This article is from the Australian Property Journal archive
A MORRY Schwartz and Equity Pacific Capital Partners joint venture is close to snaring another development site at Melbourne's Docklands precinct.
VicUrban is set to award the tender exclusively to Schwartz and Equity Pacific Capital Partners to develop the North East Stadium precinct site.
Schwartz has already completed a residential development at Docklands, the Watergate apartments through his Pan Urban group.
Meanwhile, Equity Pacific Capital Partners, a joint venture company owned by the Pacific Group’s Lorenz Grollo and Patrick Smith formerly at Jones Lang LaSalle, is currently undertaking the $100 million National Foods HQ project at 737 Bourke Street.
The North East Stadium precinct site is located adjacent to Docklands stadium and next to the National Foods HQ and just a block from the Watergate apartments.
Sources said the partners have proposed to develop mixed use project on the 6,900 sqm site.
It is likely to include offices ranging from 500 to 8,000 sqm in size, retail, residential and serviced apartments.
The partners are also believed to have already negotiated an operator for the serviced apartment component of the project. The list of potential operators includes Accor, Oaks Hotels & Resorts and the Ascott Group’s Somerset brand.
Colliers International has been engaged to find tenants for the office component of the development.
However, the project may start construction without an anchor tenant. Sources say because VicUrban has given the partners three to six months to get the project up and running.
Australian Property Journal
