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Sydney-based Fortis swoops on Richmond development site


Fortis director Charles Mellick said plans for a fresh 7000-square-metre, 10-storey project will be submitted to planning next year with construction anticipated for 2022.

Fortis, the development arm of boutique fund manager Pallas Capital, has $800 million worth of projects underway in Melbourne, including a new South Melbourne headquarters and a redevelopment of the industrial corner of Smith Street and Alexander Parade in Clifton Hill.

Auction action

The first post-lockdowncommercial auction took place on Wednesday at Perini Tiles showroom, at the west end of Bridge Road.

The auction, managed by Gorman Commercial agents Stephen Gorman and Tom Maule, attracted about 100 people who were spread out, using witches hats as a distance guide.

The first post-COVID commercial auction took place on Wednesday at Perini Tiles showroom.

The first post-COVID commercial auction took place on Wednesday at Perini Tiles showroom.Credit:

Seven bidders competed for the 613-617 Bridge Road property, which sold for $5.575 million – reflecting a yield of 2.8 per cent.

Shortly after, Teska Carson’s Matthew Feld and Michael Ludski held an auction at 466-468 Glen Huntly Road, Elsternwick. Four bidders competed for the property, which sold for $2.33 million – $830,000 more than the reserve. A local investor/developer bought the 198-square-metre corner site.

Foti in Flockhart

The Foti family is selling a development site down by the Yarra River at 42-50 Flockhart Street, Abbotsford.

42-50 Flockhart Street in Abbotsford is being sold by the Foti family.

42-50 Flockhart Street in Abbotsford is being sold by the Foti family. Credit:Artist’s impression

The 404-square-metre site has 140 metres of river and park frontage and comes with a permit for a five-level office building.

Records show the Foti family, through investment vehicle Stock Corporation, paid $6.2 million for the car park in early 2018 and obtained a permit late in 2019.

JLL agents Josh Rutman, James Thorpe, Steve Kelly and Mingxuan Li are handling expressions of interest and are expecting around $7 million.

Across the street, Forza Capital has applied to build an 11-storey office tower above the 470-bay car park it bought two years ago.

Owner occupiers

There is plenty of change afoot in Richmond with several owner-occupiers calling time on offices they’ve held for many years.

Psychiatrist Andrew Stocky is selling his former office building at 266-272 Church Street near the Bridge Road intersection.

The 623-square-metre office is on a 535-square-metre piece of land on the corner of Berry Street. It is zoned Commercial 1 and is expected to fetch around $5-5.5 million.

Teska Carson agent Matthew Feld and Morley Commercial agent Josh McMullin are handling expressions of interest, which close on December 9.

Also recently listed, on the west Richmond border with East Melbourne, is architect Gregory Burgess’ warehouse office at 10 York Street. The 580-square-metre twin-peaked roof warehouse was built in the 1920s on a 893-square-metre lot. It’s divided into three spaces, including studios, meeting rooms, open plan work spaces and an apartment.

Nelson Alexander Commercial agents Arch Staver and Damien Theisz are handling expressions of interest, which close on December 14. It’s expected to fetch around $4-$4.4 million.

It is currently only partly leased but could earn up to $150,000 if fully occupied.

Gallery HQ

The Alcaston Gallery will be establishing a new headquarters in a strata office at 50 Market Street.

50 Market Street, Melbourne: the site of Alcaston Gallery's new HQ.

50 Market Street, Melbourne: the site of Alcaston Gallery’s new HQ.Credit:

The gallery’s owner, Beverley Knight, told Capital Gain finding “beautiful new office space” for her staff was a priority this year.

Alcaston Gallery must move from 11 Brunswick Street by February next year. Ms Knight said a new gallery will open in April but she’s not yet ready to reveal the location of her new space.

Colliers International agent George Davies, who sold the property with Chris Ling and Anthony Kirwan, said there were 80 enquiries and three unconditional offers made for the office, which sold for $850,000.

Mr Davies said it set a new $9444-a-square-metre record for the building on the corner of Flinders Lane opposite Cbus Property’s new Collins Arch towers.

Since inspections reopened last month, several strata offices have sold, many to owner-occupiers keen to get ready for 2021.

In Docklands, several suites have sold in 838 Collins Street next to Myer’s head office.

Tiga Commercial sold six adjoining offices – 1.16-1.21 – to a Brisbane-based business keen to establish a Melbourne outpost.

