Zagame – realestatesource https://www.realestatesource.com.au Commercial and residential property news Sun, 15 May 2011 12:00:27 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Zagame – realestatesource https://www.realestatesource.com.au 32 32 Rosati’s Melbourne to be Redeveloped as 10-Level Tower https://www.realestatesource.com.au/rosatis-melbourne-to-be-redeveloped-as-10-level-tower/ Sun, 15 May 2011 12:00:27 +0000 http://realestatesource.com.au/wordpress/rosatis-melbourne-to-be-redeveloped-as-10-level-tower.html 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.
]]> In 2006, Mr Gesualdi planned to redevelop the restaurant into a 10-12 level boutique project akin to London’s Sanderson Hotel. The project was to have been undertaken with a New York-based joint venture partner. Four years earlier, Mr Gesualdi paid CFM $3.7 million for the Flinders Lane building he tenanted as Rosati’s since the mid 1980s.

The restaurant’s relaxed fit-out was based on European cafes he admired, and its popularity boomed as neighbouring office skyscrapers 101 and 120 Collins Street were populated.

In 1988, a Kylie Minogue film clip for the single Got to be Certain was filmed at Rosati’s.

CFM sold 95 Flinders Lane and three surrounding properties with strict height limits designed to protect views of 101 Collins Street’s middle and upper level offices.

However another site abutting the landmark office, at 41 Exhibition Street, is not limited by a height restriction. That site, purchased by the Royal Australian Institute of Architects for $1.2 million in 1994, is now earmarked to become a 20-level strata office tower which will limit 101 Collins Street’s westerly views.

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