The inner-city development site, one of the highest-profile properties in the portfolio of failed developer Westpoint, occupies 1.25 hectares and has 300-metre street frontage to Edward Street to the north and Weston Street to the south, making it a prime site for a residential redevelopment.
Omni director Brian Amatruda confirmed that once legal issues still tying the property to Westpoint were resolved, Omni would formally buy the property. It is expected the property will make way for a $70 million mixed-use project including about 240 units, 335 car spaces and retail areas.
A deal would end a chequered history for the site, which Westpoint bought off disgraced property spruiker Henry Kaye for $15 million in late 2004.
The receiver and administrator for Westpoint, KordaMentha, put the property to the market in a campaign led by Knight Frank in April 2006.
Last October a deal to developer Drapac fell through and the property was offered to underbidders.