This article is from the Australian Property Journal archive
ADULT entertainment provider and property company Planet Platinum said it has no intentions of selling off to the Grollo Group and St Martins Properties.
The company was reportedly in negotiations to sell its freehold property at 46 King St located along Melbourne CBD’s adult entertainment precinct which is adjacent to the legal and courts precinct.
Yesterday it quashed those rumours of a potential transaction.
But this would not have been the first time Planet Platinum has put the property on the market, the company is synonymous with teasing the market, in October 2006 it negotiated to sell the King St property only to later pull out of the deal.
And in February, it wanted to sell its Elsternwick property but withdrew the sale.
The Grollo Group and its joint venture partner St Martins Group have reportedly approached owners on King St to buy their freehold properties but Planet Platinum has refused to sell.
Executive chairman and managing director John Trimble said at this time there is no intention to sell this freehold property.
Meanwhile Trimble said the company has received an application from the Victorian Civil and Administrative Tribunal to cancel its liquor license for the business, Showgirls Bar 20, currently operating at 46 King St.
He said the company intends to fight that application, which if successful will likely result in the closure of the venue.
Grollo and St Martins, owners of the Rialto Tower which is located on the corner of King and Collins Streets, are pushing to clean the up the area.
The JV partners have already launched legal action to ban several venues from serving liquor.
The JV partners recently signed a deal with restaurateur Shane Bennett to open a $4 million high class restaurant at the Rialto Tower in a precinct famous for nightclubs, pubs and adult entertainment.
Australian Property Journal