Tiga Commercial agent Martin Leong, who struck the new agency’s first deal with David Sia and Evolve’s Gary Cakir, said the vendor was a Chinese investor who returned home to China and sold at a loss.

Records show the Changsha-based Fei Chen bought the six offices, covering 380 square metres, in 2014 for $2.94 million and sold this year for $2.6 million.

Colliers have also sold four suites in the building. Three offers were made for 2.24-2.26, which sold for $1.128 million to a local investor.

Separately, another 80-square-metre suite on level 2 – 2.16 – sold for $610,000 to an architect moving from South Yarra.

Three shops

A development site in Hampton that collapsed property developer Steller couldn’t make work in 2018 is now back on the market.

Six shops at 466-472 Hampton Street in the Hampton Hill precinct are expected to fetch more than $8 million.

The 1358-square-metre site has rear access from both Mills and Willis streets. It’s zoned Commercial 1 and could be developed up to four storeys, which would provide bay views.

The first three shops at No.466-470 were sold by Steller in early 2019 for $3.93 million. The new owners have since joined forces with the neighbours to sell an altogether bigger and more attractive development site that will transform the low-rise village.

Steller, run by Nicholas Smedley and Simon Pitard, had already developed other projects along Hampton Street. The company collapsed in June 2019, leaving more than a dozen development sites to repay $285 million owed to funders.

Fitzroys agents Mark Talbot and Shawn Luo are handling expressions of interest, which close next Thursday.

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Man found injured at Melbourne industrial site dies


Police are investigating after the death of a man who was found injured in an industrial area in Melbourne’s west on Thursday morning.

A crime scene has been set up outside MaxiTRANS, a semi-trailer supplier on Boundary Road in Derrimut, where the injured man was found. He was given medical assistance but he died at the scene, a Victoria Police spokeswoman said.

The man was found several kilometres from another crime scene established late on Wednesday night where police were called to reports that a man was seen lying in the middle of East Derrimut Crescent just after 11.15pm.

By the time police arrived at the scene the man was no longer on the road, but a number of personal items were found, and officers from the dog squad found traces of blood in the surrounding streets.



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Budj Bim Aboriginal site in Victoria reveals more ancient wonders


It is among the oldest examples of aquaculture in the world and dates back more than 6600 years. The Gunditj Mirring Traditional Owners Aboriginal Corporation campaigned for more than a decade to achieve international recognition from UNESCO.

Gunditjmara traditional owner Denis Rose said the scans were conducted from a plane flying in multiple directions over the landscape.

The Gunditjmara people engineered their land by building a complex system of weirs, channels and lakes upon the lava flows that run from Budj Bim to the sea.

The Gunditjmara people engineered their land by building a complex system of weirs, channels and lakes upon the lava flows that run from Budj Bim to the sea.Credit:Country Needs People/Rodney Dekker

The information will be used to preserve cultural heritage, and for land and water management and restoring koala habitat and wetlands.

Mr Rose said understanding more about Budj Bim would mean its traditional owners were better equipped to protect parts of the site that had been hidden.

“First of all, it’s really just important to know where they are and then look at management requirements,” he said. “It’s great that we can use this technology to improve our management of these important places.”

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Mr Rose said the latest discoveries would lead to a deeper understanding of Indigenous settlement at Budj Bim.

“It’s a great lesson about sustainable development,” he said. “You can modify the natural landscape, [but] not to the point of destroying it. That’s exactly what these systems were about.”

The Gunditjmara people created a complex feat of engineering, using weirs, channels and holding and growing ponds that allowed them to harvest eels and provide food year round.

Mr Rose said the newly discovered 115-metre section would be among the longest individual channels in Budj Bim’s aquaculture system, which includes dozens of fish traps. The newly found stones hut foundations were scattered across the site, whose unique landscape was created by a lava flow eight kilometres wide and 18 kilometres long.

Tyson Lovett-Murray and Denis Rose at a yereroc (fish trap) at Tyrendarra, near Budj Bim, in 2015.

Tyson Lovett-Murray and Denis Rose at a yereroc (fish trap) at Tyrendarra, near Budj Bim, in 2015.Credit:Justin McManus

Environment Department local infrastructure deputy secretary Terry Garwood said the scans had penetrated thick scrub and bush to determine what lay beneath.

“We’ve been able to extend our knowledge and awareness of quite a lot more about the site in terms of stone hut bases,” he said.

The department handed the mapping data to Gunditj Mirring Traditional Owners Aboriginal Corporation, which now also owns the associated intellectual property.

