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Old August 21st, 2019, 11:39 AM   #2341
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We shall see wether this is great news or horrible news..
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Old August 21st, 2019, 11:40 AM   #2342
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Quote:
Originally Posted by Decatur View Post
Big news!

Crown is buying Schiavello's 50% share in the land, together with all designs, intellectual property etc for $80 million!

Crown will build "a fourth Crown Melbourne hotel" on the site following completion of Crown Sydney in 2021.
You would only buy their design if you propose to build it, wouldn't you?
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Old August 21st, 2019, 11:45 AM   #2343
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Bullshit to the loss of licence. They have a clean bill of health, it’s trash journalism. Their licence is going nowhere. I bet my house on it. Put up your house as collateral then we can debate it.

Secondly, as of right before any bonuses they can build 108,000m2 on that site. They will get 150,000m2 easily.
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Old August 21st, 2019, 12:00 PM   #2344
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Quote:
Originally Posted by Decatur View Post
Big news!



Crown is buying Schiavello's 50% share in the land, together with all designs, intellectual property etc for $80 million!



Crown will build "a fourth Crown Melbourne hotel" on the site following completion of Crown Sydney in 2021.


Where did you hear this? Iím surprised but itís a good outcome
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Old August 21st, 2019, 12:25 PM   #2345
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No good news is here they’re won’t get approved and construction until solved problems with budget more likely until 2023 September if they’re shoveling out of ground then Crown Company would be collapse and it’s simply not happening now.

Crown Sydney Tower cost $2 billions dollars if they’re doing One Queensbridge Tower get construction now then another $3.5 billions dollars led to them collapse could Crown Sydney Tower end up shut down.

If they’re reaching agreement with budget then start within 10 months if not reaching agreement then cancelled due to budgets.

This would be fourth time of chance to go ahead.

Schiavello It’s definitely idea not Crown idea.... thank to Schiavello cause them delay.
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Old August 21st, 2019, 12:51 PM   #2346
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Quote:
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Where did you hear this? Iím surprised but itís a good outcome
It's from Crown Resorts full year results presentation.

PROPOSED ONE QUEENSBRIDGE PROJECT

Crown holds a 50% ownership interest in the One Queensbridge development site which is strategically located adjacent to the Crown Melbourne entertainment complex, with the remaining 50% interest held by the Schiavello Group.

Crown has reached an agreement to purchase the Schiavello Groupís 50% ownership interest in the site as well as all pre-development assets, including all intellectual property and designs for the project, for approximately $80 million. The transaction remains subject to long-form agreements between Crown and the Schiavello Group.

The purchase represents Crownís continued investment in Victoria and the Southbank arts and entertainment precinct.

The One Queensbridge site could accommodate a fourth Crown hotel which would deliver significant economic and tourism benefits to Victoria, including additional employment.
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Old August 21st, 2019, 05:44 PM   #2347
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If Green Spine gets approved at full height and then 270m or thereabouts with this one, that's something I can live with.
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Old August 22nd, 2019, 05:49 AM   #2348
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To all those talking about Crown "collapsing" or being in financial difficulty, it is in no such position. It just made $367 million after tax (they pay a lot) and unlike many companies in the past 12 months they haven't gone to the market for additional capital. All this with a downturn in high end gamblers.

Crown Sydney has a net development cost of $1.2 billion and they are on budget.

NB: I am not a shareholder nor do I have any other commercial connection to the company.
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Old August 22nd, 2019, 06:25 AM   #2349
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If Green Spine gets approved at full height and then 270m or thereabouts with this one, that's something I can live with.
Crown should propose something Eureka sized or above. The site deserves it.
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Old August 22nd, 2019, 06:28 AM   #2350
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Quote:
Originally Posted by Decatur View Post
To all those talking about Crown "collapsing" or being in financial difficulty, it is in no such position. It just made $367 million after tax (they pay a lot) and unlike many companies in the past 12 months they haven't gone to the market for additional capital. All this with a downturn in high end gamblers.

