Courier Mail - Friday 16 March 2007
HAMILTON Harbour has moved a step closer to reality with its
developer securing a third strategic parcel for $3.2 million.
The 1252sq m site on the corner of Kingsford Smith Drive and
Harbour Rd in Hamilton was previously owned by Johnema
Holdings.
It will be amalgamated with the properties bought last year by
Devine, and turned into its masterplanned mixed-use development
called Hamilton Harbour.
Devine secured the former Butter Producers Co-operative building
in June 2006 for $19.5 million. The 1.5ha property at 485 Kingsford
Smith Drive and 29 Hercules St was immediately earmarked as
Devine's first major mixed-use development in Brisbane.
In August 2006, it bought another adjoining site, the former
Seafarers Mission building for $3.3 million.
The latest acquisition brings the group's total holding on the
site 18,807sq m.
Once complete, Hamilton Harbour is expected to have an end value
of between $350 million and $400 million.
Devine managing director David Devine said a preliminary
approval application has been lodged for the development.
He hopes construction, which will be done by Devine's
Construction Division, will start next year.
The development will feature a mix of A-grade office space, apartments and retail.
Mr Devine said the third parcel would allow the commercial and
retail components of the project to have better exposure. The site
is only 8km from the Brisbane domestic and international airports
and 4km from the CBD.
The latest acquisition follows the purchase by Devine of the
Carrington Apartments building and vacant land in Alice St in the
CBD for $22.7 million.
The group intends to develop a luxury apartment and 6-star hotel
complex on the site.
It also announced last month that it had sold off a 40 per cent
stake in the business to Leighton Holdings which would enable it to
fast track its diversification and expansion plans.
Devine recorded a net profit after tax of $18.9 million in the
2005-06 year.
Michelle Hele
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