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BRISBANE OCTOBER 25, 2012 – The huge potential of Northshore Hamilton has taken another step towards realisation with the announcement that Jones Lang LaSalle has negotiated a Development Management Agreement (DMA) over a 5ha parcel of land in the precinct for development of a business and innovation precinct.
The deal was negotiated by Jones Lang LaSalle’s Aaron Bates, Ben Koop and Seb Turnbull after a competitive on-market process on behalf of the Urban Land Development Authority (ULDA).
“The counterparty to the DMA, BTP Development Services Pty Ltd is a joint venture between Harvest Group and Graystone, both leading operators in this industry and both with a substantial background in delivering high-tech industrial and commercial developments across Brisbane, including the high profile Brisbane Technology Park at Eight Mile Plains,” said Jones Lang LaSalle’s Aaron Bates.
“We are excited about the prospect of bringing the same quality outcomes as Brisbane Technology Park to the Northern side of Brisbane,” Director of Graystone Peter Robbie said. “To date we have seen little successful competitor supply in this region and we are looking to commence construction of the first building in March 2013.”
“This will form the business hub of the precinct and as with BTP, offer up increased levels of business amenity from day one particularly to the knowledge intensive industries. Being able to touch and feel the quality outcomes within Brisbane Technology Park certainly gives an increased sense of confidence to potential occupants.”
“Precinct 8a can accommodate up to 65,000sqm GFA and in excess of $200m in end development value is expected to be delivered over the coming 5-7 year period. The market appears to be responding to rentals targeted sub $400/m gross, abundant car parking ratios and integrated delivery methodology.
“In this market, tenants are looking for high quality, well serviced outcomes and sustainable rental levels – being able to supply stock within a 12 month delivery period is certainly resonating amongst some occupants that have time constraints or limited choices in existing stock,” Director of Harvest Chris Slack said. Harvest recently announced its merger with the Sydney based Alceon Group – who is believed to be the capital partner for the development.
“The ULDA is looking forward to working with a development partner with a proven track record in this market sector. As the land owner, we are confident that the ever increasing levels of amenity and supporting development within the overall Northshore Hamilton precinct will provide an excellent work life balance for all those businesses and staff that choose to call Northshore home,” Director of Urban Development at ULDA, Matt Leyshon said.
The development will become home to the only new major high-tech business park development located between the Brisbane CBD and the Brisbane Airport.
“Northshore Hamilton is set to be the future of inner city business parks and will most definitely set new standards in terms of design, access and operational delivery for tenants, particularly given its standout position alongside RiverPark, the Citycat services and its proximity to Portside Wharf,” said Mr Bates.
“In terms of access, the development is more than strategically placed, with arterial networks improved even more with the completion of major road infrastructure works, including the Gateway duplication and AirportLink, taking congestion off Kingsford Smith Drive,” he said.
“In the heart of a vibrant urban renewal precinct, this is an exciting project, one Brisbane will watch over as Northshore Hamilton takes shape,” said Mr Bates”
Jones Lang LaSalle along with Colliers International has also been appointed as joint exclusive leasing agents to the project.
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