Rosati’s Melbourne to be Redeveloped as 10-Level Tower

COMMONWEALTH Fund Management’s decision to preserve million dollar views (and rents) at its prized 101 Collins Street office building by imposing pre-set height limitations on a swag of neighbouring buildings it offered for sale nine years ago, appears to have paid off.

One of the buildings sold by the fund –the historic Rosati’s restaurant at 95 Flinders Lane – has quietly been approved a redevelopment within the maximum 40 metre height limit CFM had hoped.

The Melbourne City Council approved plans will result in the 1896 former warehouse being part-demolished and replaced with a lower level shopping centre, and a 10-level residential or hotel building.

Hotelier and restaurateurs the Zagame family paid Rosati restaurant owner Piero Gesualdi $9 million for the 817 square metre Flinders Lane property in early 2007.

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