The landmark Portside Wharf at Hamilton in Brisbane is about to undergo its next phase of development, with work starting on the first new building to get underway at the riverfront precinct in four years.
Queensland Planning and Infrastructure Minister Stirling Hinchliffe and Brookfield Residential Properties Chief Operating Officer Trent Edwards turned the first sod on the 15 level Promenade Hamilton Apartments on October 20, which will generate more than 450 construction jobs over the next 18 months.
Promenade will feature 172 residences on completion in early 2012 and has already secured $74million in sales, with more than 65 per cent of apartments sold for between $385,000 and $1.395million.
The masterplanned Portside Wharf development includes the Brisbane Cruise Ship Terminal and a vibrant riverfront restaurant and retail hub, and is home to about 350 residents across the first three residential buildings Infinity, Flare and Loft.
On completion, expected in 2016, Portside Wharf will feature a total of 10 residential buildings.
Portside Wharf is the first stage of the Hamilton Northshore redevelopment, part of a plan to rejuvenate the Brisbane waterfront with new residential options, civic and green open space.
Mr Edwards said the start of work on Promenade was a major milestone for Portside Wharf.
"Portside Wharf has become a Brisbane landmark - putting out the welcome mat to some 150,000 cruise ship visitors each year, with that number to increase to somewhere in the order of 200,000 next year, and attracting residents from across the region to its retail precinct, which includes some of the city's best restaurants, cafes, boutique shopping and a cinema," he said.
"It has also become a sought-after residential address, with about $235 million in apartment sales achieved to date across the first four residential offerings.
"The vision for Portside Wharf has always been to deliver a vibrant community that rejuvenates this once tired and overlooked part of the Brisbane River.
"The start of work on Promenade, which is the largest residential building to date to be built at Portside Wharf, is a key component of that vision and we look forward to this exciting next evolution in the development."
Mr Edwards said as one of the few new developments to get out of the ground in Brisbane this year, Promenade would also generate a much needed jobs boost for the city's construction workers.
"The project will directly employ about 400 workers and indirectly generate employment for about 50 more," he said.
"Although construction activity has dampened across the city over the past 12 to 18 months, the Hamilton and Inner North precinct has remained one of the most progressive in the city, with public and private development seeing this area undergoing a major redevelopment that will make it more attractive than ever with new residents and businesses."
Mr Edwards said Promenade had been popular with those wanting a prime riverfront address, with a range of amenities at the doorstep.
"Portside Wharf is one of the city's most sophisticated riverfront precincts, which, along with the sweeping views of the Brisbane River on offer, has been a key selling point of Promenade," he said.
"Its location just six kilometres from the CBD and connection to major arterial roads, Brisbane Airport and a Brett's Wharf CityCat stop are also key drawcards for buyers.
"Promenade has been popular with both owner-occupiers and investors, with many looking to downsize from the family home to an apartment that provides better lifestyle opportunities and convenience."
Brookfield Residential Properties delivers high quality, award-winning residential projects across the globe. Brookfield Residential Properties has a substantial portfolio of apartment, mixed use and communities projects across Australia with over US $5 billion of residential assets under management world-wide.
In Australia, the Multiplex Group was acquired by Brookfield Asset Management in 2008.
Its operations now include commercial office, retail, construction and development, property management services and infrastructure. Brookfield's residential business in Australia adopted the Brookfield Residential Properties name in September 2010. Brookfield Residential Properties will continue to build on the legacy of Multiplex, with the foundations firmly laid for an exciting and strong future.
http://www.brookfieldmultiplex.com.au/
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