The Gardens Apartment tower owners are banding together to sell CBD ‘landmark site’

Apartment owners on Brisbane’s ‘best residential site’ weigh selling their 108-unit tower – which could make way for something bigger.

Dozens of owners of a 43-year old Brisbane CBD tower are banding together to sell what has been described as a “landmark site”.

Mane Property Group has been presenting offers to the owners of 108 units in The Gardens Apartments to sell their properties as one parcel.

Brisbane city skyline and River at twilight.

It is understood that most of the investors and owner-occupiers have agreed and Australia’s largest apartment builder Meriton Group is in the frame to buy the units on a 5485sq m parcel of land for a rumoured $120m.

Meriton, owned by billionaire Harry Triguboff, said they “have no comment on this matter”.

An industry source said it was a “landmark site” overlooking the City Botanic Gardens and potentially could hold an apartment tower of up to 80 storeys.

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

“A bloke like Triguboff would be able to do it,” he said.

“It’s arguably the best residential site in Brisbane and he would build the best residential tower on it.”

Meriton has developed two mega apartment towers in the Brisbane CBD – the 74-storey Infinity tower at 43 Herschel St and the 79-storey Soliel tower at 495 Adelaide St.

Mane Property principal Jeremiah Chung said they have presented offers to all of the owners of The Gardens Apartments which was built in 1979.

“Nothing is complete but if it gets done it will be a record that’s for sure,” he said.

“We have been doing it for quite some time now and we’re in the final stages of it but

you can’t say it’s done until its done.”