Crown Group has pushed back plans to build its residential development in Brisbane’s inner suburb West End.
The Sydney-based developer says it will submit amended plans to Brisbane City Council next month for the 455 apartment development, reduced from 463 dwellings, with plans to launch the project late next year as opposed to this October.
The amended design will see four 12-storey structures over a common podium with increase landscaped walkways connecting with public land along the Brisbane river.
The new plans also cover 4200sq m of communal open space.
The developer originally submitted its application for the FJMT-designed 12-storey residential tower in January 2018.
The latest Domain market research shows Brisbane’s median unit price is now 11 per cent below the 2016 peak, with unit values back at 2013 prices.
Domain’s report comes after the latest findings from economic forecaster BIS Oxford Economics, which anticipates Brisbane’s median house price could rise by 20 per cent over the three years to June 2022, and unit price growth to rise by 14 per cent for the period.
Crown Group chief executive Iwan Sunito says he’s confident demand in the Brisbane apartment market will catch up with supply, timing the new development project to coincide with the completion of Queens Wharf and the Queensland Ballet headquarter redevelopment, the site’s current tenant.
“Brisbane is showing the healthiest growth of any of the major markets in Australia” Crown Group chief operating officer Pierre Abrahamse said.
“Given that construction has started on the Queens Wharf project, bringing billions of dollars’ worth of construction and thousands of jobs, we see a very bright future for the residential market in the city.”
Crown Group purchased the 1.25 hectare site, at 117 Victoria Street, for $35 million in 2018.
The group currently has eight projects under development and in the pipeline across Australia, Los Angeles and Jakarta, with the West End project the developer’s first move into Brisbane’s market.
Plans for the West End site include a mix of studio, one, two and three-bedroom apartments, as well as terraces and four-bedroom penthouses.