This article is from the Australian Property Journal archive
ING Real Estate is in negotiations to sell the delay plagued ferris wheel of misfortune at its $1 billion Waterfront City project in Melbourne’s Docklands precinct.
The ferris wheel has been stricken with delays and was originally due to open in early 2006 in preparation for the Volvo Ocean Race 2006.
Due to open two years after the original schedule, it is believed that ING Real Estate has been negotiating with three parties including Colonial First State Asset Management and Gandel Group to offload the asset.
The project has been dubbed the wheel of misfortune because of several hiccups.
ING Real Estate has failed to find a naming sponsor for the wheel so it was eventually called the Southern Star Observation Wheel.
And in April 2005, joint venture partner Lewis Land abandoned its development role in the $1b billion Waterfront City project.
Australian Property Journal
