and third towers have preliminary approval.

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 committed to sell this amazing development opportunity, this is a very rare opportunity to be part of building an exciting new Brisbane precinct,” 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.”

null
▲ Descon chairman Danny Isaac, pictured with Wentworth Equities directors Simon Slavin and Sameh Ibrahim at the $70-million site last year.

Approved plans for tower one comprise 153 units with 20,096sq m of residential Gross Floor Area (GFA) and 1434sq m of retail/commercial GFA.

Preliminary approval was granted for two 30-storey mixed-use high-rises allowing for up to 60,000sq m of GFA with about 55,000sq m residential and 5000sq m non-residential, allowing for up to 433 units across the site.

The Portside Hamilton area has become a hotbed of development activity with Brookfield most recently filing plans for its first foray into build-to-rent on Australian shores on the site of the former cruise terminal, following an announcement that its Portside lifestyle precinct was in line for a $20-million refurbishment. 

Colliers Queensland national director of 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 about $60 million to $70 million, and offers the opportunity to be part of Brisbane’s Olympic legacy,” Higgins said.

null
▲ Three towers would rise up to 30 storeys on the expansive site adjacent to Portside.

“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 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.

Linnane said the site could potentially be flipped to accommodate build-to-rent, hotel or office. 

Iris Capital, a company directed by billionaire hotelier Sam Arnaout and developer of the mammoth Victoria & Albert Broadbeach project, is reportedly suing Descon Group Australia, according to court documents.

Descon had been contracted to build the 56-storey twin-tower project on the site of the former Niecon Plaza. But the deal broke down in February this year.

ResidentialBrisbaneAustraliaReal EstateSector
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Exclusive

Australia’s 5 Biggest Student Living Projects Under Way

Shravanth Reddy
Cromwell 19 National Circuit Barton ACT rendering HERO
Office

Cromwell Lands Lease for Canberra Office Block Scheme

Leon Della Bosca
Windsor Lutwyche Road DA hero
Development

Arch-Filled Commercial Strip Filed for Brisbane’s Northside

Phil Bartsch
The distinctive two-storey commercial building is earmarked for a long-vacant site along one of The River City’s busiest…
LATEST
Exclusive

Australia’s 5 Biggest Student Living Projects Under Way

Shravanth Reddy
3 Min
Cromwell 19 National Circuit Barton ACT rendering HERO
Office

Cromwell Lands Lease for Canberra Office Block Scheme

Leon Della Bosca
3 Min
Windsor Lutwyche Road DA hero
Development

Arch-Filled Commercial Strip Filed for Brisbane’s Northside

Phil Bartsch
3 Min
Landcom The Joinery Annandale a build to rent development on the former westconnex site
Build-to-Rent

Landcom Takes Cover Off BtR Plans at Annandale

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/portside-brisbane-olympics-deal-fails-site-sale