Harry Triguboff buys Brisbane CBD apartment tower in $130m-plus deal

Meriton founder Harry Triguboff pictured at his 90th birthday celebrations.

Australia’s apartments king Harry Triguboff is back in Brisbane after decade having secured a unit tower on what he believes is “the best site in Brisbane”.

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

Mr Triguboff on Monday said he will pay $130m-plus for the site where he is planning to develop two buildings – 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 the return to Queensland’s capital by the 90-year-old developer’s Meriton Group after a decade-long absence.

The Gardens Apartments at 204 Alice St in the Brisbane CBD.

Meriton 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.

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, who celebrated his 90th birthday in March, 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,” he said. “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.”

Mr Triguboff said apartment prices were improving and he liked 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,” he said.

“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 purchase follows on from major Meriton forays on the Gold Coast, with $170m 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,” Mr Triguboff said.