Descon Group has purchased a high density residential development site at Brisbane’s Hamilton – near the proposed Olympic Games Village.
The 7880 square metre site, 19 Hercules Street, is setting the group back over $70 million.
Wentworth Equities was the vendor; led by Simon Slavin and Sameh Ibrahi, it paid Mirvac $19.8m eight years ago.
Prior to 2010, the parcel accommodated a Department of Primary Industries office.
Major project for Hamilton
Descon is buying 19 Hercules St permit-ready for an $800m complex (artist’s impression, top) with 400 dwellings in three towers – the tallest rising 29 storeys – and a 4500 sqm retail/dining precinct (story continues below).
In 2014, the land was approved for four towers – up to 34 levels – with 527 dwellings and a 227-suite hotel.
The parcel neighbours Brookfield’s Portside Wharf, which is about to be refurbished.
Hamilton is an exclusive suburb, eight kilometres north east of the CBD.
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