Harry Triguboff secures ‘best site in Brisbane’

The Gardens apartment complex was developed in 1979.

Harry Triguboff has snapped up Brisbane’s spectacularly located The Gardens complex with plans for two build to sell residential towers – one which will contain serviced apartments.

The 17 level building on 5485 square metres opposite Brisbane Botanic Gardens.

The nonagenarian is paying the owners of 108 owners strata units within the 44 year old, 17 level complex at 204 Alice Street a total of over $130 million.

Overlooking Brisbane Botanic Gardens, also with Brisbane River views, the proposed towers could each rise more than 80 storeys – a significant reuse of the 5485 square metre holding.

The end value could also exceed $1 billion.

Buildings five times taller

The Alice St project would be Mr Triguboff’s first in Brisbane in a decade; in Queensland, the executive’s Meriton has in recent years focused on the Gold Coast.

“I’ve waited a long time to get the [204 Alice St] deal over the line but it’s been worth it – I now own the best site in Brisbane,” he told The Australian, which is reporting the deal (story continues below).

“Where else could you buy such a parcel of land with unimpeded views over the Botanic Gardens and across the river?” he added.

The deal comes eight months since a developer acquired a waterfront time share complex on the Gold Coast held by 51 parties, for $45m.

In Melbourne meanwhile, Oreana Property snapped up a prime South Yarra office and retail complex from 11 strata owners, in a deal negotiated by Emmetts’ Charles Emmett.

Mane Property Group brokered the 204 Alice St deal.

More to come.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.