This article is from the Australian Property Journal archive
MELBOURNE’S Schiavello family will walk away from the One Queensbridge development in Southbank for $80 million after agreeing to sell their stake to joint venture partner Crown Resorts.
Crown yesterday announced it will buy the remaining 50% interest in the site as well as all pre-development assets, including all intellectual property and designs for the project.
Crown chairman John Alexander said the purchase represents Crown’s continued investment in Victoria and the Southbank arts and entertainment precinct.
“The One Queensbridge site could accommodate a fourth Crown hotel which would deliver significant economic and tourism benefits to Victoria, including additional employment and training opportunities,”
The site is strategically located adjacent to the Crown Melbourne entertainment complex.
Crown’s decision to buyout Schiavello comes after the Victorian government refused to grant an extension for the JV partner’s $1.75 billion luxury hotel and apartment development.
In 2014, Crown bought a stake in the four adjoining land parcels opposite the Crown Melbourne complex from Schiavello for $50 million. Prior to Crown purchasing a stake, Schiavello had originally proposed to develop a $1 billion apartment, five-star hotel and office development.
The project was controversially given approval in February 2017. At 323 metres, the 90 storeys building would pip Sunland’s Gold Coast Q1 tower, currently Australia’s tallest building at 322.5 metres.
The development was designed by London-based architects Wilkinson Eyre and would comprise a 388-room six-star hotel, 708 apartments and a restaurant and lounge at the top of the tower. Crown and Schiavello had appointed Knight Frank to market the project in September of 2016.
