Sydney-based Crown Group’s first Queensland development will be an ‘urban resort’ in Brisbane’s West End

A SYDNEY-based high-end residential developer has revealed plans to make a splash in Brisbane’s West End with a development promising “affordable luxury”.

An artist’s impression of Crown Group's planned development at 117 Victoria St, West End.

A SYDNEY-based developer aims to fill the void in the “affordable luxury” market with the company’s first project in Brisbane.

Crown Group plans a $350 million 473 apartment development on a 1.25ha riverfront site at 117 Victoria St, West End.

Crown Group chairman and chief executive Iwan Sunito said the company was progressing through the approval process for the project which will feature four buildings and substantial green space and amenity.

Mr Sunito said the project would be an “urban resort” aimed at the middle to upper end market and weighted towards owner-occupiers.

“Affordable luxury is the model. We produce product for buyers who are looking for quality at a price they can afford,” he said.

An artist’s impression of the Crown Group's planned development at 117 Victoria St, West End.

Mr Sunito said while West End had experienced a surge in apartment projects there was “a lot of average development”.

“That’s why we wanted to make a significant entry into Brisbane with a $400 million development here,” he said.

“It will be an elegant development because of the architecture and also beautiful because of the garden space and the amenity we will create.”

Crown Group was founded in 1996 by Mr Sunito and Paul Sathio.

It currently has a $5 billion project pipeline of 8800 apartments in Sydney, Melbourne and Los Angeles in the US.

Mr Sunito brushed off concerns about an apartment oversupply in Brisbane.

“I bought a unit as an investment in the Brisbane CBD and it was rented within a week of settlement,” he said.

“The reason for that is the vacancy rate in and around the CBD in Brisbane I think is lower than what the data suggests.”

Mr Sunito said Brisbane was on its way to becoming a global city with Queens Wharf and other projects will bring more people into the CBD and inner city.

“Brisbane is becoming a true destination with more people living in the city creating a more vibrant and more alive,” he said.

“It’s a beautiful city and it’s also very affordable with unit prices currently up to 50 per cent less than Sydney in comparison.”