GRAYA purchases 'once in a lifetime' Brisbane site for $20 million

Award-winning developer GRAYA has secured a rare Brisbane site, beating both local and overseas buyers in a competitive sale.

"Sites like this are truly once in a lifetime," said director Rob Gray. "It's a rare opportunity to contribute to one of Australia's most iconic lifestyle destinations."

The 943-square-metre site is located on James Street, a vibrant retail and hospitality destination in the heart of Brisbane's Fortitude Valley, and the current home of Bed Bath & Table.

Speaking about the project, Gray said it will 'elevate' the iconic street's current offering.

"We plan to deliver a world-class building that elevates the James Street experience - blending high-end food and beverage, luxury retail, and office spaces in a way that complements the area's unique culture," said Gray.

The off-market sale was managed by Chesters Real Estate's head of sales Tim Jones, and colleagues Michael Platsis and Greer Gittoes.

"James Street is without doubt among the most desirable retail and lifestyle precincts in the country," said Jones. "This benchmark transaction is a testament to the strength of the precinct, attracting high-calibre interest from investors, retailers, and developers alike.

"GRAYA's plans will take it to the next level."

While plans for the site have yet to be lodged, the team said in a statement that the project will be a landmark mixed-use precinct featuring a "design-led approach with a strong focus on curating an offering that enhances the precinct's lifestyle appeal and long-term commercial value."

The big news keeps coming

This isn't the only big news to come from the Brisbane-based developer though.

The company has also recently lodged a development application for The Gallery, another project that promises to be a "bold new mixed-use precinct" aiming to "transform Hamilton's iconic Racecourse Road".

The development will include 37 residences across four storeys, with eight retail tenancies.

"There's long been a clear demand in Hamilton for a lifestyle precinct that combines luxury apartments with the type of vibrant, boutique retail we've seen delivered in places like James Street," says Gray. "The Gallery is our response to that demand. Hamilton has been a major part of our story for more than ten years - we know this community, so we're proud to be the ones bringing that vision to life."

Brisbane-based architecture studio Bureau^Proberts will be leading the design, which is said to include a resident-only rooftop retreat, resort-style pool and panoramic views.

A home to make you live longer

Earlier this year, GRAYA announced its foray into the world of wellness with Enclave - a $140 million wellness tower that aims to help residents improve their health and maybe even their life expectancy.

Integrating 'longevity science' into its design, the project includes an expansive spa and wellness centre that features treatments including IV drip therapy, massage, acupuncture and dry needling.

"Enclave will cater to the growing global demand for holistic wellness and longevity, and will provide residents with services and equipment that you'd only find at the world's most exclusive wellness clubs," said Gray.

The development will also include hot and cold plunge pools, a steam room and sauna, a hydrotherapy spa and mineral pools to indulge residents' every wellness need.

Those who live in the exclusive development will also have access to a private gym, personal training, and advice from nutritionists and dieticians on site.

The unique proposition clearly struck a nerve with buyers, as the project sold over $80 million in apartments within 24 hours of release.