Deague Group

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The Melbourne-based Deague family is suing over its recent $3 million investment in a $150 million Brisbane apartment project.
Deague Capital has sued the Australian arm of Alvarium and its local managing director Bernard Treacy.
The Brisbane Times reported a Supreme Court of Victoria writ was filed last month.
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The Deague's investment arm alleges Alvarium informed it of a development opportunity in the Ambrose apartment complex in Milton (above and below) shortly before the envisaged $48 million to $50 construction contract was set to be signed in February this year.
<img src="https://www.urban.com.au/images/2020/9/21/Ambrose%202.png" alt="">
Designed by architects, Cottee Parker, and Glam Studios, the 19-storey development will have 181 apartments.
The Deague investment was $3 million via a cash loan and the purchase of shares.
The Deagues allege they were misled into investing in the project which had a much larger signed $62 million construction cost signed off in July.
Tracey and Alvarium are yet to file their defences in the proceedings, The Brisbane Times advised.
The Brisbane Courier Mail reported in April it was a $150 million project.
It was in July last year when the 19 McDougall Street development got its current approvals.
The pricing was advised as from $400,000 for one-bedders and up to $2.4 million for three-bedroom apartments,
The developer purchased the 2000 square metre site for $12.75 million in 2017.
There has been an initial proposal by Kokoda Property, when it was known as the Obsidian site, in early 2017 with an $87 million estimated value.
Construction had been scheduled on the initial proposal to start in mid-2018 and completed in 2020.
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Deague family sues over Ambrose, Milton apartment investment 

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The property developing Deague family have spent $86 million on a 70 hectare house and land site near Craigieburn.
They have the intention to build a $750 million estate.
It's a rare house and land purchase for the Deague family, more well-known for their apartment, hotel and mixed-use developments.
Last year the Deague's paid nearly $25 million for a <a href="https://www.urban.com.au/expert-insights/investing/73726-deague-group-buys-development-site-in-south-melbourne-for-24-65-million" target="_blank">commercial development site in South Melbourne.</a>
That's set for a $150 million, seven level Rothe Lowman-designed office project next to its existing business park.
The <a href="https://www.urban.com.au/news/69580-asian-pacific-group-rebrands-as-deague-group" target="_blank">Deague family</a> claims a property development tradition in the state that dates back to 1859.
Deague Group chief executive Will Deague told the AFR they saw better opportunities in the house and land market but the family is still committed to the apartment and mixed-use development space.
"The returns [in apartments] aren't there and so the demand has softened," Deague said.
"With migration into Australia, and especially the northern corridor of Melbourne at record levels, we will continue to look for further opportunities in this space," he said.
William Deague recently spent $12.2 million on a <a href="https://www.urban.com.au/news/84082-deague-family-demolish-1930s-toorak-home" target="_blank">1930s Toorak home</a> and quickly got the work demolishing the landmark home.
The Deague family launched <a href="https://www.urban.com.au/expert-insights/buying/78155-deagues-whitehorse-towers-tallest-residential-building-outside-melbourne" target="_blank">Whitehorse Towers in Box Hill</a> late last year and saw over 500 apartment sales in two days.
The towers were billed as the tallest residential towers outside of the CBD. 
 
  
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Deague family plan $750 million estate outside Melbourne

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Leading listed hotel operator Mantra Group has bought the Deague family's Art Series hotel portfolio for $52.5 million.
The Art Series Hotel Group comprises a portfolio of seven luxury 4 – 5 Star unique hotels in Australian capital cities with more than 1,000 hotel suites, Mantra Group said in an ASX announcement.
Each hotel is inspired by a well-known Australian artist and includes Melbourne's well known suburban hotels such as The Cullen in Prahran and The Olson in South Yarra (pictured above). 
It said the deal would funded via available cash and existing debt facilities. 
“Recognising the strength of the Art Series brand in market, each property will continue to operate under The Art Series brand,” said the announcement.
The recent transaction marks the biggest acquisition by the Mantra Group since its purchase of the 1086-room Ala Moana Hotel in Honolulu for $71 million in 2016, added The Australian Finance Review.
The deal is expected to ease the pressure on the hotel and resort operator, after its stock was downgraded by Citi Research last week, in part due to a lack of major acquisition announcements.
The hotels are expected to contribute about $7 million in underlying EBITDA in its first full year of ownership, the group said.
Settlement of the Art Series Acquisition is expected to occur in late 2017.
“This acquisition enhances our existing portfolio and we have arrangements in place that should deliver new Art Series properties into the future” Mantra Group’s CEO Bob East said.
Mantra shares ended Monday up 5.5 per cent at $2.86.
Deague Group chief executive Will Deague said the family was selling its Art Series Hotels "with mixed emotions", but that it was time to recycle the funds into other areas including multi-unit residential, office complexes and further hotel development.
Earlier this year, the Melbourne-based Deague Group had rebranded itself from <a href="https://www.urban.com.au/news/69580-asian-pacific-group-rebrands-as-deague-group" target="_blank">Asian Pacific Group</a>. 
Trudy Crooks and Tim Crooks from Resort Brokers Australia negotiated the Art Series deal on behalf Deague Group.
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Mantra Group buys Art Series hotel chain from Deague family for $52.5 million

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The Deague Group, which rebranded itself from Asian Pacific Group, has bought a city fringe development site in South Melbourne for $24.65 million with permit for a seven-level commercial project.
The Melbourne-based family owned property developers bought the site at <a href="https://www.cbremelbourne.com.au/wp-content/uploads/2017/06/81-109_Moray_Street_4pp_05-1.pdf" target="_blank">81-109 Moray Street</a> from a Monaco-based vendor, according to The Australian.
The site area is 4,057 sqm and has a Rothe Lowman-designed office permit.
Plans are afoot for a $150 million office project next to its existing business park. The building is expected to have reflection gardens and a gym.
The <a href="https://www.urban.com.au/news/69580-asian-pacific-group-rebrands-as-deague-group" target="_blank">Deague family</a> claims a property development tradition in the state that dates back to 1859.
The building will also include a handful of hotel rooms for tenants or  visitors to stay in the city after an evening work function. 
“We want to make it something a bit different to the standard offices going up all over town,” Deague Group chief executive Will Deague said.
The selling agents were Julian White, David Minty, Chao Zhang and Sandra Peluso from CBRE and John Pratt and Simon Regan from Dixon Kestles.
The property was marketed through an expressions of interest campaign.
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Deague Group buys development site in South Melbourne for $24.65 million 

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The Melbourne based property developers Asian Pacific Group are rebranding.
Founded by sixth and seventh generation members of the Deague family, it will now operate as Deague Group.
The family claims a property development tradition in the state that dates back to 1859.
W. Deague was responsible for the early works of St. Paul’s Church in Bendigo, while W.H. Deague building the tallest chimney in Victoria in 1872 and soon after the Royal Bank of Bendigo.
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CEO of Deague Group, Will Deague, said that the move acknowledged the family’s historical roots in the industry after patriarch David Deague rebranded to Asian Pacific Group in 1992.
“We’re proud of our strong family roots in the building trade, tracing back to the mid 1800s,” he said.
“Our new brand and name is a nod to our ancestor’s achievements and cements a vision for future generations to continue on the legacy and uphold the strong family values.”
The group is involved in hotel, commercial and residential developments, such as the $100 million development of Howard Smith Wharves in Brisbane, Kings Business Parkin Melbourne’s inner suburbs, and the Whitehorse Towers apartment tower,
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