The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSING THIS WEEK RECOGNISING THE PEOPLE BEHIND THE PROJECTS
NOMINATIONS CLOSING THIS WEEK URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
ResidentialTed TabetWed 27 Jan 21

Crown Group Revives $500m West End Project

1f772285-9d8c-4e65-9f32-b3aea471d467

Sydney-based developer Crown Group has returned to the drawing board for the design of its $500 million apartment project in Brisbane’s West End, enlisting Japanese architect Kengo Kuma and local firm Plus Architecture.

The contentious development, which has been paused since mid-2019, will be completely redesigned after initial plans for an FJMT-designed scheme were scrapped.

The approved scheme for 455 apartments across the 1.25-hectare site at 117 Victoria Street was met with strong backlash from the local community, arguing the approved development didn’t have enough supporting infrastructure.

Crown will now push forward with the redesign, planning for fewer but larger apartments across a greater gross floor area in response to local market conditions.

Crown Group chief executive Iwan Sunito said the decision to approach Kuma had been driven by the architect’s star power, with the project set to be his maiden design in Queensland.

▲ Crown Group and Kuma collaborated previously for the Mastery by Crown Group, at Waterloo in Sydney. Image: Kengo Kuma and Iwan Sunito


“The West End development has the potential to become the largest residential development that [Kuma] has designed to date, in terms of its expansive floor area.

“In two to three years’ time, there will be a huge demand for new homes in Australia that will not be met by supply because of the lag in construction that is happening now, particularly in areas of need such as inner-city areas.

“All this, coupled with the low cost of borrowing due to record low interest rates, are expected to drive new apartment prices up,” Sunito said.

Revised designs are expected to be lodged with Brisbane City Council in mid-2021 with off-the-plan sales starting next year.

Plans are expected to feature 450 high-end apartments as well as a pool, barbecue and poolside facilities, gym and community room.

The developer also has plans to break ground on its first apartment projects in Melbourne and Los Angeles, after reporting a rise in both profit and off-the-plan sales across a difficult 2020 financial year.

The group saw a 6 per cent lift in pre-tax profit to $35.6 million, selling $131.5 million worth of new apartments, up from $92.7 million the previous year.

▲ Crown Group originally submitted its application for a FJMT-designed scheme in January 2018 after picking up the site for $35 million. Image: FJMT


The group said the improved result had been helped by settlements at its $395 million Waterfall by Crown Group in Waterloo during the peak of lockdown.

It was also supported by $6.5 million in sales, over a two-week period, at its twin-tower Artis development at 175 Sturt Street in Melbourne’s Southbank.

The project saw a limited release, virtually via Zoom, to the Indonesian market in December during the countries’ most severe lockdown period.

“It shows that there is a market among Indonesian buyers, particularly for Melbourne, and that buyers are looking to a future beyond the pandemic,” Sunito said.

Crown Group said it will focus this year on sales at its Sydney projects, the $575 million Mastery at Waterloo and the $1 billion Eastlakes Live project in the inner south.

The developer is also working towards launching its proposed Los Angeles project, a $650 million apartment and hotel tower in the city’s Downtown district, which is pending entitlement approval in late 2021 by the City of Los Angeles.

ResidentialAustraliaBrisbaneArchitecturePlanningPlanningSector
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Exclusive

Inside the Strategy Behind Australia’s Largest Direct Real Estate Deal

Phil Bartsch
5 Min
Exclusive

Green Premium, Brown Discount: New ESG Regulations Drive Value

Patrick Lau
8 Min
Exclusive

Arup Targets Podium Finish for Brisbane CBD Headquarters

Taryn Paris
6 Min
Exclusive

No Cookie Cutters: Finding Feasibility in HAFF Projects

Patrick Lau
6 Min
View All >
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
Goodman Oakdale hero
Industrial

Goodman $130m Horsley Park Logistics Scheme Goes Public

Clare Burnett
Residential

Urbex Lays Down $38m for SEQ Growth Corridor Site

Lindsay Saunders
The national property developer plans more than 200 lots on the 15ha block it has put its foot on near Logan...
LATEST
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Goodman Oakdale hero
Industrial

Goodman $130m Horsley Park Logistics Scheme Goes Public

Clare Burnett
3 Min
Residential

Urbex Lays Down $38m for SEQ Growth Corridor Site

Lindsay Saunders
2 Min
Bentley masterplan hero
Placemaking

Thousand-Home Plan Approved for Perth Quarry Site

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/crown-group-revives-500m-west-end-project