Australand, a unit of South-east Asia’s largest Capitaland, says it has entered into a contract with the Port of Brisbane Corporation for the purchase of a 1.8 hectare (193,750 sf) fully serviced land parcel at the Northshore Hamilton site, fronting the Brisbane River.

The purchase price will be a combination of an upfront payment of A$11.1 million ($14.4 million) and a share of revenues through the life of the project. The site is zoned residential and will initially deliver around 150 homes with profit contribution expected from FY12. Australand has also secured options to acquire the remaining 4.5 hectares of the site, in stages, which have the potential to deliver a further 850 homes.

The Northshore Hamilton site is 7km from the Brisbane CBD, bordered by the newly developed 2.5 hectare Northshore Riverside Park and is located within 500m of the area’s dining and shopping precincts. Australand will develop the site with a diverse product range of apartments, attached and detached homes to capitalise on the location and surrounding amenity.

Construction is expected to start in 2011 with a marketing campaign for the first stage of the project due to start in September 2010.

Australand is one of Australia’s leading residential developers and its active projects in Queensland include Kangaroo Point’s Yungaba, Carindale’s Solito, Belmont’s Hillcroft and the Ivadale Lakes residential precinct at Caloundra.