This boutique 5 star hotel is Deague Group’s second Brisbane venture. Hong Kong-headquartered, British-owned Alvarium was known as Guggenheim Investment Advisors until 2019. 58 Lucan St, North Bendigo VIC 3550, Australia + The Olsen. Family scion, Will Deague, who is named in the claim, was also the most high profile victim of the collapse of Sonray Capital which was founded by his Melbourne Grammar school chum Scott Murray - who was jailed over the broker's collapse. Add articles to your saved list and come back to them any time. The building is situated in the idyllic location of South Melbourne between bustling Clarendon Street and Kings Way. "The returns [in apartments] aren't there and so the demand has softened," Mr Deague said. The family that shovels together: Will Deague, David Deague and Jonathan DeagueCredit:Wayne Taylor. "In mid-2018, Hutchinson Builders tendered for the project at a price in the range of $65 million to $72 million." Deague Capital alleges it sought a refund from Alvarium in July, claiming it had rescinded the deal, but the family office investment house refused to pay back the $3 million. Melbourne's wealthy Deague family is suing an investment banker and his British backed firm alleging they were duped into investing millions in a $120 million apartment project that turned out to have higher costs than expected. The Deague's investment arm, Deague Capital, alleges in February this year Alvarium informed it of a development opportunity that was in the final stages of negotiation over a building contract that "should be closed out over the next week". If you have 140,000 people moving into Victoria each year and are building around 40,000 houses and 10,000-15,000 apartments with record low vacancy, it is not hard to do the math when it comes to undersupply.". Will Deague: The returns in apartments aren't there supplied. "At no time had Hutchinson ever proposed a construction price in the range of $48,000,000 to $50,000,000. 48 Flemington Road, Parkville, Victoria, Australia + The Watson. Mr Deague claims Mr Treacy told him over the phone on March 4 that the execution of the contact was a few days away and that it would be for $50 million. F +61 3 9863 7337 While best known as developers the Deague Group have also long been co-investors in other projects. The Fantauzzo is inspired…, Melbourne Village will consist of two sleek towers that encompass all the modern…, Situated on the Melbourne CBD’s tree-lined gateway, Opera is surrounded by lush…, Collins House offers sweeping views of Melbourne and everything within easy walking…, Deague Group The returns aren't there and so the demand has softened," he said. It also sold its Art Series Hotel Chain to Mantra Group (now part of Accor) for $52.5 million. "We plan to bring our hospitality and mixed-use development experience into people's homes and communities," he said. David holds a commercial building licence and takes great pride in being a hands-on founder of the company. While most apartment developers have blamed changes to off-the-plan stamp duty concessions and new foreign buyer taxes for a drop in investors sales, Mr Deague blamed recently implemented Victorian apartment design guidelines that set standards for amenity, light and liveability, for a drop-off in investors. Our strategy of taking a broad geographic focus affords us the freedom to go wherever we find suitable opportunities that accord with our long term vision. Deague Capital alleges it sought a refund from Alvarium in July, claiming it had rescinded the deal, but the family office investment house refused to pay back the $3 million. A Deague family spokeswoman confirmed the off-market acquisition of Baillieu House, which settled in August. ", The Deagues say the contract was executed in July for $62 million. Spectacular views, stunning interior design and a once-in-a-lifetime location. Every element of Melbourne Village celebrates the finest in Melbourne living. 33 Warwick Street, Walkerville, SA, Australia + The Larwill Studio . Baillieu House was described in a 1961 book, Best Australian Dwellings, as one of Victoria’s 10 best homes. It also opened its first Art Series hotel and apartments site in Queensland late last year and is building another on the Brisbane river. Based on Mr Treacy’s assurances, the Deagues went ahead and invested $3 million in the project via a cash loan and the purchase of shares. The Deague Group, which changed its name in May from Asia Pacific Group, is currently co-developing the 200m-high Collins House apartment tower in the Melbourne CBD. Sign up to our new weekly Inside Property newsletter, Help using this website - Accessibility statement. Level 4, 100 Dorcas Street Overview The Deague Group is a 160-year-old integrated property development company with a proud family history that firmly binds it to the fabric of the Australian property story. The Deague family last year settled more than 500 apartment sales in its Whitehouse Towers development in Box Hill, one of Melbourne's tallest suburban buildings. South Melbourne Victoria 3205 Australia, T +61 3 9863 9999 Asian developers who have acquired two-thirds of all major Melbourne land parcels in the past 18 months. That quote was later reduced to $62 million on request. E enquiries@deaguegroup.com.au, © 2020 Deague Group Disclaimer & Privacy. Construction is underway with completion due in mid-2020. The family is known for hotel developments (including the famed Art Series Hotels) as well commercial developments, residential investments and storage. 101 Moray is set to redefine traditional commercial office space with features that reflect that of a 5-star hotel. This story has been updated to reflect Alvarium's intention to defend the claim, Wealthy Deague family sues investment banker over $120 million project, The family that shovels together: Will Deague, David Deague and Jonathan Deague. "The significant drop in apartment development starts will make affordability more of an issue. Deague Group chief executive Will Deague said the family was still committed to the apartment and mixed-use development space, but saw better opportunities in … Over the years he has built strong relationships with sub-contractors and trusted suppliers, many of whom have worked with the company for 30 years or more. The project is the Ambrose apartment complex in the inner-city Brisbane suburb of Milton. Deague Capital alleges Will Deague told Mr Treacy the company was reluctant to invest in the development until the construction contract was signed. 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