This article is from the Australian Property Journal archive
PROPERTY and construction group Traders In Purple has snapped up a Brisbane riverfront site within the West End residential hub for $63.5 million.
Located at 117 Victoria Street, the 1.25-hectare site fronts the riverfront bike path and proposed second West End Ferry Terminal and adds to Traders’ growing $4 billion portfolio of projects under construction or in planning.
Tim Grossman from Savills brokered the sale on behalf of BDO, the liquidators of Crown Group.
“Our new design will match the resilient owner occupier downsizer market and executive buyers and families seeking high quality details and amenity in larger, well-located apartments and homes,” said Charles Daoud, co-director at Traders In Purple.
“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.”
The site was sold with a DA approval in place for four towers, which Traders In Purple plans to revise and significantly reduce the number of apartments to better suit the West End community.
“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,” added Daoud.
“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.”
Traders’ integrated construction capability has enabled it to maintain its 100% track record of completions throughout the recent challenged market.
“Having in-house construction gives us certainty of outcome with greater control over programming, quality and costs,” said George Geagea, director at Traders In Purple.
“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.”
Traders In Purple’s current Queensland projects include Marin, a $94 million luxury development under construction on the Scarborough waterfront; Orilla, a $71 million luxury development at Woody Point, also under construction; and the recently launched Tydal, with 175 apartments and an end value of $211 million on the former Filmer’s Palace Hotel site at Woody Point.
While back in March, Traders In Purple received approval to deliver 50 villas and terraces in Moss Vale, in the Southern Highlands.
