Crown Development Group has paid $35 million for a 1.25 hectare development site in Brisbane’s inner west.
The acquisition of 117 Victoria Street, West End, is the first in the city for the Sydney-based builder.
Crown is expected to proceed with plans to replace the block with a 12-level tower containing more than 400 apartments, two levels of retail and 530 car parks. The complex is speculated to carry an end value of about $350 million.
The property, with more than 100 metres of frontage to the Brisbane River, is currently configured with a 5100 square metre warehouse once occupied by Computershare.
“The sale is the largest development site transaction in 2018 within Brisbane’s city fringe market,” the agents said, adding it “represents a return to positive development market sentiment after a period of subdued growth”.
The agents said substantial ongoing infrastructure projects helped generate interest in the precinct which “has passed its low point and is well positioned for future growth”.
Elsewhere in the area, other developments include Turrisi’s Bohemia West End, Stockwell’s Virtuoso, BPM’s Black Fold in Bank Street, West Village by Sekisui House and Pradella’s Light & Co project, the agents said.
Last week, we reported that AMP Capital had secured Downer EDI Limited as a tenant for 7000 sqm, and naming rights, of a nearby office at 135 Coronation Drive, Milton – not far from West End.