Schiavello Buys Queensbridge Hotel, Southbank

MILLION dollar views enjoyed by residents at Australand’s luxurious Freshwater Place complex in Southgate have officially become a privilege and not a right, after furniture magnate and property developer Tony Schiavello picking up a prominent riverfront property next door, once home to notorious nightclub QBH.

Mr Schiavello is speculated to be paying about $10 million for the 717 square metre block which abuts other property acquired by the developer over the years.

The Queensbridge Hotel at 1 Queensbridge Street, was first speculated to have been on the market in February, when a dispute to sell the property to fashion designer Christopher Chronis came to light.

A spokesman for Australian Leisure & Hospitality Group Property Holdings confirmed this week that the property sold to a residential developer.

ALH is a joint venture between pokies king Bruce Mathieson and retail giant Woolworths.

In its short life, QBH has been the scene for many violent attacks including murder and bashings. Its patron limit was slashed from 2200 to 1500 after a brawl.

Mr Schiavello, speaking from overseas, confirmed he bought the QBH site in a deal to settle next month.

He said at this stage the priority is to refit the former QBH space into a Schiavello Furniture showroom.

But he acknowledged the waterfront site – between Crown Casino and the mixed use Freshwater Place complex – would lend itself to a high-rise apartment development.

Nearby, at 31 – 49 Queensbridge Street, Mr Schiavello recently lodged an application to develop a 66-level, 616 unit skyscraper, Prima, which would soar 225 metres.

The Eureka tower is Melbourne’s tallest building, at 297 metres.

Mirvac is sitting on some of Southgate’s most precious real estate, currently configured as low-rise offices, wedged between Freshwater Place, Eureka Tower but with frontage to the Yarra River, and CBD views that can never be built out.

While the planning focus in recent years has been on height controls in the suburbs, some significant proposals within the CBD, Southbank and Docklands area have been approved, with towers of around 70-levels, expected to become increasingly proposed on central city sites.