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Graya acquires $20m retail site in Brisbane's New Farm
Developer Graya has tightened its grip on Brisbane's trendiest high streets with the latest $20m off-market buy of a hotly contested New Farm retail site.
The James Street deal comes hot on the heels of the developer unveiling plans for a mixed-use project on Racecoure Rd, Hamilton.
Graya director Rob Gray said the 943 sqm James Street parcel currently housing Bed Bath n Table was the 'last piece of the puzzle' ripe for redevelopment along the evolving lifestyle strip.
It is understood several of the city's big players were locked in a shadow bidding war for the prime site, which last sold for $2.6m in 2014 and was owned by a company linked to Gold Coast investor Bradley Johnston.
'Sites like these are truly a once-in-a-lifetime opportunity, and this acquisition is a really big chess move for us and the goal would be to keep will cement Graya's legacy in southeast Queensland,' Mr Gray said.
'Graya plans on delivering a world-class building that will enhance the James Street lifestyle hub with high-end food and beverage along with a luxury retail offering and office space.'
The deal was handed by Chesters Real Estate agent Tim Jones, who fielded multiple offers from Australian and international buyers.
'James Street is undoubtedly among the most sought-after real estate in Australia and this benchmark transaction is a testament to how well the area is performing with interest from investors, retailers and high-end developers like Graya,' Mr Jones said.
The buy comes as Graya lodged a DA for a planned project in Hamilton.
Named The Gallery, the 3,614 sqm site on Racecourse Rd and Balowrie St will comprise 37 units across four storeys, along with eight retail tenancies.
The tower, designed by Bureau^Proberts, also includes a rooftop residents' area with a resort-style pool.
The development marks Graya's first multi-residential release in Hamilton, following more than a decade delivering some of the suburb's most recognisable homes, including Scorpia, Larc, and the Mediterranean-inspired Casa Espri which recently resold for $12.5 million.
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'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,' Mr Gray said.
'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.'
While tenants for the ground-floor retail mix were yet to be confirmed, Mr Gray hinted at a boutique grocer and wine bar.
The Hamilton submission and New Farm acquisition both fit within Graya's strategy of reshaping inner-Brisbane living through design-led projects which allow residents to shop and socialise locally.
The company has a current pipeline close to $1b also including multiresidential projects on the Gold Coast.
Pending DA approval, The Gallery is expected to launch to market in early 2026.
