A Review of Melbourne Apartment Projects: Those Marketed; Those Canned

INCENTIVES offered to stimulate apartment construction during the economic downturn, such as record low interest rates, and first home owner grants, have resulted in some of the city’s biggest, boldest apartment-based projects being offered to the market.

But not all developers could get their projects out of the ground.

Domain took a look at some of the more ambitious redevelopment proposals launched, and canned, since its last Apartment Guide, in Spring 2010:

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Valad May Make Loss From Sale of Sheraton Noosa Resort and Spa

VALAD Property Group is expected to take a hit from the sale of its Sheraton Noosa Resort and Spa facility at Noosa Heads.

Valad paid $93.6 million for the asset in 2007, but its value has fallen to about $85 million.

The unrenovated complex opened in 1989 and is on a 9946 square metre site with a private mooring facility on the Noosa River.

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10 Wylde Street, Potts Point, Sells for $17-$20 Million

A POTTS Point residential development site has sold for between $17 and $20 million.

The property at 10 Wylde Street, is a hotel, but was to have become a luxury residential development.

Before the economic downturn a penthouse apartment in the proposed $70 million complex reportedly sold for a speculated $20 million before “falling through” after the publicity died down.

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New Plans Lodged For Ritz Carlton Hotel, Sydney

NEW plans have been lodged to redevelop the notorious, but rundown Sydney hotel where INXS lead singer Michael Hutchence died.

The former Ritz Carlton hotel – which was later rebranded the Stamford Plaza before closing in 2009 – has been the site of a development dispute for some years.

A previous owner, Ashington, planned to build a high rise mixed use project with a hotel and apartment tower, but could not get its proposal through council.

The hotel sits in Sydney’s exclusive eastern suburb of Double Bay, and the council has been strict, up until now, that developers build within a five level height limit. The Stamford Hotel however is six levels.

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