Descon Drops $70m on Olympic Precinct Site

Vertically integrated development and engineering firm Descon Group Australia has splashed more than $70 million on a Northshore site for its $800-million mixed-use precinct. 

Wentworth Equities sold the prime 7880sq m site at 19 Hercules Street, Hamilton with an existing development approval for a three-tower mixed-use precinct with more than 400 apartments, and a retail and dining precinct. 

Descon Group chairman Danny Isaac said the group’s development arm delivered a diversified income stream and a strong forward pipeline to complement its growing business.

He said the Hercules Street site was key to Northshore Hamilton’s redevelopment plans and on the doorstep of the 2032 Olympic Athletes Village.

“This site is 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.”

Isaac said the project would be delivered in stages over the next five years.

▲ Descon chairman Danny Isaac with Wentworth Equities directors Simon Slavin and Sameh Ibrahim at the $70-million site.

Wenworth Equities directors Simon Slavin and Sameh Ibrahim purchased the site eight years ago.

Slavin was instrumental in the design and development of the Homebush site for Sydney’s 2000 Olympic Games and has been involved in legacy developments including Wentworth Point.

He said he was pleased to be handing the Hamilton project vision over to Descon. 

“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 beside Portside Wharf’s entertainment and commercial centre, which is about to undergo a $20-million renewal.