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RESIDENTIAL PROPERTY

Pellegrino and Mosaic piece together 40m project

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DEVELOPERS Pellegrino Group Australia and Mosaic Property Group have created a joint venture to deliver a $40 million office and retail building in Brisbane’s Fortitude Valley, which will be one of just two commercial structures built through 2018/19 in the bustling city fringe suburb.

To be known as The Eminence, the six-level building at 89 McLachlan Street will comprise 3,500 sqm of commercial space and 305 sqm of retail space.

Both companies will take up space in the building, with Mosaic Property Group as anchor, occupying 1,700 sqm over two and-a-half floors. Mosaic currently operates from a campus of four company-owned properties in Latrobe Terrace in Paddington. It has an office in Maroochydore on the Sunshine Coast, and a newly opened location in Broadbeach on the new Gold Coast.

Mosaic Property Group founder and managing director, Brook Monahan said the McLachlan Street site was chosen after an extensive two-year search for an appropriate new headquarters.

“We had a very stringent set of criteria for the property that would house our team and meet our requirements well into the future.

“The Eminence was the first property that met this criteria as an asset that we wanted to hold longer term.”

PGA will move their Newstead-based office to level four of the Eminence. Two levels of the building remain available through Garry Leyden and Michael Skaparis of CBRE, and Alex Cameron and Sam Barr of JLL.

Pellegrino has lodged the planning application to Brisbane City Council earlier in August last year. Construction is set to begin this month and completion expected late in 2019. Justin O’Neill of O’Neill Architecture designed the project.

Australian Property Journal