Traders in Purple secures second West End site as Rivara approaches launch phase
National property group Traders In Purple has topped up its pipeline of luxury inner Brisbane development projects with the off-market acquisition of a second prime site at West End with a project value exceeding $850 million.
The acquisition of the 10,628 sqm site at 281-297 Montague Road comes after the group last week received DA approval for the riverfront Rivara project at 117 Victoria St, West End, a site it settled in August last year.
Traders In Purple is preparing for a launch of Rivara mid this year, and is already fielding inquiry from prospective purchasers seeking a luxury riverfront lifestyle.
The newly acquired Montague Road site has an existing approval for two towers up to 20 storeys. Traders In Purple is preparing a new application which will include provision for a more diverse mix of apartments, to broaden the appeal to a wider demographic of buyers drawn to Brisbane’s most dynamic neighbourhood.
The site offers city and river views, and overlooks sports fields and Davies Park, where Brisbane’s popular West End Markets are held each Saturday.
Traders In Purple Director George Geagea said the acquisition of a second West End development site reflected the company’s confidence in the location, close to the city, river and lively West End neighbourhood.
“The more we looked at West End as we worked on the Rivara project, the more we liked its fundamentals,” said Geagea.
“It has a great energy and character, and with proximity to the CBD and the Brisbane River, it ticks a lot of boxes for different buyer groups – young professional couples and singles, families and downsizers.”
Geagea said the urban renewal of West End’s former commercial and industrial sites presented an opportunity for considered placemaking that benefited the wider community.
“Creating beautifully designed and quality built homes is only one part of our responsibility as developers,” said Geagea.
“West End is in a transitional period and the public domain is critical, particularly in a location that is such an integral part of the community.
“Foremost in our planning will be consideration for accessibility and walkability, improving public access from Montague Road to the parks and riverfront.
“We are looking to increase open green space and landscaping, opening up view lines and creating more places for residents and the community to enjoy the beauty of this location.”
A 600 sqm section of the site will be handed over to Brisbane City Council to allow improvements to West End Football Club’s home ground.
Traders has over $5 billion with of projects across both Queensland and New South Wales.
Geagea said the group’s integrated model with its own construction capability had allowed it to navigate challenges that have impacted the property industry.
“We are not immune to cost escalation and supply chain issues however we are able to exert far greater control over resourcing and costs,” said Mr Geagea.
“Where some see obstacles, we see opportunity and with our own construction team and 100% completion track record, we have built a high level of trust amongst our customers and stakeholders.”
