This article is from the Australian Property Journal archive
DEVELOPER Harry Triguboff has returned to Brisbane after a decade, paying $130 million for a large CBD site in a complicated and protracted deal with 87 individual unit owners.
The Gardens Apartments site at 204 Alice Street spans 5,485 sqm and overlooks the Botanical Gardens. Currently, it has a 1979-built 17-storey tower that is expected to make way for two apartment and rental towers, including one of his famous Merton serviced apartment hotels.
Mane Property brokered the deal, having to wrangle 87 owners across 107 units together to agree to the deal. Queensland laws required 100% of unit owners to agree to the sale and negotiations between all parties took two-and-a-half years.
The Queensland government recently announced it would change the laws so that a 75% consensus is required, bringing the state in-line with NSW.
Triguboff, who has developed more than 70,000 apartments, has fixed his Queensland focus on the Gold Coast in recent years. The 76-floor Ocean tower was completed last year and the twin-tower Ionica is under construction, and Triguboff has just lodged plans for three towers at its new development Cypress, on an 8,083 sqm amalgamation of nine sites at 3346 Surfers Paradise Boulevarde.
The tallest of the towers will rise 73 and 80 levels and have a combined 994 apartments, while the smaller 53-level tower will have 327 serviced apartments.
