Part of Crown Casino Sold to Residential Developer, High Rise Planned

The casino is believed to have sold an old bluestone former bank, fitted out as offices at 269 City Road, on the corner of Clarke Street, and a neighbouring industrial warehouse, for a total sale price believed to be about $3.4 million.

Crown Casino has used the warehouse to store building materials associated with its various nearby car park and hotel developments, and limousines in its fleet, used for taking guests to the airport and in and around Melbourne.

Former Delta-Europcar founder, and now a property developer, Mario Salvo, is believed to have bought the 1495-square-metre amalgamated site spread between 269 and 283 City Road.

Sources say Mr Salvo’s development company, First Delta Group, is planning a 41-level apartment building, which would incorporate the bluestone building, built as a Bank of New South Wales chamber in the 1800s.

Mr Salvo was unavailable for comment.

Rosin Smyth managing director Martin Smyth, who sold the Crown Casino site, also declined to comment.

His company recently sold the nearby City Road headquarters of telecommunications giant Crazy John’s to FDG for a price believed to be $10.5 million. Apartments are planned for this site after 2010, when Crazy John’s relocates its offices.

FDG is also developing the 109 Clarendon Street apartment block on the corner of City Road and Clarendon Street, only a few hundred metres from the site it just bought.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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