Commercial

Devine expands at Hamilton

Australian Financial Review - Friday 25 August 2006

Developer Devine has made good claims it would acquire more sites at its proposed new development at Hamilton yesterday with the purchase of the Seafarers Mission site for $3.3 million.

All up, Devine is developing a $200 million mixed-use project at Hamilton, a Brisbane inner-city suburb.

The purchase of the Seafarers Mission will allow the residential development component to be sited closer to the river.
Devine has amalgamated 17,555 square metres for the project, which will be called Hamilton Harbour. It is just four kilometres from the Brisbane CBD.

Devine national manager, commercial, Jim Watson, said the combined purchase of the Seafarers Mission and the Butter Board sites for $19.5 million earlier this year equated to $1300 per sq m.

‘‘That’s good buying. With suitable rezoning it will be worth $2000 a square metre,’’ he said.

The Seafarers Mission vendor was The Corporation of the Synod of the Diocese of Brisbane, which acts as trustee for the Mission to Seafarers.

Apart from residential, Devine proposes commercial offices, retail outlets and parklands for the project. It is poised to lodge a development application with Brisbane City Council.

Devine said in June it would attempt to secure several more sites around Hamilton Harbour.

Lisa Allen

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