Crown Sydney has a net development cost of $1.2 billion and they are on budget.

NB: I am not a shareholder nor do I have any other commercial connection to the company.
Who said crown was going to collapse? Itís more about their legal woes, reputation and the possibility of being denied permits, etc. Itís a scummy company akin to a cockroach that wonít die.
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Old August 22nd, 2019, 07:39 AM   #2351
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Interesting comment!Dosent say will!

"The One Queensbridge site could accommodate a fourth Crown hotel which would deliver significant economic and tourism benefits to Victoria, including additional employment."
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Old August 22nd, 2019, 09:11 AM   #2352
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For all the Crown haters ...




As for this site I see no reason the big design canít go ahead just need to re-jig the mix of resi/hotel and maybe add serviced apartments and also more actual entertainment space - imagine a high rollers room up the top !!
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Old August 22nd, 2019, 09:33 AM   #2353
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Who said crown was going to collapse? It’s more about their legal woes, reputation and the possibility of being denied permits, etc. It’s a scummy company akin to a cockroach that won’t die.
You are entitled to your opinion. If you are anti gambling in general I can see why you would think this. I would make the point that human nature being what it is, if there is not a big casino above ground there will be far worse activities going on under it.

A just completed review by the country's best regarded experts have concluded that the company has done nothing wrong and in fact is a top performer in relation to Anti-Terrorism Financing and Anti Money Laundering compliance. AUSTRAC, the relevant authority, have made no claims otherwise. When it looks, tastes and smells like a journalist hatchet job it usually is.

I can assure you that Crown the company will be larger in 10 years than it is now. So will Crown Melbourne. They will retain all permits and will receive a planning permit for a large project on this site and another project at the rear of their existing holdings.

I would also make the point that this company pays more Federal and state taxes than any other company in Australia per dollar of gross earnings. Its closest competitors on that measure are other casino operators.
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Old August 22nd, 2019, 09:50 AM   #2354
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Quote:
Originally Posted by Decatur View Post
You are entitled to your opinion. If you are anti gambling in general I can see why you would think this. I would make the point that human nature being what it is, if there is not a big casino above ground there will be far worse activities going on under it.

I can assure you that Crown the company will be larger in 10 years than it is now. So will Crown Melbourne. I would also make the point that this company pays more Federal and state taxes than any other company in Australia per dollar of gross earnings. Its closest competitors on that measure are other casino operators.
Iím not anti-gambling and Iím not saying theyíve done something totally reprehensible, but they walk the line and we all know it. If your business model involves coming into close quarters with drug dealers and criminals when trying to snare high rollers, youíre in too deep. That kind of business model is asking for trouble.

Better less tax revenue than a compromised government imo. We donít need that sh*t in Australia.
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Old August 22nd, 2019, 09:57 AM   #2355
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Iím not anti-gambling and Iím not saying theyíve done something totally reprehensible, but they walk the line and we all know it. If your business model involves coming into close quarters with drug dealers and criminals when trying to snare high rollers, youíre in too deep. That kind of business model is asking for trouble.

Better less tax revenue than a compromised government imo. We donít need that sh*t in Australia.
I hear you. In my business we are constantly required to understand the source of funds and report anything sus to AUSTRAC.
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Old August 22nd, 2019, 10:20 AM   #2356
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Wish they would at least demolish the existing buildings in the meantime.

Looking very grubby and run down now, covered in graffiti and posters.
Wilson Parking is the only occupied building between Freshwater Place and Prima.

They should demolish and build a temporary park like Flinders Bank have done which could also provide pedestrian access to Freshwater Place from Queensbridge St.
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Old August 23rd, 2019, 02:30 AM   #2357
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Wish they would at least demolish the existing buildings in the meantime.

Looking very grubby and run down now, covered in graffiti and posters.
Wilson Parking is the only occupied building between Freshwater Place and Prima.

