Mayfair House, Melbourne
Role
Acquisition
Financing & Syndicating
Planning, Design, and Permits
Structuring & Negotiation
Date
2000
Location
Collins Street, Melbourne, Australia
Strategic Acquisition
In 1999, the Garrisson Group strategically acquired a prime property on Collins Street, Melbourne, together with two local investors. This off-market transaction involved a significant landholding of approximately 2,800 square meters, featuring three street frontages and a notable heritage building. This acquisition had challenging legal and tenancy issues to resolve, laying the groundwork for a transformative project that blends historical charm with modern functionality.
Innovative Development
The project at 171 Collins Street involved converting the heritage building into a mix of penthouse apartments, Soho townhouses, and a towering structure that included a hotel and retail gallery. Garrisson worked closely with the architect DCM to secure planning approval. The development's design respected the site's historical significance while introducing a contemporary 18-story glass tower, reflecting his ability to integrate heritage with innovation.
Mayfair House, Melbourne
Successful Execution
Garrisson's adept project execution culminated in selling the property to the Macquarie Office Fund in 2006. This transaction resulted in a significant upside for all involved, demonstrating his keen sense of market timing and strategic exit planning. The property's transformation into the headquarters for BHP and its current ownership by a major Australian superannuation fund underscores the long-term value created through his strategic vision and meticulous planning.
Mayfair House, Melbourne
Upshot
171 Collins Street is now an iconic retail and office space, developed by Charter Hall Office REIT and CBUS Property. The original Mayfair building, with its Romanesque Revival façade, and the modern glass tower, reflect a legacy of architectural excellence. Garrisson's role in this project highlights his prowess in real estate investing, showcasing his ability to turn complex negotiations and strategic partnerships into profitable outcomes.
Photography: Peter Clarke