Sydney’s Crown Group has sealed the deal on a prime riverfront West End development site for $35 million, securing its first foray into the Brisbane market.
Crown Group, founded by Iwan Sunito, will move forward with plans to build its riverfront high-density residential tower comprising 400 apartments in the eclectic inner-city West End precinct.
The developer originally submitted its application for its FJMT-designed 12 storey residential tower on the prime waterfront site in January.
The 117 Victoria Street transaction signifies the largest development site deal within Brisbane’s city fringe market this year.
Plans for the Victoria Street development created controversy among local residents earlier this year due to lack of surrounding and available infrastructure for the sizeable project.
Cushman & Wakefield’s Nick Spiro and Andrew Gard brokered the West End deal on behalf of two Brisbane tech founders.
The 12,500sq m site is one of the last remaining development sites larger than 1-hectare in Brisbane’s inner south area and attracted more than 200 inquiries during the sale process.
Existing development projects in the West End area include Japanese developer Sekisui's $800 million mixed-use precinct West Village project, the $51 million apartment development "Bohemia" by Turrisi Properties and Brisbane based Pradella's Light & Co project as part of its broader $1 billion investment into West End.
Spiro believes the development market in West End has passed its low point and is well-positioned for future growth.
With the sweep of international developers moving into the precinct, Gard says the buyer profile for larger sites in Brisbane is changing.
“West End is evolving from an inner-city industrial area to a vibrant mixed-use lifestyle precinct.”