$63.5 million buyer of Crown Group's West End riverfront site revealed
National property and construction group Traders In Purple is set to make its inner-city Brisbane development debut.
Traders In Purple, who has predominantly focussed its efforts in the Moreton Bay region, has spent $63.5 million on a 1.25-hectare riverfront site in West End, a site that had belonged to Crown Group until its recent provisional liquidation.
The acquisition adds to Traders’ burgeoning $4 billion portfolio of projects under construction or in planning across NSW, Queensland and Tasmania.
The 117 Victoria Street, West End site fronts the riverfront bike path and proposed second West End Ferry Terminal.
Traders In Purple Director George Geagea said the size and location of the West End site presented a rare opportunity to create a remarkable lifestyle-focused destination just 4km from the Brisbane CBD.
“This is a spectacular site, one of the largest on the Brisbane riverfront to come to market in recent years,” Geagea said.
“We have long wanted to make our mark in Brisbane’s inner-city but we were prepared to wait until the right site came along.
“Expansion into the inner-city of Brisbane is a natural growth for Traders In Purple. We have had incredible success on the Moreton Bay Peninsula where we have delivered 12 luxury waterfront projects over the past 15 years.”
Geagea said Traders’ integrated construction capability had enabled it to maintain its 100 per cent track record of completions through challenging times and approach new projects with confidence in its ability to deliver.
“Having in-house construction gives us certainty of outcome with greater control over programming, quality and costs,” Geagea added.
“New apartment starts are well below what is required to meet the demands of Brisbane’s growing population and we are pleased to be in a position to meet that need.
“We have proven our credentials, not just amongst our customers but also government, community and stakeholders. They have seen how we operate, the exacting due diligence we apply and the passion we bring to every project. We take the time to get to know and understand each community in which we operate and ultimately enhance."
The site, which currently has DA approval for four towers from when Crown Group had been planning West End by Crown Group, will be revised by Traders In Purple and the number of apartments significantly reduced. Crown had been planning over 440 apartments.
Traders In Purple Co-Director Charles Daoud says the new design and reduction in apartment numbers is to better suit the West End community.
“Our new design will match the resilient owner-occupier downsizer market and executive buyers and families seeking high-quality details and amenities in larger, well-located apartments and homes,” said Daoud.
“It’s a demographic that Traders In Purple knows well, through years of successful development on the Moreton Bay Peninsula with many purchasers having come from Brisbane, Sydney and Melbourne.
“The next few months will be spent engaging with architects, landscape designers and urban planners to determine the best design outcome for this unrepeatable location.
“It’s important that we offer a diverse apartment mix and also meet the demands of those who will be drawn to this incredible location so close to the city, the river and the lively West End lifestyle.
“We will engage with the local community to ensure they are well aware of our plans and how we seek to complement and add value to the West End community.”
Traders In Purple’s current Queensland projects include Marin, a $94 million luxury development under construction on the Scarborough waterfront; Orilla, a $71 million boutique ultra-luxury development on the water’s edge at Woody Point, also under construction; and recently launched Tydal, with 175 apartments and an end value of $211 million on the former Filmer’s Palace Hotel site at Woody Point.
