Melbourne-based developer and “entrepreneur” Robert Zagame has acquired a prominent site on Brisbane’s trendy James Street in an off-market deal.
Although the developer declined to comment on the acquisition, the site changed hands for about $6 million. The vendor was the managing director of Australian fashion brand Kookai, Robert Cromb. Cromb acquired 49 James Street in 2014 for $4.5 million.
Located on a prominent corner on James St, adjacent to the soon-to-be opened Calile Hotel, the site houses a heritage-listed 19th century building, four retail and three commercial tenancies.
Cromb appointed local Brisbane firm Cavill Architects to design a mixed-use four-storey office building, with ground-floor retail. Zagame declined to confirm whether he will move ahead with Cavill Architect’s 49 James Street scheme.
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Robert Zagame heads the Zagame Corporation, a hospitality company which owns a suite of Victorian pubs and restaurants in Ballarat, Berwick, Boronia, Caulfield and Reservoir. In 2017, Zagame sold the four-star Grand Hotel and Casino in Vanuatu’s Port Vila for $25 million. The company is currently developing a Fender Katsalidis-designed apartment building in Carlton’s Lygon Street.
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In 2015 Zagame sold Broadbeach’s Oasis shopping centre for $103.5 million, five years after acquiring the asset for $38.9 million.