Melbourne’s Zagame family is moving ahead with plans for a $25 million commercial project in Brisbane’s fast-growing Fortitude Valley precinct.
The Zagame Corporation, led by the sons of family patriarch Victor Zagame—Robert and Victor junior—have submitted a development application for a 6-storey A-grade office building at 72 James Street.
The 4,000sq m office building, which is set to straddle the corner of James and Harcourt Streets, will sit atop a 1,460sq m site which the developer has pieced together over the last two years.
The development, which will eventually become home to eight tenants, will also offer secure bicycle parking, end-of-trip facilities, 32 car parks across the single basement level and a shared roof top event terrace.
Zagame Corporation property director Peter Runting told The Urban Developer the project would add to the developer's long-standing commitment to the region and in particular the James Street precinct.
“Robert and Victor are delighted to continue their 20 year investment history in Queensland,” Runting said.
“They are keenly invested in the continued success of James Street and this new development will help transform and enhance the precinct’s uniqueness and character.
The Melbourne-based property group, which has been active for nearly 50 years, has interests spanning pubs, malls, warehouses and a number of hotels.
“A commercial development was chosen for the site as we identified a gap in the market for this type of office and retail centric precinct.
“We see the market being local business and potentially city-based business looking for fringe hub space and looking to employ talented staff who live locally.”
Cavill Architects director Andrew D’Occhio said Zagame’s ambition was to draw the climate, lifestyle and vibrancy of James Street into the building.
“In approaching this development, the design team recognised James Street’s success as an iconic precinct and memorable place.
“This is largely due to the collective creation of a vibrant public realm that extends into, through and between the street’s private land holdings and independent developments.
“The proposal continues this pattern through a significant expansion of the James Street public realm and by re-evaluating how a low-rise office building can participate, and even amplify [James Street’s] culture of shared public-private space.”
The building will offer ground floor retail and hospitality spaces while reclaiming and incorporating the existing heritage building on site.
D’Occhio said each floor plate will pivot around a “city room”, affording each tenant its own open-air address to the high street as well as a dedicated outdoor breakout space and small garden.
If approved, Zagame expects the development will take two years to complete.
Zagame is also sitting on another James Street site which it picked up from the managing director of Australian fashion brand Kookai, Robert Cromb for $6 million in 2018.
The site, at 49 James Street, located on a prominent corner adjacent to the Malouf brother’s Calile Hotel, currently houses a heritage-listed 19th century building, four retail and three commercial tenancies.
In April 2019 the Zagame family moved to divest a $300 million portfolio including six hotels in Melbourne, Ballarat and Vanuatu.
Zagame has since turned its attention to commercial opportunities, picking up an office building in Hawthorn for $55 million late last year.
The group also snapped up the former premises of the Victorian branch of the Australian Education Union, 4-storey building, located at 112 Trenerry Crescent in Abbotsford for $21 million.