$500k bonus: Developers offer big money to join new Portside Wharf retail precinct

One of Brisbane’s biggest lifestyle and dining precincts is expanding, with developers trying to lure exciting new retailers with cash incentives of up to $500,000.

An artist's impression of the new-look Portside Wharf in Hamilton.

Brisbane dining and lifestyle precinct Portside Wharf is upping the ante on its $20m redevelopment, offering grants of up to $500,000 to attract new retailers as it tries to compete with the likes of Howard Smith Wharves and Fortitude Valley’s James St.

The riverfront development at Hamilton, in the city’s inner north, has just launched stage two of its renovation and expansion plans, with 23 new tenancies across almost 14,000sq m up for grabs, with an additional three already taken.

The soon-to-be-finished extension will include lots from 53sq m to 990sq m, with a host of those being for new river-facing restaurants – something surprisingly lacking in the so-called River City.

An artist's impression of the new-look Portside Wharf in Hamilton.

“A big catalyst for us for triggering this was the end of the Brisbane Cruise Terminal,” said Lee Butterworth from Brookfield Properties, which is behind the precinct.

“Quite a few times a week, you would have an eight-storey building (cruise ship) come and park itself out the front and that’s not happening any more.”

Mr Butterworth said the termination of the terminal meant the space could transform into an “excellent retail precinct” that he hoped would capture the local community and be able to seriously compete with Howard Smith Wharves and James St.

In order to attract premium tenants, Brookfield Properties will give away a series of grants valued between $50,000 and $500,000 for new retailers that can be used towards fit-outs, marketing or rent support.

Justin Kong is set to open a new bar and eatery at Portside Wharf called Portside Social. Picture: Liam Kidston

There are five categories for the grants: curated convenience, lifestyle boutique, health and wellness, waterfront dining and local social hub, with the developers trying to attract everything from delis and cafes to escape rooms and wellness providers to the hub, alongside top restaurants from some of the country’s best restaurateurs.

Hospitality guru Justin Kong, behind venues such as Melt Brothers and Newstead Social, will move into the wharf, creating Portside Social – an approachable yet elevated version of a local pub – opening in June.

“I think it’s going to start booming around here,” he said.

“Look how many buildings are around here.

“It’s a great area and a great little catchment and it just needs more vendors here to pump this place up.”

Applications for the grants are open now, closing on April 19, with works on the precinct expected to finish later in the year.