Japanese real estate heavyweight Mitsubishi Estate Asia Pte. Ltd.(MEA) has taken a stake in McNab Group’s luxury The Tannery in Brisbane’s West End, as part of its strategic funding partnership with the Queensland-based developer and builder, and Sydney-based real estate specialist private capital manager Ray White Capital.

The announcement marks the trio’s second collaboration, following the success of their joint investment last year in the landmark $175m Elements Budds Beach residential development on the Gold Coast.

Both projects are cornerstone investments for the RWC McNab Residential Living Development Fund Series, which was established in 2025 to fast-track the delivery of quality apartments in South East Queensland, responding to limited builder capacity and growing housing demand ‒ which is only expected to intensify in the lead-up to the Brisbane 2032 Olympic and Paralympic Games.

McNab Founder and Executive Chairman Michael McNab said the Brisbane investment further strengthens the partnership, bringing together international financial backing, capital investment expertise and McNab’s 30-year track record of developing and building award-winning projects in the local market.

“This second joint venture demonstrates growing confidence in both the Brisbane property market and McNab’s ability to deliver certainty, thanks to our vertically integrated model which mitigates many of the risks associated with building in today’s environment,” Mr McNab said.

“We are incredibly proud of The Tannery and our vision to set a new benchmark in apartment living in Brisbane’s sought-after West End precinct. We’ve taken great care to preserve the original 19th-century Dixon’s Tannery, reimagining it as ‘The Retreat’, a communal wellness space at the heart of the vibrant 10-storey residential precinct.

“Buyers are looking for buildings with character, designed to create unique spaces that support their well-being. We’re delighted our partners recognise our commitment to celebrate the site’s heritage while delivering something truly special for Brisbane.”

Dan White, Founder and Executive Chairman of Ray White Capital and Managing Director of the Ray White Group, said the Group was thrilled to close on the second asset for the Residential Living Development Fund.

“Securing Mitsubishi’s backing for a second time is a tremendous vote of confidence in the Fund, and we are delighted to extend our tripartite alliance with MEA and McNab,” Mr White said.

Yosuke Matsunaga, Executive Director and Head of Australia, MEA, said Mitsubishi Estate has expanded its Australian operations, primarily in Sydney and Melbourne.

“The company has announced the development of more than 8,000 residences in Australia, across more than 10 apartment projects and additional rental housing initiatives,” Mr Matsunaga said.

“The Tannery represents Mitsubishi Estate’s first apartment development project in Brisbane, supporting its continued growth in the Australian market.”

The RWC McNab Residential Living Development Fund aims to capitalise on South East Queensland’s surging housing demand, with Brisbane recording annual apartment growth of 15.9 per cent in 2025, cementing its place as the country’s fastest growing apartment market, according to Ray White’s in-house proprietary market index, Neoval.

The Tannery, designed in collaboration with Cottee Parker Architects, Aspect Studios and Tom Mark Henry, will deliver 81 generously sized two-, three- and four-bedroom apartments. Residents will enjoy expansive rooftop amenities including a pool and landscaped gardens, outdoor dining areas, a sunset lawn and dog-friendly zones.

The Retreat will include a sauna and steam room, hot and cold plunge pools, an outdoor shower and tropical seating area, a large commercial-grade gym with dedicated cardio and weights zones, and a Pilates and stretch studio. Additional resident spaces include a private dining room, cinema, library and co-working areas – all designed to foster connection and wellbeing, within a setting rich in character and history.

Located at 439 Montague Road, the 4,465 sqm site provides western and southern aspects with views of the Brisbane River and is just a 10-minute drive from the Brisbane CBD. The inner-city West End precinct offers extensive lifestyle amenities, including cafés and restaurants, supermarkets and shopping centres, hospitals and schools.

The Tannery is under construction, with registrations of interest currently open ahead of a planned retail launch in mid-2026.

ABOUT MCNAB

McNab is one of Australia’s largest and most trusted privately-owned construction and property groups, generating around $1 billion annually. With long-term industry relationships and a vertically integrated model that includes award-winning construction, property developments, building revitalisation, building materials, energy, construction hire, and skilled trades and labour, McNab is uniquely positioned to deliver certainty and quality in an ever-changing environment. McNab has an established funding relationship with Ray White Capital, most recently delivering the award-winning White Main Beach Apartments and Elements Budds Beach through a funding partnership.

ABOUT RAY WHITE CAPITAL

Ray White Capital is a private capital investment manager and part of the Ray White Group, Australia’s largest independent real estate group (established in 1902). Ray White Capital invests across private equity and private credit on behalf of the White Family and other institutional and private investors. Its portfolio comprises a diversified range of real estate-backed investments across Australia and New Zealand.

ABOUT MITSUBISHI ESTATE

Mitsubishi Estate entered Australia in 2016 through participation in the large-scale tower condominium “Melbourne Quarter East Tower”, and established a branch office in 2021. In addition to residential projects, Mitsubishi Estate has progressed a diverse development pipeline including office, hotel and logistics projects. Cumulative investment in new development projects is approximately AUD 2.0 billion (approximately JPY 192.0 billion, calculated at AUD 1 = JPY 96).

DEVELOPMENT SNAPSHOT

ABOUT DIXON’S TANNERY

Established in 1869 by Thomas Coar Dixon, Dixon’s Tannery was one of West End’s earliest and most enduring industrial enterprises. Originally processing hides using tanning pits and water drawn from the nearby Brisbane River, the facility was rebuilt in brick around 1893, following flood damage. It operated for approximately 77 years, expanding over time to include boot and shoe manufacturing and becoming a significant industrial presence in the region until its closure in 1970.

LINKING DESIGN TO HERITAGE

Dixon’s Tannery in West End was originally used for leather production, a process that relied heavily on water and robust industrial infrastructure. The design vision pays homage to this past using hardy, tactile materials like brick, steel and stone, as well as subtle references to leather and water throughout the architecture and interiors. These elements ground the new development in the site’s industrial heritage while creating a contemporary, character-rich environment.