Pictured above: Harry Triguboff
Harry Triguboff, the 90-year-old Managing Director of one of Australia's most prominent developers, Meriton Group, has recently made a move in Brisbane's property market with the acquisition of The Gardens Apartments - a prime 5,485sqm site located on Alice Street, overlooking the City's Botanical Gardens.
According to selling agent Jeremiah Chung of Mane Property Group, Triguboff splashed out over $130 million for the property, which underwent a prolonged negotiation process with its 87 owners spread across 107 units and took close to two years to negotiate.
The acquisition of The Gardens Apartments is significant not only because of its location but also because it marks a potential redevelopment opportunity for Meriton.
The deal itself was not without risk, as it was subject to Queensland's strict ownership laws that require 100% of the unit owners to agree to the sale. Buckley noted that this was the largest amalgamation in terms of the number of owners that needed to be pulled together, totalling 87 owners across 107 units.
Triguboff's move into the Brisbane property market comes as no surprise, given his extensive track record of developing over 70,000 apartments across Australia's major cities, including Brisbane, Melbourne, Sydney, Canberra, and the Gold Coast. As a strong advocate for the future of apartment living, he believes this type of housing can contribute to the housing supply stocks faster than any other type of housing.
The acquisition of The Gardens Apartments by Meriton is undoubtedly a significant step forward for the Brisbane property market, as it signals Triguboff's continued commitment to developing high-quality apartment projects in the city.
Harry Triguboff sat down with our very own Rob Langton in 2020 for our The Interview series.
