A prime riverfront site in West End has changed hands for $63.5 million, marking one of the largest riverfront land sales in the city’s recent history.
Read: Revised Plans for Riverfront Development on Victoria Street, West End Lodged
The 1.25-hectare site, located at 117 Victoria Street, was purchased by Sydney-based real estate developer Traders In Purple.
The property, which has been on the market since August last year, was previously earmarked for a four-tower urban village comprising 455 apartments. However, plans were halted when the former owners entered liquidation in 2023, prompting the sale.
Traders In Purple, known for their successful delivery of 12 luxury waterfront projects in Moreton Bay, is now setting its sights on the Brisbane market. This acquisition marks their significant entry into the city’s property landscape.
While the site already has development approval for four towers, the new owners are considering a different approach. They have expressed interest in substantially reducing the number of apartments, focusing instead on appealing to owner-occupiers seeking premium residences.
For this project, developers revealed they are targeting executive buyers and families looking for high-quality, spacious apartments and homes in a prime location.
The developer plans to engage with architects, landscape designers, and urban planners in the coming months to craft their vision for the site. Community engagement is also high on the agenda, with the developer pledging to keep local residents informed of their plans.
They believe this site presents a rare opportunity to create a remarkable lifestyle-focused destination near the CBD.
Read: Luxury Meets Community: Inside West End’s Latest Multi-Million Dollar Penthouse Sale
The sale of this West End riverfront property underscores the ongoing interest in Brisbane’s real estate market, particularly in well-located sites with potential for high-end residential development. As plans unfold, the project is likely to attract significant attention from both the property industry and potential buyers looking for luxury riverfront living in Brisbane.
Published 22-August-2024