Crown Group secures Brisbane West End residential development site for $35 million

Sydney’s Crown Development Group has purchased a significant residential development site in Brisbane’s West End for $35 million.

The purchase at 117 Victoria Street marks Crown’s first entry into the Brisbane market.

It plans to construct a high-density residential tower on the riverfront site with over 400 apartments and adjacent recreational areas.

Cushman & Wakefield’s Nick Spiro and Andrew Gard managed the expressions of interest campaign generating interest from local, interstate and offshore developers with over 200 inquiries.

Located in close proximity to South Brisbane and West End’s retail, dining and entertainment precincts, the 117 Victoria Street site (pictured above) comprises a 12,500sqm high density residential zoned lot with an assessable development height of 12 storeys.

It is one of the last remaining development sites over 1Ha in Brisbane’s inner south area. The land has a 5,100sqm office/warehouse facility which was previously occupied by Computershare.

The sale is the largest development site transaction within Brisbane’s city fringe market in 2018, representing a return to positive development market sentiment after a period of subdued demand. 

Crown’s residential development project will complement existing developments within the West End peninsula, including Turrisi’s Bohemia West End, Stockwell’s Virtuoso, BPM’s Bank Street Project, Sekisui House’s West Village site and Pradella’s Light & Co project.

Commenting on the sale, Nick Spiro, said the West End development market has been subject to substantial swings in sentiment, however, Crown’s purchase of 117 Victoria Street was a sign that the development market "has passed its low point and is well positioned for future growth.”

The last three sites over 1ha in West End have sold to Crown, R&F and Sekisui House who are all national or offshore developers.