Leighton Properties and Devine Limited are pleased to announce the completion of a $163m construction financing arrangement with the Commonwealth Bank of Australia, Credit Agricole and ING Bank NV.
The facility will fund development and construction of Hamilton Harbour’s Stage One and Two which includes 470 apartments across two residential towers, and retail and commercial premises.
The joint venture project is Queensland’s fastest selling mixed-use development, achieving 430 apartment sales in Harbour One and Harbour Two. This totals more than $225 million in value since the project’s launch in March 2009 – clearly defying the economic downturn of last year.
This success has prompted Leighton Properties and Devine Limited to launch a third building in Hamilton Harbour, aptly named Riverside Hamilton.
Leighton Properties Managing Director, Mark Gray said the market’s response to the development could be attributed to the value buyers saw in the Hamilton area.
“Riverfront urban renewal precincts have historically been proven as one of the most resilient and best performing locations for capital appreciation across the residential apartment market and we are also finding this is true for our retail and commercial offerings,” Mr Gray said.
“Considering that more than 43 per cent of all new apartment sales in the inner city in 2009 were in Hamilton Harbour, we are confident that Riverside Hamilton will be met with the same response.”
The joint venture partners also recently celebrated the start of construction at a sod-turning event on 27th May 2010. Hamilton Harbour marks the largest mixed-use project to start construction in Queensland this year – fittingly; the milestone was officiated by the The Honourable Anna Bligh, Queensland Premier and Minister for Arts.
The event marked the official start of construction by appointed lead contractors Devine Constructions.
Hamilton Harbour will feature 660 apartments in three residential buildings, 17,000sqm office space across two commercial office buildings and 5,000sqm retail space consisting of showrooms, ground floor retail and restaurants, a gymnasium, strata offices, car parking and a public park.
As the gateway entrance site to the Hamilton Northshore redevelopment area, Hamilton Harbour is located in one of Brisbane's most accessible inner city areas.
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For more information, please contact:
Andrew Borger
Executive Director and State Manager, Queensland
Leighton Properties Pty Limited
T: (07) 3370 4700
E: andrew.borger@lppl.com.au |