28/01/2016 - 13:20

$85m offer for Elizabeth Quay lots

28/01/2016 - 13:20

Bookmark

Save articles for future reference.

A collaboration between Victor Goh’s AAIG and Adrian Fini’s private development firm, Fini Group, plans to develop apartments and a hotel at Elizabeth Quay, after offering $85 million for two lots.

$85m offer for Elizabeth Quay lots
A hotel and apartment project will be developed on this land on the western side of the inlet. Photo: Attila Csaszar

A collaboration between Victor Goh’s AAIG and Adrian Fini’s private development firm, Fini Group, plans to develop apartments and a hotel at Elizabeth Quay, after offering $85 million for two lots.

The proposed development on lots two and three was put forward by the joint venture, named CA & Associates.

Mr Fini is also principal of FJM Property, which last year completed the redevelopment of the State Buildings to establish a six-star hotel at the Old Treasury Precinct.

Metropolitan Redevelopment Authority chief executive Kieran Kinsella said the collaboration between AAIG and Fini Group brought significant development experience to Elizabeth Quay.

“CA & Associates has proposed more than 450 residential and serviced apartments and a 125-bed hotel, which will be supported by quality retail and food and beverage at the ground plaza level,” he said.

“The expressions of interest process for lots two and three was highly competitive, with the MRA receiving eight bids from highly credentialed developers.”

The two lots cover a combined 6,200 square metres.

The next stage of the process involves an international design competition, inviting architectural firms to submit concepts for the proposed development.

Mr Kinsella said land sales for Elizabeth Quay had been successful to-date, with preferred developers now chosen for eight of the nine development lots.

“It’s expected that around half of the project’s initial investment of $440 million will be returned through the sale of land and today’s announcement puts us well on track to achieve this,” he said.”

A 204-room Ritz-Carlton hotel, to be developed by Far East Consortium, will take up lots nine and 10 at Elizabeth Quay, while Chevron is yet to begin construction on its Australian headquarters on lots seven and eight, for which it paid $64 million in 2013.

Brookfield Multiplex is still in talks with the MRA over a commercial/office development on lots five and six, while lot four will be released for sale when market demand heats up.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options