Billionaire real estate developer Harry Triguboff has purchased “the best site in Brisbane” and is looking to develop a build-to-rent apartment building after a decade-long absence from the Queensland capital.
Mr Triguboff paid more than $130 million for the 5485sq m, 107-apartment building, known as The Gardens Apartments, which overlooks the Botanic Gardens.
Mr Triguboff said he is planning to develop it into two buildings – apartment and rental towers, with one including a serviced-apartment hotel.
The 90-year old Meriton founder 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,” Mr Triguboff 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 on the rise and he liked to buy in a strong market.
“I believe prices have been depressed for too long,” he said.
“They have to rise to reflect land and construction costs.
He said he expects the US to stop raising interest rates soon while the Reserve Bank of Australia will eventually start curing rates as well.
“Buyers will have new confidence and our return to Brisbane will be well-timed.
“I can sell them at prices people can afford.”
Mr Triguboff has been focusing his attention in Queensland on the Gold Coast in recent years and has also purchased additional sites on The Esplanade, overlooking the beach.
“I now own the best sites in both Brisbane and the Gold Coast,” Mr Triguboff said.