Renowned Meriton property tycoon Harry Triguboff is set to embark on a ground-breaking venture with the initiation of a colossal $1.3 billion twin tower development in the heart of Brisbane’s Central Business District (CBD). The ambitious project is slated to encompass more than 1050 apartments on a site that could be viewed as one of the best remaining inner city Brisbane CBD sites for redevelopment.
The pivotal stage in this venture was the recent settlement of a $140 million payment to the 107-unit owners of the Gardens Apartments building, strategically positioned on a sprawling 5485 square meter site that spans Alice and Margaret streets. This intricate transaction, brokered through Mane Property, involved negotiations with sellers who had maintained their positions for over four decades, making it a significant historical feat.
Triguboff, a stalwart in the property development landscape at the age of 90, expressed his enthusiasm for the forthcoming project, outlining the construction plans for two towering structures. The proposed development includes a 78-level tower and a 69-level tower, comprising 799 residential apartments available for sale or rent, 254 serviced apartments, and 1000 square meters allocated for retail and childcare facilities.
In a statement, Mr. Triguboff revealed his plans to launch the project into Brisbane’s residential pipeline,
“We have been in regular discussions with the council, and Meriton anticipates formally lodging plans in December 2023. We’re likely to commence in the second half of 2024.”
Meriton‘s previous forays into Brisbane included the completion of the iconic 74-floor Soleil on Adelaide St in 2010 and the 81-level Infinity on Herschel St in 2013. Both structures, housing Meriton Suites hotels, stand as testament to the developer’s architectural prowess. Following this, Meriton shifted its focus to the Gold Coast, investing over $170 million in prime Surfers Paradise sites since 2016.
Despite challenging market conditions, Meriton secured its position as the busiest builder in Queensland for 2022-23, as per the HIA-Colourbond Housing 100 report. In the wake of an 11% decline in new dwelling starts in the state, attributed to escalating construction costs and interest rate hikes, Meriton Apartments, hailing from New South Wales, emerged as the top builder in the Sunshine State. The impressive figure of 1341 home starts in 2022-23 is a stark contrast to the 757 recorded in the preceding year when Meriton held the fifth position.
In May 2023, ADR reported the noteworthy acquisition of The Gardens Apartments site at 204 Alice Street in Brisbane by Harry Triguboff and Meriton after a decade-long effort to amalgamate and sell the entire property. The founder and managing director of Meriton, Triguboff, garnered headlines for securing the expansive 5485-square-meter site, which includes a 17-level building offering scenic views of the Brisbane Botanic Gardens and the river.
In a statement made in May, Mr. Triguboff underscored the strategic significance of the Gardens Apartments site, stating,
“Where else could you buy such a parcel of land with unimpeded views over the Botanic Gardens and across the river? I’ve waited a long time to get the deal over the line, but it’s been worth it – I now own the best site in Brisbane.”
This sentiment encapsulates the visionary approach that has consistently defined Harry Triguboff’s real estate endeavours. As Meriton Group prepares to shape Brisbane’s skyline once again, the city anticipates the unveiling of yet another landmark development in the thriving metropolis.
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