This article is from the Australian Property Journal archive
AUSTRALIA’S largest construction firm, CIMIC Group, has lobbed an inner Brisbane office tower with a value of over $160 million to the market, before receiving approval for the 14-level development.
The tower, named KSD2 and located two blocks from the Brisbane River at 12 Hercules Street and 485 Kingsford Smith Drive, represents the fifth and final portion of the Hamilton Harbour development.
Plans drawn up by Cox Architecture on the 2,325 sqm site were lodged in June and they are yet to be approved by Economic Development Queensland. The 14,307 sqm tower will have three ground floor retail spaces, rooftop terrace and 170 car parks.”
The property is being offered for sale on a fund-through basis via expressions of interest closing 20th October through Mike Walsh, Peter Court and Frederic Le Fanue of Cushman & Wakefield.
“This brand-new office tower located in one of inner Brisbane’s most exciting and promising urban renewal precincts, offers a proxy for exposure to bond-like inflation-protected income security, with the lease underpinned by CIMIC Group Operating Companies for at least 10 years post practical completion in 2026,” Walsh said.
CIMIC’s Hamilton Harbour development already includes over 600 residential apartments, a five-level commercial building and a significant offering of retail space which includes medical, dental, food and beverage and a Woolworths Metro supermarket.
The area, five kilometres to the airport and 5.5 kilometres to the CBD, is the likely location of the 2032 Olympic Games Athletes’ Village.
“Brisbane is experiencing a major growth phase underpinned by historic interstate migration, 107,000-plus jobs created since March 2020 and generational infrastructure investment including the Airport runway duplication and preparation for the 2032 Brisbane Olympics,” Court said.
Also on Hercules Street, Wentworth Equities is planning three residential towers rising up to 29 storeys at number 19, while developer Limitless last month lodged plans for a $140 million 23-level tower with 100 units. A few moments away on Macarthur Avenue Brookfield Residential Properties is planning a 16-storey apartment tower above a four-storey podium on the 3,384 sqm site of the Brisbane Cruise Terminal Building.
