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Developer-builder Traders In Purple has doubled down on its move into inner-city Brisbane with the off-market acquisition of a second site at West End.
It has secured a 1ha pocket of the inner-city suburb at 281-297 Montague Road for an as-yet undisclosed sum.
The site was previously earmarked by Sydney-based developer Henroth Group for two approved towers rising 16 and 19 storeys comprising 345 apartments.
Traders In Purple is working up a new design with an end value exceeding $850 million for the amalgamated parcel adjoining Davies Park.
It is understood it has initial concepts in hand and, given the prevailing market, is sticking to the “less is more” strategy it has taken with its debut West End project.
The recently approved 12-storey Rivara project comprising 164 apartments is to rise from a 1.25ha riverfront site at 117 Victoria Street once slated by the now-collapsed Crown Group for 473 units across four towers.
Traders In Purple director George Geagea said the acquisition of its second West End development site reflected the company’s confidence in the “lively” neighbourhood close to the CBD and Brisbane River.
“The more we looked at West End as we worked on the Rivara project, the more we liked its fundamentals,” he said in a statement.
“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.”
He 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,” Geagea said.
“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 600sq m portion of the site will be handed over to Brisbane City Council to allow improvements to West End Football Club’s home ground.
Under the previously approved scheme designed by Noel Robinson Architects, 77 per cent of the site’s ground plane was proposed to be public space
On the ground level, a retail plaza was to span 1626sq m and, key to the overall plan, 8130sq m of public realm was to connect Montague Road to the centre of Davies Park.
Traders In Purple has a growing $5-billion pipeline of projects at various stages of development in Queensland and NSW.
In Sydney, it also recently put its foot on two development sites at St Ives and Wollstonecraft, with a combined project value of $560 million.
