Pellegrino Group Australia and Mosaic Property Group announce joint Fortitude Valley venture
Two developers have joined forces for a new $40 million Fortitude Valley development.
Pellegrino Group Australia (PGA) and Mosaic Property Group will work together on the commercial and retail building, The Eminence, which was designed by Justin O’Neill of O’Neill Architecture.
The six-level A-grade building to be built at 89 McLachlan Street will offer 3,500 square metres of commercial space and 305 square metres of retail space.
Construction is set to commence mid-November 2018 with completion estimated for late 2019.
Pellegrino Group Australia Director Paul Pellegrino says both PGA and Mosaic Property Group are excited by the project.
“The Eminence has been specifically designed to provide optimal work-life balance with inspiration taken from co-working spaces to make it a flexible corporate environment for years to come,” Pellegrino said.
“It’s a boutique building that’s built to give those businesses with a smaller footprint in Brisbane, bigger exposure – something larger corporate buildings generally can’t offer.”
Both developers will take up office space in the building.
Mosaic Property Group Founder and Managing Director, Brook Monahan said the McLachlan Street site was chosen after an extensive two-year search for a new headquarters for their company.
“We had a very stringent set of criteria for the property that would house our team and meet our requirements well into the future,” Monahan said.
“The Eminence was the first property that met this criteria as an asset that we wanted to hold longer term.
“While the building is cutting edge in terms of design and technology, it is also surrounded by exceptional amenity being in the heart of the James Street lifestyle precinct.
“At the heart of the inner-north Urban Renewal precinct the area is full of life and energy and has significant room for continued market growth.
“We also felt that the Pellegrino Group was an excellent fit as a JV partner because of their shared values as an organisation.”
Two levels of the office building remain available for lease through agents Gerry Leyden and Michael Skaparis of CBRE and Alex Cameron and Sam Barr of JLL.