News that Australia’s biggest apartment developer has bought his first Brisbane site confirms our city’s now finally ‘grown up’, even for the most cynical of southerners. Having reportedly described us as a “backwater” in years gone by, Meriton’s Harry Triguboff now plans a 70 storey tower for the CBD’s Adelaide Street.
Harry’s privately owned company built 1200 apartments last year, mostly in downtown Sydney and also on the Gold Coast. Sydney-siders know him for his competitive pricing and aggressive council planning submissions, and Harry’s never been afraid to lead the market by offering supply where demand’s not yet proven. With good design we think these Brisbane apartments will sell well, but the man BRW Magazine recently named Australia’s 7th richest wouldn’t be too concerned if they don’t. Triguboff says he’s currently sitting on 3000 unsold apartments (yes, 3 thousand!) and he’s enjoying their strong rental growth.
That’s some nest egg!