Mitsubishi buys into luxury Brisbane apartment project
Mitsubishi Estate Asia Pte Ltd has acquired a stake in a Brisbane luxury apartment project being developed by McNab Group.
The $39.3 million commitment for The Tannery at West End, via the McNab Residential Living Development Fund Series, assumes a gross realisable value of $193.5m.
The project will rise 10 storeys on a 4465 square metre site at 439 Montague Road, with 81 apartments and an activated rooftop.
Designed by Cottee Parker Architects, it will incorporate and repurpose the 19th-century Dixon’s Tannery building as a resident wellness retreat.
Construction is underway, with completion scheduled for mid-2026.
The deal marks Mitsubishi Estate Asia’s first Brisbane apartment development.
Second collaboration
The Tannery is the second project Mitsubishi Estate Asia and McNab have partnered on, following Elements Budds Beach on the Gold Coast, which has an end value of about $175m (continues below).
McNab founder and executive chairman Michael McNab said both projects are cornerstone assets of the RWC McNab Residential Living Development Fund Series, launched in 2025 to accelerate apartment delivery across South East Queensland amid constrained builder capacity and rising housing demand ahead of the Brisbane 2032 Olympic and Paralympic Games.
“The Brisbane project deepens the partnership, combining offshore capital with local development and construction capability,” he said.
“This second joint venture reflects confidence in the Brisbane market and in our vertically integrated model, which reduces delivery risk in the current environment,” he added.
Ray White Capital founder Dan White acted as agent.
Mitsubishi Estate Asia executive director Yosuke Matsunaga said the group is behind more than 8000 apartments across 10 projects in Australia, primarily in Melbourne and Sydney.
“The Tannery represents our first apartment development in Brisbane and supports our continued growth in Australia,” he said.
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