Meriton Group is planning a $1.3bn twin tower project in the Brisbane CBD with over 1000 apartments

Meriton Group has settled on the $140m payment to the 107-unit owners of the Gardens Apartments building on a 5485sq m site which straddles Alice and Margaret streets.

It was a long process with some sellers having been in place for more than 40 years.

The deal was brokered through Mane Property and marks the return to Queensland’s capital of the 90-year-old developer’s Meriton Group after a decade-long absence.

Mr Triguboff said he planned to build two 78 and 69-level towers containing 799 residential apartments for sale or rent, 254 serviced apartments and 1000sq m of retail and childcare.

“We have been in regular discussions with council and Meriton anticipates to formally lodge plans in December 2023,” he said.

“We’re likely to commence in the second half of 2024.”

Meriton was last in Brisbane when it completed the 74-floor Soleil in Adelaide St in 2010 and the 81-level Infinity in Herschel St in 2013 – towers which both include Meriton Suites hotels.

Since then Meriton’s Queensland focus has been on the Gold Coast, spending more than $170m spent on prime sites in Surfers Paradise since 2016.

The 76-floor Ocean apartment tower was completed last year. The Iconica project, a 78-storey north tower and 53-storey south tower and the three tower Cypress development were recently given the green light by the Gold Coast City Council.

In September, Meriton was named the busiest builder in Queensland over 2022-23 despite new dwelling starts in the state plunging 11 per cent in the wake of construction cost increases and interest rate rises.

The HIA-Colorbond Housing 100 ranked NSW-based Meriton Apartments the top builder

in the Sunshine State with 1341 home starts in 2022-23 compared to 757 in the previous year when it was in fifth place.

In May, Mr Triguboff said of the Gardens Apartments site: “Where else could you buy such a parcel of land with unimpeded views over the Botanic Gardens and across the river.”

“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,” he said.