The mission-brown building was sold by receivers to Chinese developers during the economic downturn, and after a series of legal disputes prevented the NMC organising a joint venture partner to redevelop the site into a club room, hotel and apartment tower.

NMC’s proposed redevelopment was expected to save its future – and indeed give it an income stream which could have allowed it to grow.

But instead NMC collapsed and private developer Golden Age picked up the site for a bargain $10 million last July.

Golden Age has since proceeded with plans to redevelop the site into something very similar to what NMC had proposed (and which the neighbouring Melbourne Club famously opposed).

A proposed image of its tower is below.

It told Capital Gain this week 80 per cent of apartments within the 32-level tower have sold, allowing construction to start within weeks. A total of 188 dwellings, over 17 levels were available for investors to occupy. Colliers International marketed these units.

Another 170 accommodation rooms, as well as a day spa, pool and signature restaurant will spread over the remaining 15 levels, and be managed by boutique hotel operator Sheraton.