Brisbane has witnessed its largest building amalgamation to date after developers acquired The Gardens Apartments, a prominent high-rise located on Alice Street.
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In May 2023, Meriton’s Founder and Managing Director Harry Triguboff finalised the deal for The Gardens through Mane Property, marking his return to Brisbane after an absence of over a decade.
The 5,485 sqm property at 204 Alice St, Brisbane City offers picturesque views of the Botanic Gardens, with Margaret Street at its rear.
Meriton, known for completing impressive projects like the 74-floor Soleil in Adelaide Street (2010) and the 81-level Infinity in Herschel Street (2013), which both feature Meriton Suites hotels, plans to develop two new buildings on The Gardens site.
These structures will include apartment and rental towers, with one of them incorporating a serviced-apartment hotel. Mr Triguboff expressed his excitement, stating that he now possesses “the best site in Brisbane.”
Mr Triguboff was satisfied with the acquisition, acknowledging the challenges faced during the lengthy process of securing the property. Some of the sellers had held their units for more than 40 years.
The complexity of the transaction was attributed to the large number of owners involved, with the building consisting of 107 apartments. However, all 87 owners of the apartments unanimously agreed to the sale, making it a significant milestone.
This could potentially be the last of its kind under Queensland’s current legislation, which requires the consent of 100 percent of owners for such transactions.
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The $130 million acquisition of the high-rise by Meriton signifies a significant milestone for the Brisbane property market and sets the stage for an exciting new chapter in the city’s architectural landscape.
Published 13-May-2023