They should demolish and build a temporary park like Flinders Bank have done which could also provide pedestrian access to Freshwater Place from Queensbridge St.
I'm not convinced that these buildings will be standing in two years. I think Crown will go to Wynne with a permit application in the first half of next year with a plan to start construction, post demolition, in the second half of 2021. They are not going to sit on a site that costs them around $5 million per year in holding costs.
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Old August 23rd, 2019, 04:03 AM   #2358
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I'm not convinced that these buildings will be standing in two years. I think Crown will go to Wynne with a permit application in the first half of next year with a plan to start construction, post demolition, in the second half of 2021. They are not going to sit on a site that costs them around $5 million per year in holding costs.
Yep...Crown will move onto this during the final stages of Crown Sydney's construction.
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Old August 25th, 2019, 07:28 PM   #2359
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Wow. I genuinely thought the reverse was going to happen, Schiavello would buy out Crown and then rope in a new JV partner.

Quite the turn of events.
This shows confidence on Crown's part.

I still believe that the previous scheme is far too big. I would be stunned if Crown dusts that off and reproposes it as is.



There is no chance of that happening.

Crown will keep their licenses, but some executives may face some genuine scrutiny (and so they should).
The article I read in the H/S says Crown still wants to build hotel rooms but is hesitant on the apartment side of the deal as they think there is a downturn coming for apartment construction ?
I don't really accept this position for this location...Premium apartments here would be snapped up by wealthy buyers because it is guaranteed keeping north facing city views forever.
Crown says their ownership gives them the luxury of time...meaning they will not rush to build the present proposal....so maybe still want to proceed when conditions change if the permit doesn't have strings ?...or, I wouldn't mind a reduced apartment component but retaining hotel rooms or increasing hotel rooms and taking the height to maximum with a slimmer less bulky building ? The current design while attractive did look to maximise floor space and height. With tall neighbours around the site a slimmer taller landmark tower would always be dominant even if Green Spine gets up. The river facing location is the deal breaker...
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Old August 25th, 2019, 11:36 PM   #2360
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UrbanDeveloper article. I think we've heard most of this.

Acquisitions
Ted Tabet
Fri 23 Aug 19
Crown Buys Out Schiavello at One Queensbridge

Australia's biggest casino operator Crown Resorts looks set to pay $80 million to buy out property developer Schiavello Group’s half stake in the abandoned One Queensbridge project.
Plans to build the nation's tallest tower, a $1.75 billion hotel and apartment complex opposite the casino in Melbourne, has sat in limbo after Crown failed to secure finance ahead of a key planning deadline earlier this year.
The casino operator now hopes the site could accommodate a fourth hotel once it has taken full control of the stalled *project, deliver “significant economic and tourism benefits to Victoria”.
The deal will also include all pre-development assets, including all intellectual property and designs for the project.

▲ A key feature is the pedestrian footbridge linking the new tower hotel with the Crown Casino itself. Image: Wilkinson Eyre

The Crown project, designed by London-based architects Wilkinson Eyre, has been mired in controversy from the start.
The state government had approved the tower two years ago under the condition construction started in March of this year on the proposal that included a six-star hotel of 388 rooms and 708 apartments.
Approval for the 90-storey Southbank tower which includes a pedestrian bridge connecting the new hotel to the Crown Casino complex, took less than a year.
The building also holds a plot ratio of 56:1, with the 200,000sq m tower having more than three times the density under the maximum allowable plot ratio of 18:1 a measure that was emplaced by Victorian planning minster Richard Wynne to prevent “inappropriate development”.
The 90-level tower will rise to 323 metres, eclipsing the Australia 108-apartment tower at 319 metres that is under construction nearby. It will also pip the Q1 tower on the Gold Coast, which measures 322 metres, courtesy of a spire atop its roof.
“The transaction remains subject to long-form agreements between Crown and the Schiavello Group,” Crown advised.

https://theurbandeveloper.com/articl...inue%20Reading
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