National property and construction group Traders In Purple has secured one of Brisbane’s most iconic riverfront sites to make its much anticipated inner-city debut.
Traders a developer known for projects in Moreton Bay Peninsula, has acquired a key 1.25ha riverfront site in West End.
The acquisition adds to Traders’ burgeoning $4 billion portfolio of projects under construction or in planning across Queensland, NSW and Tasmania.
The 117 Victoria Street, West End, sale settled for a price of $63.5 million and was brokered by Savills agent Tim Grossman, on behalf of liquidators BDO of the former owner Crowne Group.
Crowne Group has submitted two separate development applications in recent years: a 12-storey proposal with 446 apartments in 2018, and another 12-storey building with 473 apartments in 2022.
Traders In Purple Director George Geagea said the size and location of the West End site presented a rare opportunity to create a remarkable lifestyle-focused destination just 4km from the Brisbane CBD.
“This is a spectacular site, one of the largest on the Brisbane riverfront to come to market in recent years,” said Mr Geagea.
“We have long wanted to make our mark in Brisbane’s inner-city but we were prepared to wait until the right site came along.
“Expansion into the inner-city of Brisbane is a natural growth for Traders In Purple. We have had incredible success on the Moreton Bay Peninsula where we have delivered 12 luxury waterfront projects over the past 15 years.”
Mr Geagea said Traders’ integrated construction capability had enabled it to maintain its 100 per cent track record of completions through challenging times and approach new projects with confidence in its ability to deliver.
“Having in-house construction gives us certainty of outcome with greater control over programming, quality and costs,” said Mr Geagea. “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.
“We have proven our credentials, not just amongst our customers but also government, community and stakeholders. They have seen how we operate, the exacting due diligence we apply and the passion we bring to every project. We take the time to get to know and understand each community in which we operate and ultimately enhance.
“This is a significant next step for Traders In Purple and an opportunity to deliver a landmark project that will complement the character of West End.”
The site, which currently has DA approval for four towers will be revised by Traders In Purple and the number of apartments significantly reduced.
Co-Director Charles Daoud says the new design and reduction in apartment numbers is to better suit the West End community.
“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 Mr Daoud.
“It’s a demographic that Traders In Purple knows well, through years of successful development on the Moreton Bay Peninsula with many purchasers having come from Brisbane, Sydney and Melbourne.
“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.
“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.
“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 In Purple’s current Queensland projects include Marin, a $94 million luxury development under construction on the Scarborough waterfront; Orilla, a $71 million boutique luxury development on the water’s edge at Woody Point, also under construction; and recently launched Tydal, with 175 apartments and an end value of $211 million on the former Filmer’s Palace Hotel site at Woody Point. The first building release at Tydal achieved 60 per cent sales in just six weeks.
Traders In Purple is delivering more than 800 dwellings across a number of strategically located Sydney sites with a gross return of more than $500 million.
Traders In Purple has also partnered with the Anglican Diocese of Sydney to deliver two significant residential and mixed use projects, valued at $365 million, in Five Dock and Lane Cove.
The group’s $300 million Kings Quarter project in Tasmania, developed in partnership with Kingborough Council, has won industry recognition, winning last year’s Master Builders Award for Excellence in medium density construction.
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