Receivers offload first piece of failed STH BNK project
Plans for Australia’s tallest tower are off the table after part of the block it was earmarked for sold to a build-to-rent developer, speculated to be David Abramich.
Hanover House on 1515 square metres at 158 City Road, Southbank, cost c$26 million, sources say.
Beulah was the owner; it paid a speculated c$45m in 2021.
Lender La Trobe Financial triggered the sale.
KordaMentha is the receiver.
Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma with Stonebridge’s Julian White and Chao Zhang were the agents.
Five groups submitted offers, they said.
Tallest tower shelved
Hanover House and the neighbouring property – an ex-BMW dealership at 118 City Rd which Beulah bought for $101m in 2017 – were earmarked for a landmark 102 level tower.
Promoted as STH BNK, rising 365 metres, it would have been Australia’s tallest.
Beulah entered voluntary administration last year – the project unable to secure a revised funding structure (continues below).
Another receiver, Alvarez & Marsal, is representing another lender regarding 118 City Rd.
It is also for sale via the same agents.
STH BNK’s off-the-plan apartment buyers remain awaiting resolution over about $57m in deposits held on the proposed development.
BTR planned
Beulah bought Hanover House – for decades Southbank’s tallest building – approved for a 43-level tower with 449 dwellings, penned by Elenberg Fraser.
It later amended that to a 46-storey building with 27,302 sqm containing 406 dwellings and 212 above-ground car parks – a Cox design.
Were it amalgamated with 118 City Rd, it could have accommodated 63 floors.
The speculated purchaser is expected to utilise the approved development envelope while replacing the build-to-sell model with institutional housing.
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