Property Australia

Crown Group launches first Melbourne development

PROPERTY AUSTRALIA September 17, 2019

An arts-themed residential development at Southbank launches Crown Group into the Melbourne market at the “best time in the market cycle,” says the developer’s chairman and CEO Iwan Sunito.

Sydney-based Crown Group’s first foray into Melbourne received initial planning approval in January, and is preparing to launch sales in mid-2020.

Crown Group promises that the two arts-inspired apartment towers, designed by Koichi Takada Architects, will become a “landmark” for Melbourne. The eye-catching design will complement the Victorian Government’s $200 million redevelopment plan for the arts precinct. 

The development is a joint venture between Crown Group and long-time Melbourne developer G3 Projects.

It will encompass two towers of 16 and 14 storeys, set across a corner site of 2,070 sqm located at 175 Sturt Street. The two towers will host 152 luxurious studios, one, two and three-bedroom apartments and rooftop gardens.

According to development director Bobby Iskandar Lim, the site was chosen for its appeal to the growing number of international buyers seeking out Melbourne, as well as local owner-occupiers attracted to the vibrant cultural precinct.

“We’ve chosen the eastern side of Southbank because it is evolving into a highly desirable enclave in the heart of the Melbourne Arts Precinct,” Lim says.

“It is unusual in that the area has a leafy, medium-rise aspect, yet is so close to the city, so it appeals to families as well as young professionals.”

“The great thing about the site is that even though it is only 2 kilometres and three tram stops from the CBD, it will never get built out,” Lim adds.

Close to the Malthouse Theatre, the Australian Centre for Contemporary Art and the Conservatorium of Music, the development’s design celebrates Melbourne’s thriving arts scene. A key feature is a community arts space in the lower level which will host exhibitions and installations, and act as a cultural meeting point.

Residents will have access to Crown Group’s signature resort-style facilities: a rooftop lounge and garden, a theatre, children’s play area, gym and pool. There will also be a ground-floor café and parking for 140 cars and 40 bicycles in a four-level podium.

Architect Koichi Takada says he was inspired by images in the arts, with two striking curved white towers, representing a cloud, moving and changing “just like a dancer”.

Crown Group Chairman and CEO Iwan Sunito says the Melbourne market is looking positive in the long-term.

“Construction will start in 2021, which gives us the confidence to be able to deliver the project at the best time in the market cycle and allows investors to capitalise on potential uplift.”