Mr Garwood described Budj Bim as a cultural jewel that debunked the notion Aboriginal people were only nomadic.

Melbourne University Indigenous agriculture professor Bruce Pascoe said it was crucial that Aboriginal people retained ownership of the data gathered in the latest scans.

“Now that Aboriginal people have the intellectual property, it’s a more equal relationship,” he said. “In the past it’s been totally unequal.”

Professor Pascoe said advances in archaeological technology would help Australians appreciate the significance of other sites.

“I think the archaeological future in the country is going to be fascinating,” he said.

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However, he said it was “a little sad” that society appreciated Indigenous history and culture through Western archaeology.

“But if that’s what it takes to make a better Australia, that’s what we have to do.”

La Trobe University archaeology emeritus professor Tim Murray said light detection and ranging technology (LiDAR) had been developed by the military, then commercialised for broader use.

“Use of LiDAR has helped us understand a great deal more about the size and complexity of settlements,” he said.

Professor Murray said the latest discoveries indicated there was much still to learn about Budj Bim.

“The critical thing is to keep everyone focused on the need to preserve it. The way you’re going to preserve places like that is understanding them and exploring more about them,” he said.

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WorkSafe inspected construction site before fatal fall


The construction site where an apprentice died after plunging 20 metres through a glass roof was inspected three times in the past year by the safety watchdog, but there were no formal complaints made about the canopy.

Jonnie Hartshorn, 23, was killed in the fall at Curtin University in Perth just after midday on Tuesday, while two other men were injured – one critically.

WorkSafe WA Commissioner Darren Kavanagh revealed on Thursday that WorkSafe had previously inspected the site three times, but no issues were identified with the canopy that collapsed.

Routine checks were carried out in October last year and February this year, while the third time was in June following a report of concrete falling off a truck.

“WorkSafe inspectors have been to the site on a number of occasions previously,” Mr Kavanagh told reporters.

“Obviously there’s been lots of claims made since the incident and so our investigators will look at all of those elements.”

WorkSafe investigators examined the site on Thursday, including using a drone.

“We can’t get close to the steel and glass structure because the structure is not stable, so we are utilising other technologies to gather some evidence to assist us in determining what the cause of the incident is,” Mr Kavanagh said.

Demolition experts will remove the wreckage, but it could take days.

Mr Hartshorn’s devastated family also visited the site with flowers on Thursday and embraced each other as they wept.

His girlfriend Kylie Bonita Galende previously posted a lengthy tribute on Facebook, describing him as her soulmate, and saying she would miss his smile and cheeky laugh.

“The moment our eyes met, we both knew … you are my other half. The missing piece of me,” she wrote.

“I don’t really know how life will continue now. No one had ever seen me as happy as when we are together.

“The world has just turned very, very dark and gloomy. A beautiful man was taken from everyone today and it shouldn’t have happened.”

After hearing about the tragedy, Ms Galende sent him a series of panicked text messages.

“You’re at Perth uni aren’t you? Not Bentley?” she wrote in two consecutive text messages.

“Please send me a quick message if you are OK.”

Later, Ms Galende sent a message to say everything she wished she had said before.

“I’m hoping and praying you are going to be OK … I should have just told you on the weekend how much I have fallen in love with you,” she wrote.

Rikki Issitt, 26, was on the roof with Mr Hartshorn and woke from an induced coma at Royal Perth Hospital on Wednesday. He remains in a critical but stable condition.

“Rikki is a strong young man and a real fighter – we know he will do whatever he has to do, so he is out of hospital as soon as possible and enjoying his life again,” his family said in a statement.

“However, it is still very early days and we do not know what the future holds.”

A 27-year-old man, who was working on a lower level and fell 10 metres, is now recovering at home.



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The West End brewery is closing, but what does it mean for sponsorships, events, beer and the site?


The owner of Adelaide’s West End brewery announced yesterday that it would stop brewing beer at the Thebarton site in June next year, with the loss of 94 jobs.

But apart from the famous “red tins” being made interstate, what does the closure mean for jobs, local sports sponsorships, community events and the facility itself?

Site an opportunity for developers

The West End brewery sits on an 8-hectare site on Port Road at Thebarton, just across the River Torrens from the Adelaide Entertainment Centre and about 1.7 kilometres from Adelaide’s CBD.

Beer has been brewed at the location since 1886, first as the Torrenside Brewery, then the Southwark Brewery and finally West End from 1980.

The West End brewery had been located at Hindley Street since 1859 before moving to Thebarton.

