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Inside IVORY: Brisbane's First $50m Home Is Now Being Built in New Farm
Construction is underway on IVORY, a five-level riverfront home on Julius Street in New Farm. It's designed and built by Brisbane firm GRAYA for Chemist Warehouse managing partner Jeff Wasley and his wife, Tanya.
GRAYA expects IVORY to become the first Brisbane home valued above $50 million once it's finished. Industry sources quoted by realestate.com.au put the likely value at between $40 million and $50 million.
TL;DR: IVORY is a five-level riverfront home on a record $25 million New Farm block, with two pools, a car showroom, a wellness level and a private pontoon. Several of its design ideas can be scaled down for everyday custom builds.
Render: GRAYA
A record block before a single brick was laid
The block set a record before work even began. The Wasleys paid $25 million for the 688m² riverfront site in October 2025, a Brisbane record for a residential sale.
The site has its own backstory. GRAYA director Rob Gray had owned the block since 2022 and planned to build his own family home there. realestate.com.au reports he made a $16.5 million profit on the sale. Several elements from those original plans made it into the final design.
GRAYA spent 11 months designing IVORY. Brisbane City Council approved the application (A007044166) on 9 September 2026, and GRAYA broke ground in mid-October.
Render: GRAYA
What's inside Brisbane's most expensive new build
The approved plans stack five levels, including a below-ground level and a rooftop terrace, rising about 14.8 metres on a block that falls steeply to the river. A lift connects every floor:
- Below ground: a wellness level with a gym, steam room, sauna and therapy rooms, plus a cellar.
- Ground floor: a golf simulator and "The Showroom", a car gallery and garage with river and Story Bridge views.
- First floor: open-plan living with wide glazing that opens onto an alfresco terrace held up by sculpted, mushroom-style columns.
- Upper floor: a master retreat with 10 metres of wardrobes, a private library and a family room.
- Rooftop: an entertaining terrace with a second pool and a bar behind glass balustrades.
- At the water: a resort-style pool, a firepit lounge and a private pontoon on the river.
