Harry Triguboff Buying Brisbane’s Best Sites

AUSTRALIA’S apartments king, Harry Triguboff, is buying what he terms ‘the best site in Brisbane’ in a $130 million-plus deal.

The 5485sqm property is home to The Gardens Apartments, which overlook the Botanic Gardens in Alice St and back on to Margaret St.

Mr Triguboff yesterday said he planned two buildings on the land –apartment and rental towers, with one including a serviced-apartment hotel.

The deal on The Gardens, brokered through Mane Property, was cemented on Friday and marks a return to Queensland’s capital by the 90-year-old developer’s Meriton group after a decade-long absence.

Meriton completed the 74-floor Soleil in Adelaide St in 2010 and the 81-level Infinity in Herschel St in 2013, towers which include Meriton Suites hotels.

Its Queensland focus for the past seven years has been solely on the Gold Coast, where it has completed a super-tower and has others underway or in the pipeline.

Mr Triguboff said it was a long process securing The Gardens, in which some sellers had been in place for more than 40 years.

“It’s been difficult because there are so many owners – the buildings have 107 apartments.

“I’ve waited a long time to get the deal over the line but it’s been worth it – I now own the best site in Brisbane.

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

The developer said apartment prices were improving ‘and I like to buy in a rising market’.

“I believe prices have been depressed for too long.

“They have to rise to reflect land and construction costs.

“Soon the Americans will stop raising interest rates and our guys will start dropping them.

“Buyers will have new confidence and our return to Brisbane will be well timed.

“I can sell them at prices people can afford.”

The Brisbane buy follows on from major Meriton forays on the Gold Coast, with $170 million spent on sites in Surfers Paradise since 2016.

Two of them are on The Esplanade, overlooking the beach.

The 76-floor Ocean was completed last year and twin towers are underway in a project called Iconica.

“I now own the best sites in both Brisbane and the Gold Coast,” said Mr Triguboff.