Vertically integrated developer Traders in Purple has splashed $63.5 million on an “unrepeatable” West End site to secure its move into inner-city Brisbane.
About 12 months after the very public bust-up between Crown Group founders Iwan Sunito and Paul Sathio the wind-up of the business is almost complete, and the 1.25ha riverfront site at 117 Victoria Street is one of the sites being divested.
According to RP Data, Crown Group acquired the 4000sq m shed and signficant landholding in May 2018 for $35 million.
The West End site has development application approval for four towers on the site but Traders in Purple plans to revise and scale back the project.
The acquisition adds to Traders’ $4-billion portfolio of projects under construction or in planning across NSW, Queensland and Tasmania.
Traders In Purple director George Geagea said the size and location of the West End site presented a rare opportunity to create a lifestyle-focused destination 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 the vertically integrated developer had in-house construction teams, which would ensure the residential project will get out of the ground.
“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,” he said.
“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.”
Traders in Purple co-director Charles Daoud (pictured with Alex Black in the top image) said the scale of the development would be reduced to complement the West End community, targeting owner-occupier downsizers, executive buyers and families.
“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,” Daoud said.
“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.”
The $63.5-million deal was brokered by Savills agent Tim Grossman on behalf of liquidators BDO.
