Descon secures Hamilton development site

Descon is developing V&A on the Gold Coast for Sam Arnaout’s Iris Capital.

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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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of