Brookfield offloads Brisbane BTR site
Red & Co has acquired a build to rent apartment development site from Brookfield Asset Management.
The 7401 square metre parcel, 11–23 Macarthur Avenue, Hamilton (outlined, image, top), cost $19 million.
The property is permitted for two 23 level towers containing 560 dwellings
With a gross floor area of 42,097 sqm, the complex would also contain wellness and entertainment amenities like a spa, sauna, games rooms, theatre rooms and a billiards room, as well as a rooftop pool on a podium.
Fender Katsalidis was the designer.
CBRE’s Will Carman and Trent Hobart were the agents.
Another Northshore Hamilton deal
The property is the latest to sell within the Northshore Hamilton precinct, an urban renewal area being overseen by Economic Development Queensland (continues below).
Total investment of c$12 billion is expected, the agents said, with more than $600m in infrastructure already committed.
The precinct is forecast to house 24,500 residents and 25,000 employees at full build-out, they added.
Other Hamilton deals this year include Clarence Property’s $17m sale of 9 Hercules Street with a high-rise permit, and Frank Developments’ $16.5m Kingsford Smith Drive acquisition.
The Macarthur Ave result reflects a land rate of about $2,567 per sqm, the agents said.
Hamilton is about six kilometres north east of Brisbane’s CBD.
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