An industrial site with a sign saying West End brewery
Beer has been brewed at the site for more than 130 years.(ABC News)

The area is currently zoned industrial, unlike most of the western side of Port Road in Thebarton, which is designated as an “urban corridor” allowing multi-storey apartment buildings.

Two men standing behind microphones and in front of a West End banner
Ian Roberts (left) and Jason Baily from Lion at the announcement of the West End brewery closing in 2021.(ABC News: Sarah Mullins)

The State Government and the local council, the City of West Torrens, have been encouraging residential development since the tramline to Hindmarsh opened in 2010, however for now no new apartments have been built along Port Road.

The nearby Coca-Cola factory stopped production in 2018 and was sold to a developer last year.

Premier Steven Marshall said he had already spoken to his deputy, Planning Minister Vickie Chapman, about how the site’s zoning could be changed to allow residential and retail development.

Lion plans to sell the land for development.

Urban Development Institute of Australia SA chief executive Pat Gerace said the State Government might need to help with remediation of the industrial land, but otherwise it was prime for developers.

“It does present an opportunity for that particular part of Adelaide to be transformed into a new boulevard really,” Mr Gerace said.

“It makes absolute sense that it’s used for something like residential, maybe some retail in there as well.”

Government not buying

The Premier ruled out the Government buying the land, like it has done in the past with other inner-city industrial land, or using it for a sports stadium.

“I wouldn’t think so. It’s private land and I can’t see a situation where the Government would be purchasing that land,” Mr Marshall said.

“Of course, you’ve got Hindmarsh Stadium just around the corner and the Adelaide Oval not that far away as well.”

A black and white photo of an old building
The old West End brewery in Hindley Street in 1939.(State Library of South Australia)

While the Adelaide Crows have been looking for a new city headquarters, incoming chairman John Olsen poured cold water on the club moving to Thebarton.

The former premier told ABC Radio Adelaide’s David Bevan the West End site would be more suitable for residential development and had issues with remediation.

“The Crows will review any options that come up but I am not in the chair until the end of the month,” Mr Olsen said.

Sponsorships secure

West End sponsors various sports teams and leagues in South Australia, with a focus on the SANFL and cricket.

Regional sales director Jason Baily said Lion was “absolutely committed to continue our sponsorships across all leagues and competitions and all clubs”.

“West End has been part of South Australia for 160 years,” he said.

“We sponsor many leagues and competitions and hundreds of local sporting clubs, as well as being the custodian of some iconic community events.”

The brewery’s chimney has been painted in the colours of the SANFL premier since 1954, with the runner-up getting their colours painted smaller below.

Changing colours
Norwood’s colours are unveiled on the brewery chimney in 2012.(ABC News: Tom Fedorowytsch)

Both the Premier and Lion group supply chain director Ian Roberts said they would like the tradition to continue.

“We need to work our way though how that might happen.

“In time, we will be able to outline all of the traditions that we’ve committed to — they will all continue or be renewed in some fashion.”

Push to preserve Christmas lights

The brewery’s Christmas lights also seem to have a secure future, although they will not be happening this year because of the coronavirus pandemic.

Each year, the south bank of the River Torrens, just outside the brewery, is festooned with lights and other decorations to mark the festive season, attracting about 300,000 visitors annually.

Christmas bonbons and other novelties on a riverbank at night
The Christmas display at the West End brewery along the River Torrens.(Supplied: Lion)

Mr Marshall said he “100 per cent” wanted to secure the Christmas lights.

“We’ve already spoken to Lion about that,” he said.

The Adelaide Central Rotary Club runs barbecues during the launch of the lights each year.

Club president Glenda Sherwin-Lane said losing the fundraiser this year, along with other events the club helps out at, was a big blow in terms of money and visibility.

“It’s sad for us but sad the state too,” Ms Sherwin-Lane said.

Beer sales down but not out

West End and Southwark beer will be made interstate.

Lion blamed changing consumer tastes — moving to craft beer and wine — hurting sales, and then the coronavirus pandemic further hit draught beer sale at pubs.

“The beer market in Australia continues to decline,” Lion managing director James Brindley said yesterday.

“It’s now at its lowest per capita consumption ever recorded in Australia.

“At the same time, there are about 700 new craft breweries, so the competition is intense.”

A man standing at a bar
Sam Ferguson, the owner of Thebarton’s Southwark Hotel.(ABC News: Sarah Mullins)

The owner of Thebarton’s Southwark Hotel, Sam Ferguson, said West End was still the number one selling draught beer at his pub, which is frequented by brewery workers.

