Graya’s $20m-Plus Coup to Lift Brisbane’s James Street

Luxury south-east Queensland builder-developer Graya has swooped into Brisbane’s chic James Street precinct for a development play seemingly oozing with perfect chemistry. However, there’s a twist—it will be luxe but it won’t be residential. The design, development and construction outfit—led by brothers Rob and Andrew Gray—has inked an unconditional deal believed to be “north of $20 million” for a 943sq m site at 54-56 James Street occupied by retailer Bed Bath N’ Table. In a coup, it fended off a throng of heavy-hitter bidders to secure what is touted to be one of the last remaining significant holdings in Fortitude Valley’s high-end and tightly-held retail and dining strip. “We’re pumped,” director Rob Gray told The Urban Developer . “We’ve dreamt of being an owner along James Street for 10 years and been looking at that particular site for five years thinking just what a cracking site it would be to redevelop. “So it’s pretty cool to actually secure it … sites like these are a truly once-in-a-lifetime opportunity. “And I think it’s going to be nice to have a fresh set of development eyes on the street. We’re really looking forward to putting our brand on it—bringing something fresh to the table, doing something different.” In a detour from the luxury residential projects it is renowned for developing, Graya is working up plans for a strictly commercial scheme—including a mix of high-end retail, food and beverage and office space—for the James Street site. “Traditionally, we’ve developed and sold units and moved on,” Gray said. “We’ll still be predominantly delivering residential apartments …this is just another good feasibility, another offering that we can deliver as a business. “And there’s a big lineup of people waiting to get their businesses into James Street—so, why not?” ▲ An aerial view of the James Street site occupied by retailer Bed Bath N’ Table that Graya has put its foot on in a $20-million-plus deal. It also will add another arrow to Graya’s property quiver—landlord. “Traditionally, yes, we’ve developed, sold and moved,” Gray said. “But we’d like to retain this one and cement Graya’s legacy with a world-class building that will enhance the James Street lifestyle hub.” The James Street deal was negotiated by Chesters head of sales Tim Jones along with colleagues Michael Platsis and Greer Gittoes, who had a longstanding relationship with the Gold Coast-based vendor. “This benchmark transaction is a testament to how well the area is performing with interest from investors, retailers and high profile developers,” Jones said. It is understood offers were on the table from the likes of Azure Group, Zagame and rich-lister Nick Politis. So, with that calibre of cashed-up potential buyers also circling the asset how did Graya pull off such a coup? ▲ The Gray brothers—Rob ( right ) and Andrew—who head up luxury builder-developer Graya. “I think in the end the offers were all pretty aligned and it just came down to the seller’s relationship with the agent, as well as them liking what we do as a developer and us coming in at the right time with a good clean cash unconditional offer,” Gray said. Last week, Graya filed plans for a mixed-use midrise development dubbed The Gallery on a 3614sq m site along Hamilton’s Racecourse Road , which it deemed “the next James Street”. “Well, there’s no more James Street—that’s the thing,” Gray said. “It’s built out and held by a handful of people and they’re never going to sell it. So it’s nice to have a piece of it and probably the last remaining land holding that’s going to become available along it.” The four-storey Racecourse Road proposal would accommodate 37 two and three-bedroom luxury apartments above a village-like retail and dining hub spanning 1380sq m across its ground level. With a pipeline of projects nudging $1 billion, the proposal heralds a strategic shift in Graya’s development approach to a more holistic mixed-use “lifestyle experience” model.

Graya’s $20m-Plus Coup to Lift Brisbane’s James Street

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