Amidst strong opposition and protests from local residents, the Crown Group has secured the West End Development Site at 117 Victoria Street. The site development will be Crown Group’s first project in Brisbane. So far, the said deal is the largest development site sale in Brisbane’s city fringe market this 2018. Once completed, the development will be worth $350 million.
Even before sealing the $35 million the deal, Crown already has a development application submitted for the site last December 2017. The application is for the development of a riverfront 12-storey residential tower, comprising 446 apartments. There will be a retail space in the 2 two-storey podium, 530 car parking spaces, and recreational areas.
Locals have expressed concerns regarding the development plan. They raised the issue over the controversial development plan, among other concerns, during a protest that led to the shutting down of the surrounding streets of Vulture Street and Montague Road.
“By exceeding height limits and setbacks, the developer is increasing the density of the site substantially. This will place additional strain on existing local infrastructure, particularly the road network and public transport services, which are already well beyond capacity.” Greens councillor for The Gabba Ward Jonathan Sri said.
“Private developments of this kind do not significantly improve housing affordability for low-income residents over the long-term. Unless this development includes a significant component of public housing or affordable community housing (means-tested with rent capped at 25% of a person’s weekly income), it should not be approved, regardless of whether it satisfies the South Brisbane Riverside Neighbourhood Plan or not,” Cr Sri said.
The site currently is home to a 5,100 sqm office and warehouse facility previously occupied by Computershare. The land is one of the last remaining development sites that is over one hectare in Brisbane’s inner south area. Crown’s purchase of the property signals the return of positive market sentiment and prospects of positive growth in the future. The council is currently reviewing the DA A004827228 and has extended the decision period until 8 October.
117 Victoria St, West End QLD 4101
