Alceon locks in riverside project

Investment fund Alceon has struck a multi-million-dollar deal with the Queensland government.

Minister for State Development Cameron Dick. Picture: AAP.

Investment fund Alceon has struck a multimillion-dollar deal with the Queensland government to develop four commercials buildings at Northshore Hamilton in Brisbane.

The government’s property development and community-shaping agency, Economic ­Development Queensland, struck the deal with ­Alceon for land on the northwest edge of the Brisbane River, earmarked for urban renewal.

While the exact price of the agreement was not disclosed, ­Alceon is expected to spend $40m on building the project. Construction is set to begin by the end of the year and be completed in October next year.

Minister for State Development Cameron Dick said the commercial investment would help deliver 1200 jobs in the area once finished and boost confidence in the region.

“This agreement unlocks land to support business growth and will create more local jobs,” Mr Dick said.

“A diverse portfolio of new world-class commercial buildings will encourage more ­national and international companies to make the move to the … state, delivering more jobs and investment opportunities for Queensland.”

The state government has committed to rejuvenating the historic wharf at Hamilton Northshore into a mixed-use precinct and waterfront community over the next 30 years.

Alceon has invested about $100m in the Brisbane Technology Park Northshore over the past seven years.

Paul Huston, the Alceon project director, said the company was “proud to be part of this exciting long-term project” at Northshore, which would help deliver a diverse mix of offerings for residents and tenants to the area.

Alceon has been active elsewhere in Queensland. It secured a large parcel in Robina for $7m in February from the Gold Coast City Council.

Alceon is developing the ­Acuity Business Park on the Robina Town Centre Drive site. It will comprise three office buildings, a ground-floor plaza, basement parking, shops, gyms and parks.