AUSTRALIAN private property trust Wentworth Equities has recognised Brisbane as a fast growing, 'new world city' and is set to invest $650 million in a new project in the city's inner north.
ICON, a mixed use development, is set to erect in the Northshore Hamilton precinct following approval by Economic Development Queensland (EDQ) to develop the property on a 7,637 square metre site at 19 Hercules Street, Hamilton.
Wentworth Equities Executive Chairman Mr Sameh Ibrahim says the time was right for significant investment in Brisbane, as the city is growing into a well recognisable new world city and receiving increasing attention as a desirable place to live, work, invest and visit.
"Brisbane's diverse economy, growing population base, great employment opportunities, excellent relative housing affordability and availability, climate and natural attributes really make it the place to be," says Mr Ibrahim.
"The recent G20 Leaders Summit further enhanced Brisbane's international profile and we see only good things for the city's future.
"Leveraging this global spotlight, ICON will set a new architectural, lifestyle and economic benchmark for Brisbane, supporting its ongoing transformation into a sophisticated, world-class city."
The design concept for the building was selected after a national design competition - the winning concept, by Australasian design firm, Custance, features four distinctive towers and a connective sky-bridge.
The project will boast 567 residential apartments, a five-star hotel with 227 rooms and premium conference, function and recreational facilities, a retail and restaurant precinct, childcare facilities and open-air public realm and a community civic plaza 'Hamilton Place'.
Custance design director Craig Shelsher said ICON's design was based on four key principles - water, people, place and connectivity.
"ICON's proximity to the Brisbane River and wharf district are central to its design, shaping the towers' fluid forms and shimmering faade," Mr Shelsher says.
"Designed to create a visual link to the water, ICON will connect the Brisbane River to Hercules Street Park and onwards to Kingsford Smith Drive, enhancing accessibility to neighbouring developments and throughout the Hamilton Northshore precinct.
"ICON will be an asset, which will provide new amenities for neighbouring areas like Ascot, New Farm and Clayfield to enjoy."
ICON is expected to create close to 2,000 fulltime jobs during construction and more than 1,500 additional ongoing fulltime jobs.