Australian residential developer Crown Group expanding retail development pipeline to $1 billion
Three new retail precincts underway in Sydney and more to come
Sydney, Australia, July 21, 2020 (GLOBE NEWSWIRE) —
Leading Australian residential developer Crown Group has announced its long-term plan to develop a $1 billion portfolio of retail offerings world-wide. It plans to have 29,500 square metres of retail space across nine of its developments by 2024, valued at $285 million then expand in Australia and overseas.
Group Chairman and CEO Iwan Sunito said Crown Group has several success stories that show how its practice of creating architectural icons attracts world-class retail brands. It plans to pursue this model at three new developments underway in Sydney.
“Our latest completed retail precinct, Infinity Square, opened in 2019 at Green Square with 19 shopping and dining offerings and an eye-catching design by Koichi Takada Architects,” he said. “It has proven that iconic architecture attracts world-class brands. We are currently signing on our third ASX-listed company there, after opening McDonald’s and KFC this year. This is in addition to the other exciting offerings that have turned this into a vibrant new drawcard for the area – Miracle supermarket, Infinity Medical Centre, Butcher & The Farmer restaurant, Social Society café, Bashan Noodles and Nam2 pho, all set around a central courtyard, positioned above Green Square train station.”
Its other outstanding retail precincts include V by Crown Group in Parramatta, a luxury apartment tower with 11 retail outlets including rooftop Champagne bar Nick & Nora’s, Bayti restaurant, cafes, and a 7-Eleven convenience store.
The new Our Skittle Place precinct at Arc by Crown Group in the heart of Sydney was designed by internationally renowned Koichi Takada Architects and has won 18 architecture and design awards worldwide since it was completed in 2018. It now has its own luxury hotel called SKYE Suites as well as five sophisticated dining and retail offerings including a French Champagne bar, restaurants, a café, and a fine jewellery store.
“We have proven that iconic architecture attracts world-class brands, so we are now using this approach to create an exciting new retail precinct at Eastlakes,” Mr Sunito said. “It will transform the suburb into a thriving destination in itself with 490 apartments and more than 60 stores.
“Nearby at Waterloo we are developing Mastery by Crown Group, Australia’s first Japanese-themed residential community, designed with world-renowned architect Kengo Kuma and Koichi Takada Architects. It will have its own dedicated retail precinct.”
Colliers has been engaged to take both retail projects to market: Eastlakes and Mastery.
Crown Group has been developing luxury apartments across Sydney since it launched in 1996. It now has a $5 billion development pipeline across Sydney, Brisbane, Melbourne and Los Angeles that spans residential communities with shopping centres and hotels as well as its own fund management platform.
Crown Group Chief Operating Officer Pierre Abrahamse said Crown Group excelled in creating curated retail experiences for its residents, hotel guests and customers as a part of its strategy to create a recurrent income stream.
“Our custom-designed retail precincts offer convenience and choice to the community and a curated dining and shopping experience that enhances the appeal of our residential communities and hotels,” Mr Abrahamse said.
“Ultimately this generates demand from buyers and residential tenants for our apartments while creating a recurrent income stream. It supports the Crown Group brand while attracting good covenant retailers that complement the trade area in which they operate.”
Mr Abrahamse said that because Crown Group offered end-to-end management, from retail development to design, and retail asset management with its own in-house retail development team, it could control the retail tenants to curate an appealing experience for our residents and hotel guests.
“Each department complements the other, to create appeal in the long-term for residents and owners for resale value. Also, we are an architecturally led company, where design is critical to everything we do, so we ensure that we control the leasing mix and control the retail fit-out design for each tenant.
“Primarily we are a luxury apartment developer so we seek out tenants who cater to that market with a strong lifestyle appeal as well as quality fit-outs and great interior design.”
For more information on apartments for sale visit https://www.crowngroup.com.au.
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Natasha Granath Crown Group +61 410 494 774 email@example.com.