Inside the $700m bet on Australia’s wealthy homebuyers

One of the country’s hottest developers has stumped up $40m for a prime Brisbane development site, unveiling ambitious plans for a landmark apartment tower and new retail laneway expected to generate more than $700m in sales. Luxury developer Graya has made one of the city’s biggest land plays of the year, snapping up the 3016 sqm development site on the doorstep of James Street and lodging plans for ‘The Silo’ — a 170-apartment tower in Chester Street, less than 125 metres from The Calile Hotel. RELATED: Inside the exclusive tower where units are selling for $10m-plus Developer Graya starts work on $150m luxury Hamilton complex An artist’s impression of a new luxury tower planned for a site near James St as part of plans lodged by Graya. Supplied. The proposal also includes ‘Silo Lane’, a new retail and dining laneway designed to create a pedestrian connection between James Street and Gasworks Plaza. The project, designed by Bureau Proberts, is expected to generate more than $700m in gross revenue. The site itself is one of the last large-scale development opportunities bordering Brisbane’s most sought-after lifestyle precinct and was secured through an off-market campaign run by ...