Prestigious “Balaam” hits the market for the first time
One of only two riverfront properties in Brisbane’s prestigious suburb of Hamilton is on the market for the first time since it was constructed in 2006.
Owned by Executive Chairman of Consolidated Properties, Don O’Rorke, the property at 33B Harbour Road sits on land located between the prestigious Portside Wharf and Bretts Wharf residential precincts.
The land was purchased by the O’Rorke Family 30 years ago to add to their investment portfolio. It is adjacent to the Consolidated Properties Bretts Wharf development which is widely regarded as Brisbane’s prestige residential precinct, commanding record prices from the onset of its development.
The residence was designed by prominent Architect Shaun Lockyer and built in 2006 as a large family home.
“Balaam is an eight bedroom, nine bathroom masterpiece that offers not only a lifestyle of luxury, but also an opportunity to develop high density with a current development application for a 10 storey riverfront building.
“Alternatively the large land size would allow for two large housing lots in addition to the main residence.
“The home itself is a meticulously designed 1,034 square palatial family residence set across the 1,609 square block,” said marketing agent, Matt Lancashire of Ray White New Farm.
Whilst no price guide is disclosed for the sale of Balaam, Mr Lancashire said the sale next door for $10.3m in the midst of the GFC gives an indication of the strength of the Hamilton riverfront.
“Lorna Jane Clarkson purchased the second residence on the riverfront in Hamilton in 2010 for $10.3 million.
“Balaam is on a larger block, with a greater river frontage and the house itself is bigger. With more than $10 million achieved in the midst of the GFC, our expectation is north of this figure,” he explains.
Brian White, Chairman of the Ray White Group said properties of such a standard seldom come to market.
“The resurgence of the Brisbane prestige market in 2014 was remarkable. Confidence continues to grow as records are broken. A property such as Balaam commands attention and is the pinnacle of prestige living in Brisbane,” Mr White said.
For the O’Rorke family, the decision to sell “Balaam” was not an easy one to make.
“Above all else what I value most about Balaam is its uniqueness: it’s only one of two riverfront properties in Hamilton, which is arguably Brisbane’s most prestigious suburb, the quality of the architecture and the wide selection of restaurants and shops within easy walking distance of Portside Wharf and Racecourse Road.
“I’m not aware of any other property – aside from Lorna Jane’s home next door – that incorporates all three of these attributes,” Mr O’Rorke said.
With five young children still living at home and interested in horses, Don and his wife Natasha have made a lifestyle change and have purchased 10 acres in Brookfield and are currently in the midst of designing a country estate with architect Shaun Lockyer.
From a buyer perspective, Mr Lancashire said the property’s luxury and location will be the two prominent selling points.
“Balaam residence offers every conceivable luxury including a lift, two swimming pools, an aviary, playground and fire pit.
“Its riverfront location stretches along 48.3m of the Brisbane River with an approval for a large private pontoon. This property is anticipated to attract a flurry of interest from high net worth owner occupiers, in particular Asian interest and no doubt significant developer interest.”