Commercial
Hamilton Harbour on drawing board
Courier Mail - Fri, Jun 30, 2006
DEVINE has paid $19.5 million for the former Butter Producers Co-operative building at Hamilton on which it will deliver a $200 million mixed-use development.
The project, to be named Hamilton Harbour, will be Devine’s first major mixed-use development in Brisbane.
Managing director David Devine said it would launch Devine’s expansion into the commercial and retail sectors in Brisbane.
While Devine has long been associated with residential development, it also recently completed a $338 million mixed-use development in Melbourne.
Devine’s new national manager commercial Jim Watson said the group was now looking to acquire nearby parcels of land before making a final decision on what exactly they would put on the Hamilton site.
‘‘We are currently negotiating with some adjoining owners so we can expand the site,’’ he said. ‘‘They (Devine) believe they will be able to bring a residential product there at a price point Hamilton has not seen before.’’
The 1.5ha property is at 485 Kingsford Smith Drive and 29 Hercules St. It is in the heart of the Australia TradeCoast region next to the Port of Brisbane Corporation North Shore development with Multiplex’s Portside Wharf and cruise-ship terminal project.
Mr Watson said the site was appealing to Devine because of all the other development going on in the area.
It was home to the Butter Producers Co-operative Federation Ltd for just over 50 years.
Architect Bevan Lynch of ML Design has been appointed to head up the design team for the project.
He said it presented an opportunity to masterplan a mixed-use precinct which linked the established communities of Racecourse Road and Bretts Wharf with the emerging Portside Wharf and Northshore urban renewal projects.
Matthew Curtain and Craig O’Donnell of Curtain O’Donnell Property Group negotiated the sale.
Mr Curtain said they introduced the property to Devine. The site had enormous frontage along Kingsford Smith Drive and view corridors through to the Brisbane River.
Developer Kevin Seymour and Watpac placed the property under option for $14.2 million when it went to market late last year and assigned the contract to Devine, which settled on the deal yesterday.
Watpac managing director Greg Kempton said they thought it was a great site for mixed-use development.
He said the offer from Devine was too good to pass up, as they would still make a profit without the delivery risk.
A condition of the sale to Devine is that it is vacant possession and the site is cleared. Demoliton is now under way.
Michelle Hele
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