Byron Plaza, Jonson Street, Byron Bay
Role
Acquisition
Financing
Planning, design, and permits
Off-Market Transaction
Date
2022
Location
Jonson Street, Byron Bay, Australia
Unlocking Potential in Central Byron Bay
In a bold move during an uncertain time, Garrisson acquired a 5,380 sqm site on Jonson Street in Byron Bay in 2021, incorporating a run-down shopping mall with 17 shops and a large open car park. This acquisition, completed a few months into the COVID-19 pandemic, highlights his ability to recognize and capitalize on high-potential real estate opportunities. Understanding the full potential of this large site, and analyzing existing and future market positioning he secured planning approvals for a mixed-use development, showcasing his vision for a premium residential, retail, and hospitality project. Despite the project not having started construction, he successfully exited the investment with a triple-digit levered IRR, showcasing his strategic acumen and impeccable timing in the market.
Navigating Market Challenges
Garrisson's success with the Jonson Street project exemplifies his ability to navigate challenging market conditions. Despite extensive competition and a highly regulated council in Byron Bay, he pressed forward with his $120 million vision. His ability to secure a permit in record time, facing only minimal objections, speaks to his skill in handling complex regulatory environments.
Byron Plaza, Jonson Street, Byron Bay
Strategic Partnerships and Mix-Use Vision
Garrisson leveraged his extensive network and strategic insight to acquire the Jonson Street site. This partnership underscored his capability to forge alliances that enhance project value and deliver successful outcomes. After evaluating multiple options for the property, he settled on a final design that involved developing 54 apartments in a three-story building with ground-floor retail space, demonstrating his forward-thinking approach to mixed-use developments.
Upshot
Garrisson's approach to real estate investing is evident in his handling of the Jonson Street site. Rather than holding the property for redevelopment, he recognized the opportune time to exit the investment, taking advantage of the market's uplift in value. His decision to sell the site at what he deemed to be a peak period in the market demonstrates his keen understanding of market dislocations and fundamental value. This strategic exit resulted in significant returns, reinforcing his reputation as a masterful investor who balances opportunity with judicious decision-making.
Architect and perspectives: Harley Graham (HGA)