05/04/2017 - 12:09

Fini to lead another quay joint venture

05/04/2017 - 12:09

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Prominent property identity Adrian Fini has secured the final lot at Elizabeth Quay, in another joint venture with Malaysian developer Victor Goh.

Fini to lead another quay joint venture
Developers have been making slow progress at many of the lots at Elizabeth Quay. Photo: Attila Csaszar

Prominent property identity Adrian Fini has secured the final lot at Elizabeth Quay, in another joint venture with Malaysian developer Victor Goh.

The Metropolitan Redevelopment Authority today announced CA Corporation had been selected as its preferred proponent to develop the 4,486 square metre lot 4 at Elizabeth Quay.

CA Corporation will pay $85 million for the plot, the same amount Messrs Fini and Goh’s other joint venture, CA & Associates, paid for lot 2 and lot 3 of Elizabeth Quay, which are 3,060sqm and 3,148sqm, respectively.

MRA chief executive Kieran Kinsella said the development would comprise new commercial, retail and residential opportunities, as well as a post-graduate education facility and short-stay accommodation for students.

Mr Kinsella said the MRA received three bids for the site, while the sale of lot 4 brought the total proceeds from Elizabeth Quay land sales over $300 million, surpassing the projected $170 million forecast by the state government.

Progress at Elizabeth Quay has been patchy so far, with work started on just one of the nine lots at the riverside precinct.

Construction work began in August last year at Far East Consortium’s Ritz-Carlton and The Towers, with the luxury development expected to open in 2019.

Far East put the Ritz-Carlton portion of the development on the market last year, appointing JLL Hotels & Hospitality Group to run an international sales campaign.

On the other plots at Elizabeth Quay, CA & Associates is planning a double tower development on lot 2 and lot 3, comprising a 209-room hotel, 313 residential apartments, 171 serviced apartments and dining and retail options.

The MRA said a final development application is expected to be lodged in coming months, with in-principle approval already granted.

Brookfield Property Partners is continuing to work closely for its Elizabeth Quay plot, however, the clock is ticking for its exclusive working period, which expires in July.

A spokesperson for Brookfield confirmed today that lodgement of a development application for the company's plot was imminent.

Oil and gas giant Chevron has until the end of the year to lodge a development application for its Elizabeth Quay land.

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