Portside Wharf, the waterfront development that was the catalyst for the rejuvenation of Hamilton's north shore, is celebrating 10 years of operation.
Upon reaching a decade of existence, Brookfield Residential Properties prepares to start construction on its next project adjacent to the iconic site.
The riverfront, retail and residential community, which is also home to the Brisbane Cruise Terminal, kick-started the development of Northshore Hamilton, Queensland's largest urban renewal project.
Portside Wharf pre-development“This precinct has attracted $750 million worth of private investment into the area, including award-winning developers such as Brookfield, which have invested and delivered outstanding residential towers, popular retail, commercial and entertainment hubs," said Deputy Premier and Minister for Infrastructure, Local Government and Planning, Jackie Trad, who congratulated Brookfield on 10 years at Portside Wharf.
“Over the next 20 years, the area will continue to expand with over 15,000 residents estimated to move to Northshore Hamilton, supporting approximately 10,000 new jobs, turning the area into a $5 billion world-class waterfront precinct boasting a diverse range of architecturally designed living options and quality infrastructure."Brookfield Residential Properties' $1.3 billion mixed-use development began construction in 2004 and the first stage was officially opened in 2006.
Prior to the development of Portside Wharf, the Hamilton riverside was an industrial site used for port operations. In 1995, the Queensland State Government invited bids from the private sector for the development of the Brisbane Cruise Terminal in exchange for an interest in the surrounding land.
Northshore HamiltonBrookfield Residential Properties General Manager Lee Butterworth said the site provided the ideal location for development, just minutes from the CBD on prime riverfront land in one of Brisbane's most affluent suburbs.
He said Brookfield recognised the opportunity to create a flagship project for Brisbane and won its bid in 2003 with a unique vision to create a vibrant retail plaza and public space.
"Brookfield progressively acquired a six hectare pocket of land that ran along the Brisbane River, making Portside Wharf one of the company's largest developments in Australia," he said.
"Portside Wharf was essentially the redevelopment of an old port into an integrated destination for cruise ships and the community. It included the construction and operation of the Brisbane Cruise Terminal, which has now welcomed more than 1.87 million passengers."Mr Butterworth said Portside Wharf was a transformative project for the suburb that gave residents access to a new range of housing options.
"Up until the mid-2000s, Hamilton was largely cut off from the Brisbane River by Kingsford Smith Drive. By opening up the surplus Government land along the riverfront, an important connection has been created between the multi-million- dollar residences of Hamilton and Ascot, and the Brisbane River," he said.
"In terms of housing, Hamilton had traditionally been dominated by large homes. Portside Wharf injected much-needed living options to the suburb so that its residents - particularly young people moving into their first property and the older generation looking to downsize - did not have to leave the area to find a suitable home."A decade on, Brookfield has completed more than 540 apartments across six residential buildings and 36 retail shops. Development of the area is continuing, with Brookfield recently releasing Gallery House, a 20-storey waterfront project that will neighbour Portside Wharf and comprise 164 luxury apartments.
"Sales of more than $70 million in our latest project, Gallery House, prove that buyers still recognise the value of Hamilton's waterfront and the benefits of getting in now to take advantage of its continued growth," Mr Butterworth said.
"The future is bright for Northshore Hamilton, with a $560 million upgrade of Kingsford Smith Drive, State Government proposals to upgrade the road network and associated public parks, and billions of dollars worth of new developments in the pipeline.
"Buyers recognise that absolute riverfront positions in Northshore Hamilton are limited and are moving quickly to secure their piece of waterfront property in Gallery House."Gallery House boasts three 'collections' offering varying levels of luxury - City, River and Sky - all with above average sized apartments, large balconies and many with two secure car parks and stunning river and city views.