Crown founders lose prime riverfront site
Crown Group, which started liquidating assets last year leaving its co-founders, Iwan Sunito and Paul Sathio, individually competing for them, has lost one of its best sites to a rival.
The 1.25 hectare West End block fetched $63.5 million from Traders in Purple following an expressions of interest campaign.
The local buyer intends to proceed with the permitted project for 473 apartments – a gross floor area of c49,300 square metres.
At 117 Victoria Street, the parcel also fronts Filmer and Beesley.
Savills’ Tim Grosmann, Robert Dunne and Josh Baker were the agents; 21 offers were received – including from Mr Sathio (story continues below).
BDP was the liquidator.
Crown paid $35m in 2018.
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