[+] Placemaking Tower Project’s Future Uncertain as Crown Winds Up

Major residential and hotel developer Crown Group has called in liquidators to bring a long-running dispute between its co-founders to a conclusion—and the feeling is one of relief, says co-founder Iwan Sunito. “I'm really happy with the outcome, that the court has appointed liquidators,” Sunito told The Urban Developer . “It’s important to know that Crown is not being liquidated because of insolvency, but because two parties are having a deadlock and there is an inability to move forward. “But I’m excited about the future, and of course the good thing about the liquidation is that it has a time frame, whereas the deadlock before has gone on for seven years without people knowing.” Despite much back-and-forth in the media between the business partners, Sunito was positive about the legacy of Crown. “I cherish the memories my business partner [Paul Sathio] and I have in developing the legacy of Crown. We were partners for many years and made contributions to the community and grew the business to this level together. “And Crown Group has its own design legacy which is excellence in design and that’s something I want to continue.” ▲ Crown Group’s West End project was to be its Brisbane residential debut. The NSW Supreme Court appointed provisional liquidators Andrew Sallway and Duncan Clubb from BDO earlier this month to navigate the disentanglement. The liquidation is still in progress, which means that the future of the nearly 40 companies under the Crown Group umbrella, and their respective developments, is up in the air. “At this stage we’ve only been appointed for a week and we’re just assessing strategy at the moment,” BDO’s Andrew Sallway told The Urban Developer. The liquidators have managed to visit many of Crown’s Sydney sites, with only the newly-approved West End site left to view. It has already been confirmed that the company is offloading a DA-approved 1.7ha property in Sydney’s inner south which would deliver 368 apartments across five towers at 44-48 O’Dea Avenue and 52D O’Dea Avenue, Waterloo. Colliers was appointed agents for an expressions-of-interest campaign. The Urban Developer understands it could sell for as much as $120 million. However, the future of Crown Group’s 117 Victoria Street development, which marked Crown’s first foray into the Brisbane market and was approved just last week, is also now in question. The future of Crown West End Sunito explained that the nature of the liquidation process meant that the fates of some developments, including Crown’s West End site, were yet to be decided. ‘What’s good about [the liquidation] is that it has now been mandated by court to look at ways to organise things,” Sunito says. “There are many options including the disposal of the site to third parties, or the selling of the site within the company, or selling the business to one of the parties, if we can both agree on an approach.” ▲ Co-founder of Crown Group as well as One Global chairman and chief executive Iwan Sunito. Mewing Planning Consultants announced late last week that it had assisted Crown Group Holdings Pty Limited to obtain approval from Brisbane City Council for the development. The development would deliver 473 units across four towers, as well as a lagoon, communal dining and parkland areas. Crown had already suffered a difficult planning process for the site after it was forced to relodge new plans by acclaimed Japanese architect Kengo Kuma last year following community criticism . The new plans, a collaboration between Kengo Kuma, Plus Architecture and Urbis, “significantly increased” the amount of ground level landscape and publicly accessible open space. They also introduced an inverted podium design to embrace the prominent corner of Victoria Street and Riverside Lands Park. While the West End site is being considered within the liquidation, Iwan Sunito suggested that if it was feasible, he would like to retain control of the site. “I can't say how we will go in Brisbane, but I like that we have the opportunity to expand that vision to build something amazing and I would love to continue to be part of it. “It’s an honour to be part of the development of a great site and to be so welcomed by the local community, so I want to see what I can do. “While I’m not sure which way it will go at this moment, it’s been amazing for myself and [Queensland development director for Crown Group] Trent McLauchlan to bring in Kengo Kuma to design this building, and to bring the public into part of that private space, and having them design such a significant job in the city of Brisbane.” ▲ The Victoria Street development has been designed by acclaimed Japanese architect Kengo Kuma. The liquidation process of course does not rule out a potential new developer for the site. “My thought is whoever develops it, if it’s not me, I hope they will continue the legacy to create this building. “It will be challenging for anyone, but the site is a unique and premium site, it commands a direct riverfront. “I have been called by so many friends and local developers keen to buy the site, but the best option would be one which could help fund it, that’s if the liquidator decides to put it on the market.” What’s next? While the liquidation may mark the end of an era for Crown Group, it is certainly not the end of Sunito’s involvement and legacy within the property industry. He announced at the end of last year that he had launched a new property company , One Global Residences and Resorts, which is taking up much of his time—major projects such as a $450-million development in Macquarie Park are on the go. “I’ve already been busy with One Global, I have two jobs active and another coming, and another significant job they want me to take the lead in organising it. “I think people do see the things I can bring to the table, that ability to find a great site and then come up with an amazing design that inspires people—that’s what I’m excited about.” ▲ One Global Residences and Resorts launched a 27-apartment and 100-room hotel development last year. But the short term will be finalising the future of Crown Group. “I’m busy organising and running Crown and making sure [the liquidation process is] efficient, I am the architect for the processes there, so it’s about [ensuring] the liquidation process is efficient. “This is the only second week, there will be more clarity for [Andrew Sallway’s team] to enable me and my business partner to come to the table and figure out a good outcome. “But my goal right now is by end of September to have a decision that everyone is happy with.” You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

[+] Placemaking Tower Project’s Future Uncertain as Crown Winds Up

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