Crown Group to sell Artis unit project at Melbourne’s Southbank

The Koichi Takada-designed scheme is on the sales block.

Property developer Crown Group is looking to sell the site of its opulent Artis at Southbank project as it pulls back from expanding into Melbourne.

The Iwan Sunito-led company will focus on its Sydney developments after the striking project was delayed by Melbourne’s long lockdowns and difficulties in launching new luxury apartments.

The site is in the tightly held arts precinct and a new unit developer could complete the luxury $170m scheme when the market picks up, or it could be bought by one of the city’s expanding build to rent developers.

Mr Sunito declined to detail his reasons for exiting, saying only that he was focusing on his Sydney projects.

After flagging the project, Crown unveiled the Artis scheme last November, billing it as a boutique development that would also mark the entry into Melbourne of architect Koichi Takada, who has designed several high-profile Crown projects in Sydney.

The design of the 17-storey development was inspired by two nearby landmarks – the Arts Centre, and the new NGV Contemporary Art and Design Gallery, which will form part of the redevelopment of the precinct.

At the time, Mr Sunito said that there had been significant interest from Melburnians in its Sydney projects and Crown wanted to bring its iconic design and luxury resort-style amenity to the Victorian capital.

Trent Hobart of Colliers is selling the permit approved site at 175 Sturt St in Southbank via an off-market process. The approved development has 152 apartments.

Crown and joint venture partner G3 Projects snapped up the 2070sq m site in 2017. But their initial plans to kick off construction last year were pushed back.

The site is well positioned, with the Victorian government committing $1.7bn to turn the Melbourne Arts Precinct into one of the world’s top creative and cultural destinations.