Urquhart expands Brisbane site for food market
Brisbane-based private investor Stuart Urquhart has bought a low-rise office beside another he bought in January – shelving two major towers in the process.
The latest property, 5 Hercules Street, spanning 1382 square metres, was acquired off market, for $8 million.
The seller was developer, Limitless, which paid $3.575m in 2022 then secured a permit for a 23-level complex with a 124-key hotel and 50 apartments.
That plan also included 91 car parks on levels 1-3 and 811 sqm of communal space on the fourth-floor podium – an indoor gym and pool with dining area.
The deal comes seven months since realestatesource.com.au reported Mr Urquhart bought the neighbouring building, 9 Hercules St, for $17m.
Clarence Property offered that property permit-ready for a 27-level tower with 189 apartments.
It paid $11.98m in 2017.
Mr Urquhart’s amalgamation now spans 3252 sqm.
Change of plan
Mr Urquhart plans to open Hamilton Markets – an undercover food hall – at 5 Hercules St.
Set to operate five days a week, the opening is expected in March, 2027.
“Our vision…is to create Brisbane’s most loved food markets, and the site offers the perfect all-weather location within Northshore Hamilton, Brisbane’s major waterfront urban renewal precinct,” he said.
A campaign for food producers, artisans, retailers and hospitality operators is underway (continues below).
“Our aim is to carefully curate a permanent mix of vendors and create a vibrant market experience that serves the growing residential community while also attracting visitors and tourists from across Brisbane,” according to Mr Urquhart.
“We see Hamilton Markets becoming a destination that celebrates local producers, great food and the Queensland way of life,” he added.
Cushman & Wakefield’s Morgan Ruig and Jack Neumann managed the off-market sale.
The pair also sold 9 Hercules St.
The deal comes four months since we reported Brookfield Asset Management banked $19m for a build-to-rent site permitted for two towers, across the road at 11-23 MacArthur Ave.
Frank Developments also acquired 60 Kingsford Drive, Albion, nearby, for $16.5m in February.
Northshore Hamilton, six kilometres north-east of Brisbane’s CBD, is a Priority Development Area, the redevelopment of which is being overseen by Economic Development Queensland
Upon completion it is planned to accommodate 25,000 employees and 24,500 residents in some 14,500 homes.
“Northshore Hamilton is becoming one of Brisbane’s significant waterfront urban renewal projects and is benefiting from continued investment as Olympic infrastructure plans gather momentum,” Mr Ruig said.
“This acquisition presented a compelling opportunity to activate the site in the short term through a unique market offering while securing the long-term upside of an approved residential development as higher-density living continues to transform the precinct,” he added.
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