Descon secure Olympic Village site for three-tower development
Development in Brisbane's Olympic Village precinct is continuing to gather steam.
The latest to enter is Descon Group Australia, who have paid over $70 million for a 7,880 sqm site next to the Brisbane River at Northshore Hamilton.
There's approval for a three-tower mixed-use precinct at 19 Hercules Street, which would see more than 400 residential apartments created and a 4,500 sqm retail and dining precinct.
Descon Group Chairman Danny Isaac said the group’s development arm delivers a diversified income stream and a strong forward pipeline to complement its growing vertically integrated construction and engineering business.
He said the Hercules Street site was key to Northshore Hamilton’s redevelopment plans and on the doorstop of the 2032 Olympic Athletes Village.
“This site is located in the heart of the Games development and will be a fantastic addition to the Brisbane skyline,’’ Isaac said.
“The Queensland Government is 10 years into a 40-year master plan for this Priority Development Area, which is already attracting investments in infrastructure, transport, business and economic growth.
“Descon’s depth of experience, together with its strong balance sheet and ability to deliver projects, from complete engineering and building structures to the entire design and construct lifecycle, gives us a strong delivery advantage and we plan to commence construction early 2023.”
Danny Isaac said the project would be delivered in stages over the next four to five years. Wentworth Equities Director Simon Slavin and Sameh Ibrahim, who purchased the site eight years ago, said they were pleased to be handing the baton to Descon to deliver the project’s vision.
Left to right; Pieter Zeeman (Descon QLD GM); Simon Slavin; Danny Isaac; Sameh Ibrahim
Slavin was instrumental in the design and development of the Homebush site for Sydney’s 2000 Olympic Games and has been involved in numerous legacy developments, including Wentworth Point.
“The highly experienced team at Descon are well equipped and have an ambitious plan to bring the project to fruition,” Slavin said. “It will be the jewel in the crown of Brisbane’s largest urban waterside renewal project. The momentum is certainly building for the 2023 Olympics.’’
The waterfront site is located beside Portside Wharf’s entertainment and commercial centre, with easy access to Kingsford Smith Drive and the airport, and only 6km from the Brisbane CBD.
