Harry Triguboff Acquires Brisbane’s The Gardens Complex for $130 Million, Plans to Develop Build-to-Sell Residential Towers

The Garden Apartments Alice Street

Harry Triguboff and Meriton have made headlines for their $130 million purchase of The Gardens Apartments at 204 Alice Street in Brisbane. Triguboff, the founder and managing director of Meriton, has acquired The Gardens complex in Brisbane on a significant site that spans 5485 square metres and features a 17-level building overlooking the Brisbane Botanic Gardens with river views.

The Gardens Apartments on Alice Street Brisbane
The Gardens Apartments on Alice Street Brisbane
Overhead view of 204 Alice Street Brisbane (CityPlan 2014)
Overhead view of 204 Alice Street Brisbane (CityPlan 2014)

Triguboff plans to develop two build-to-sell residential towers on the site, with one of the towers set to include serviced apartments. The tower was originally built in the 1979 as an apartment complex and has also been operated as a short term 3 star accommodation provider with 32 rooms to rent per night. The site is benfited by a dual street access frontage from Alice Street through to Margaret Street, giving the development site a favourable access platform for dual towers along with construction friendly infrastructure. The site neighbours the famous Royal on the Park Hotel which has been standing since 1969.

Meriton Suites - Herschel Street Brisbane
Meriton Suites – Herschel Street Brisbane

Triguboff and Meriton saw an opportunity to acquire The Gardens Apartments and reposition it as a luxury residential project. The purchase of The Gardens Apartments is part of Meriton’s ongoing expansion strategy, which has seen the company acquire several major development sites across Australia in recent years. Meriton have delivered the Meriton Suites projects on both Adelaide Street and Herschel Street in the Brisbane CBD, with their Alice Street site set to raise the bar for the prominent development firm.

The deal was brokered by Mane Property, with the Meriton founder able to acquire the entire unit block in the purchase, with 87 individual apartment owners agreeing to sell their units within the 44-year-old complex at 204 Alice Street for a total of over $130 million. The proposed towers, each potentially rising more than 80 storeys, represent a significant reuse of the site. It has been reported that the mogul has been negotiating with owners on the site for the past 10 years.

The end value of the project is anticipated to exceed $1 billion. This will be Triguboff’s first project in Brisbane in a decade, as his company, Meriton, has focused on the nearby Gold Coast in recent years. The Australian Development Review will monitor to project’s details as it unfolds and plans to deliver a substantial residential project to a truly prime site in the Brisbane CBD.

204 Alice Street Brisbane

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