Alceon Group has acquired a prominent office building at 28 McGregor Street for $64 million from Charter Hall in a deal that highlights the suburb’s growing appeal to large-scale investors.
The six-story building, a familiar landmark in Upper Mount Gravatt since its construction in 1992, has been home to the Australian Taxation Office (ATO) for over three decades. The ATO continues to be the majority tenant.
Spanning 14,286 square meters and offering 405 car parking spaces, the building is a substantial commercial asset for the suburb. The property’s last refurbishment in 2018 has helped maintain its appeal to both tenants and investors.
Approximately 3,200 square meters of the building is currently vacant, and there are existing permit-ready plans for 179 apartments in two towers. This mixed-use potential could significantly impact the local skyline and contribute to the evolving urban landscape of Upper Mount Gravatt.
The sale price of $64 million, which aligns with the property’s book value, reflects the strong commercial real estate market in Upper Mount Gravatt. It also indicates investor confidence in the suburb’s future growth and development potential.
Melbourne-based diversified investment group and property developer, Salter Brothers, is set to make its first development play in the Queensland capital with new apartments right in Upper Mount Gravatt.
The project involves the demolition of the Mercure Brisbane Garden City Hotel in Upper Mount Gravatt and the development of a new 17-level apartment building at 18 Macgregor Street, Upper Mount Gravatt. The 5,356 sqm site is ideally located a mere five-minute walk from Garden City Westfield, one of Brisbane’s largest shopping centres.
Mercure Brisbane Garden City Hotel Photo Credit: Google Maps
The plans for the mixed-use building, created by Bates Smart, a firm with a rich history dating back to the mid-1850s, include 101 apartments above a four-level podium. This podium will house a 90-space childcare centre and parking for 107 cars.
Photo Credit: Bates Smart
The residential apartments, starting from level six and running through to level 17, are designed as “gently undulating petals,” according to Bates Smart’s submission to the Brisbane City Council. The design is inspired by the native indigenous Tea Tree Flower and Wallum Banksia, two species of flora endemic to the region. Each apartment is expressed as an individual ‘petal’ with a curved edge, spatially and visually separated from the adjacent apartment.
Each floor will house eight apartments, six two-bedrooms, and two three-bedrooms. The living rooms and balconies capitalise on the views and solar access.
A rooftop communal terrace, conceived as an extension of the nearby Toohey Forest Park, will span the entirety of level 18. The rooftop will feature a pool, mineral spa, and a landscaped seating area oriented to the north, offering a primary view outlook towards Mount Gravatt. Additional amenities include a resident gym, an amenity room, and a landscaped barbecue area.
Photo Credit: Bates Smart
Bates Smart drew inspiration from the local Turrbal and Jagera Peoples’ name for Mount Gravatt, ‘kaggur-madul’, meaning the ‘Place of the Echidna’, or ‘Where Echidnas Rest’, when designing the external shading system. The design mimics the delicate fine grain repetition of echidna spikes, reminiscent of traditional indigenous jewellery making.
Meanwhile, down in its native Melbourne, Salter is currently developing Candela Ivanhoe, a project comprising 62 one, two, three, and four-bedroom apartments in Melbourne’s northeast.
A scorched and fire-damaged Wishart property is set to go under the hammer this weekend, presenting an enticing opportunity for budding renovators and first-home buyers.
Fire damage from an electrical fault leaves ceilings charred and walls coated in soot. Photo Credit: Ray White
The three-bedroom, two-bathroom house at 340 Mount Gravatt Capalaba Road sustained significant fire damage to its upper level caused by an electrical fault, leaving ceilings charred and walls coated in soot.
Fire damage from an electrical fault leaves ceilings charred and walls coated in soot. Photo Credit: Ray White
Despite its dilapidated state, the listing has sparked heated interest from prospective buyers eager to tackle a renovation project in the supply-constrained Wishart market. Ray White Marsden AKG agent Aidan Knox reports receiving a staggering 12 offers within just a week of listing, with 8 parties pre-registered for Saturday’s auction conducted by Apollo Auctions.
Walls are coated in soot from the fire. Photo Credit: Ray White
“It’s a case of what you see is what you get — the top floor has significant fire damage, but with its prime location and ever-growing demand in the area, this property represents either a knockdown opportunity, or potential to recreate what was once a beautifully kept home,” said Knox.
“The appeal here is the prospect of a cheap property in a demographically diverse marketplace, and there are a lot of first-home buyers and builders, renovators alike out there who have been missing out on other properties and are ready to have a go at the auction and get hands-on to make this their own.”
Fire damage from an electrical fault leaves ceilings charred and walls coated in soot. Photo Credit: Ray White
House prices in Wishart soared to 13.5 percent over the past 12 months, to a median of $1.225m, according to PropTrack data.
A bedroom remains unscathed. Photo Credit: Ray WhiteThis bathroom survived the fire with no damages in sight. Photo Credit: Ray White
Situated on a generous 546 square meter lot, the lower level escaped the blaze largely unscathed, offering a separate rumpus room and kitchenette as a starting point for renovations. However, Knox notes the sellers prefer not to discuss further details surrounding the “unfortunate circumstances” of the fire.
Damages are not seen outside as well. Photo Credit: Ray White
In the heated Wishart market, where just 28 houses were listed over the past month despite over 1,800 prospective buyers per property, the auction of this charred residence is shaping up to be a hotly-contested affair. First-home buyers and ambitious renovators alike are lining up for a chance to breathe new life into one of Brisbane’s smouldering investment opportunities.
