Sydney-based Crown Group has banked on the resurgence of the apartment market by acquiring a large West End site

A Sydney-based luxury apartment developer has acquired its first Brisbane development site which its plans to build 400 units.

Cushman & Wakefield’s Andrew Gard and Nick Spiro on the Brisbane River across the road from the West End site which Crown Group bought for $35 million.

A SYDNEY-based high-rise residential developer has brushed off concerns of an oversupply in the apartment market by securing its first residential development site in Brisbane.

Luxury apartment developer Crown Group paid $35 million for a 1.25ha riverfront property at 117 Victoria St, West End, in what is the fringe’s largest development site transaction this year.

Crown has plans to build more than 400 apartments on the site, which fronts on to Riverside Drive, as well as provide recreational areas.

The property was the long-term headquarters of the ASX-listed share-registry firm Computershare and was owned by two private investors who engaged Cushman & Wakefield’s Andrew Gard and Nick Spiro to sell the property almost two years ago.

Mr Gard said the expressions of interest program generated more than 200 inquiries from local, interstate and offshore developers, and a number of offers before a long settlement period.

“During the campaign, the scale of the Victoria St development deterred many local developers but the buyer profile for larger sites in Brisbane is changing,” he said.

“The last three sites over 1ha in West End have sold to Crown, R & F and Sekisui House who are all national or offshore developers.”

Crown Group was founded in 1996 by Iwan Sunito and Paul Sathio and is involved in property development, investment and management in Australia and overseas.

The West End property has a 5100sq m office/warehouse which the new owners are seeking to fill with short term tenants.

The site has an assessable development height of 12 storeys and is one of the last remaining lots over 1ha in Brisbane’s inner south area.

Mr Spiro said the West End development market has been subject to swings in sentiment including a subdued period of demand.

“However, Crown’s purchase — its first in the Brisbane market — and a continued uplift in deal activity, is a sign that the development market has passed its low point and is well positioned for future growth,” he said.

“This positive sentiment and renewed activity is underpinned by substantial ongoing infrastructure projects, population growth and strong economic outlook.”