This article is from the Australian Property Journal archive
LORENZ Grollo has acquired the Showgirls Bar 20 nightclub in Melbourne from the liquidator of Planet Platinum for $13.25 million.
The 46 King St Melbourne property was acquired by the Rialto Joint Venture, which is backed by the Grollo and the Kuwaiti government’s St Martins Properties.
The acquisition is part of the JV’s plans to clean up that part of the Melbourne CBD, which is widely known for its adult entertainment venues.
The Rialto JV are planning a multi-million dollar Rialto regeneration project on the corner of Collins and King Streets nearing completion.
“This year marks the 30th anniversary of Rialto Towers, long regarded as one of Melbourne’s most iconic building developments – and a major city landmark,” Lorenz Grollo said.
“The redeveloped precinct is set to raise this benchmark even higher, incorporating world class office space, cafes, theatre, function and first-to-market retail facilities, so cleaning up King Street has been a key issue for us,” he added. “We have been working closely with the City of Melbourne throughout the redevelopment to make this a reality, and we see the acquisition of the King Street property as an important and very necessary step in this process,”
The JV has yet to finalise its future plans for the building, the site will be provided with vacant possession in November.
“At this stage we are looking to do something along similar lines to the nearby York Butter Factory development.
““Since opening its doors in 2011, this space has firmly established itself at the centre of Melbourne’s rapidly growing start up community. It’s currently hosting over 50 start-ups, and is now ranked amongst Australia’s Top 5 digital incubator spaces and innovation hubs, so we are really proud of what has been achieved here,” Grollo said.
Ferrier Hodgson’s Ferrier Hodgson liquidator John Lindholm said that the executing of the contract of sale agreement was positive news for former ASX-listed Planet Platinum shareholders.
Australian Property Journal