“I think it’s more of a blue-collar older gentlemen’s type beer rather than the younger generation — I think the younger generation is drinking craft.”

Jason Baily, from Lion, said there was a chance the company could set up “a small, new brewing presence some form, somehow”.

“I am sure we would all love that at some stage in the future so that West End can continue to have a spiritual home in this state,” he said.



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Aliro to regenerate Toyota site to new employment hub


The Aliro project is one of many developments in the Sutherland Shire which also includes the Woolooware Bay Town Centre by developers Aoyuan International and Capital Bluestone. That includes new commercial suites, to cater for more people who are opting to work closer to home.

Aliro’s chief executive Daniel Wise, said Aliro had been fielding strong interest from a range of leading global and national brands keen to secure a position on the 12.4 hectare site.

These have come from a range of uses including logistics, education, corporate office, recreational, food and beverage and multiple film production studios.

“The estate will create a strong employment hub within the Shire,” Mr Wise said.

“Importantly, the creation of this significant employment hub will provide an opportunity for businesses to attract and retain a mix of different local skills.”

The estate will create a strong employment hub within the Shire

Aliro CEO Daniel Wise

Mr Wise said that given the scale and strategic location of the site, it represented a generational and industry-creating opportunity to secure significant international investment for Sydney and NSW.

“Together with the appropriate government support and investment, we anticipate creating thousands of direct and indirect jobs upon completion. This comes at a critical time for NSW and the community, particularly in the midst of the COVID-19 pandemic,” Mr Wise said.

“We are currently scoping possibilities for the future of the site, however, local jobs are a key focus. The great thing about this iconic site is that the possibilities are endless.”

Mr Wise said the scale of the site, including the potential for adaptive reuse of the existing buildings, provided the opportunity to deliver more jobs and amenity for the Shire community.

Mr Wise said Aliro would work closely with the the council, government, local business and the community to deliver an “outstanding” result for the site and the Shire.

“To ensure the site achieves its maximum potential we will be looking for government to support critical and important transport infrastructure investment to and around the site to ensure safe and effective access and traffic flow for occupants, business and the surrounding community,” he said.

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New Rockhampton stadium site criticised over flood risk



Plans to build a sports stadium near Rockhampton’s Fitzroy River have been criticised, with the proposed site in a known flood zone.

The Federal Government has committed $23 million for a 16,000-seat stadium and a 1,000-person undercover convention centre to be built at Victoria Park.

The project is now subject to state and council approvals.

The site was the best of 10 potential locations identified through a feasibility study, ahead of Central Queensland University and nearby Browne Park stadium.

Paul Houlihan from the Browne Park Trust said the proposed site had flooded before.

“One, you’re building on a massive flood area; two, you’re building on a massive dump site; and three, any construction down along there will also flood,” he said.

“I believe [it will] increase flooding into Wandal and the CBD because of the amount of runoff that comes from The Range.”

But proponent, Rockhampton Sports Club, said the concerns could be ironed out with thorough planning.

“If you have a look at the history of stadiums, Suncorp is built on a cemetery, flood zone, and a rubbish dump,” co-founder Gavin Shuker said.

“Optus stadium, which is a $1 billion stadium, is built on a rubbish dump and a flood way.

“We’ve had extensive talks with people around here with distilled water, not flood water, about a drainage system, a pump system.”

Site chosen to ‘avoid Townsville mistake’

Neil Fisher from Rockhampton Regional Council said the site offered the best economic opportunities for the city, given its position at the end of the Fitzroy Riverside Precinct.

“What this study did come out and really identify is that a stadium within the CBD precinct, or close to the CBD, would have the greatest economic flow-on benefit to the community,” he said.

He said the announcement did not necessarily prevent the Browne Park upgrade from going ahead.

“If they can get the funding to upgrade Browne Park, I will be just as excited. I think that would be really great,” Councillor Fisher said.

Queensland Labor has committed to delivering a feasibility study and funding to upgrade Browne Park.

“To develop Rockhampton as a hub, as an attraction for all of Central Queensland to have that ability to draw crowds for sporting events and other entertainment events and have those really good, first class facilities is going to be a real economic benefit to us all,” Councillor Fisher said.



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Dad of Bryton Thompson collapses at site


The father of one of the three victims of a horror crash over the weekend collapsed when he visited the site of the deadly incident on Monday.

Three people died following a head-on collision on Rifle Range Rd at Upper Coomera, Gold Coast, at 6pm on Sunday.

The male driver and female passenger died at the scene, and a second passenger was transported to Gold Coast University Hospital where he later succumbed to injuries.

A fourth patient, a 28-year-old man who was driving the second vehicle, was taken to the same hospital in a serious condition with pelvic injuries.

The victims have since been named as 21-year-old Bryton Thompson, his 21-year-old cousin James Hunter and 17-year-old Marnie Zuk, who was James’ girlfriend.

Bryton’s dad, Arthur Thompson, visited the crash site on Monday afternoon, collapsing into the grass as he approached the spot where people had been leaving flowers for the three victims.

He sat with his head in his hands before a reporter came over to comfort him.

Mr Thompson then placed a flower at the site and appeared to pick up some debris, according to the Courier Mail.

High Acuity Response Unit Paramedic Gary Berkowitz was one of the paramedics called to the horrific crash.

“We as paramedics are often called to the worst half-hour of somebody’s life,” he said.

“Our job is to make it better in any way for those in pain and suffering … it’s often quite confronting.”

Mr Berkowitz said some bystanders had been treated for shock after they tried to keep victims alive.

“It was quite confronting with members of the public assisting those who are injured,” he said.

“Good people did their best to help those who were injured and in pain and suffering.”

Tributes have been flooding in for the three young people since the news of the crash came to light.

“Losing a workmate is like losing family. The terrible news I received late last night of a young bloke who works for me passing away in a car wreck will be forever in my mind,” Billy McKinnon wrote on Facebook.

“It’s always the good people who are taken from us way too soon. Rest In Peace Bryton Thompson you’ll be missed severely mate.”

“Remembering Marnie Zuk … a beautiful girl who laughed and danced around our house many years ago. You will be celebrated for the gorgeous woman you were becoming. Go in peace and love,” Diana Bryson wrote on Facebook.

The Courier Mail reported a parent of the sole survivor took to Facebook to plead for drivers to slow down.

“My son was driving home from work and was hit by the other car that was estimated to be doing over 150k’s an hour killing, I believe all the occupants in that car,” the post claimed.

The Forensic Crash Unit is investigating whether speed was a factor in the crash.

Anyone who witnessed the crash or has dashcam footage is urged to contact police.



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Haymarket site to test the market with $100m price tag


In the state’s most significant CBD development in over a decade, the design by Fender Katsalidis and SOM is set to transform the western edge of Central Station.

The project to be delivered by Dexus and Frasers Property Australia will complement the City of Sydney’s proposal to create a third new major civic-square.

The design for Central Place Sydney features two commercial towers at 37 and 39 levels and a landmark sculptural building which will activate the precinct that connects Railway Square, Central Station and the community beyond.

At Ultimo, the 1584 sq m property is one of only five freehold “island sites” and comprises the The Ultimo Hotel, a four-star rated boutique hotel operated by Rydges with 95 guest rooms and 10 retail tenancies.

Selling agents Andy Hu, Jordan Lee, Stuart Cox and Nick Lower of Savills Australia said buyers have the option of continuing management with Rydges Hotels or taking it with vacant possession.

Mr Cox, Savills’ director of residential site sales, said the chance of one of these island sites coming to market is extremely rare in Sydney, especially in the southern CBD.

“It offers not only a redevelopment or repositioning of The Ultimo Hotel but the ability to provide an additional 13 storeys above what is already present, in addition to re-leasing the retail tenancies as expiries arise or strata subdivide the retail space and sell off individually,” Mr Cox said.

The building was converted to the current hotel and retail/commercial uses in 1988 and subsequently underwent a $10 million renovation in 2016. There are redevelopment opportunities for the asset.

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Mr Hu and Mr Lee – the joint state heads, Asia Markets at Savills Australia – believe local investors and developers are being just as aggressive as their offshore counterparts for these types of assets as the Sydney market is so supply stricken for quality assets.

“Over the years, The Ultimo Hotel has garnered a lot of interest in the mid-tier market with domestic and international investors and we are confident even during the pandemic that there will be further local and offshore interest, as the opportunity to acquire prestigious sites such as this are not readily available,” Mr Hu and Mr Jordan said.

Mr Lower, state director – NSW, metro & regional sales at Savills Australia, said the southern end of the Sydney CBD is well established with surrounding developments including a mixture of heritage style commercial buildings with ground floor retail and accommodation and mixed-use residential apartment and accommodation developments.

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