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Owners Corporation Law

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Can we be good neighbours?
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Power Street – Southbank
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Name it Domain!
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Lifeline for skinny tower

06 Apr 2017

Lifeline for skinny tower Image

The site hosting an active permit for the controversial 74-storey Elysium tower at 54-56 Clarke St has been purchased, according to a report in “Commercial Real Estate”.

The report, published online on March 20, states that the site is believed to be changing hands for “about $9 million”.

The purchaser of the site is registered as Mitchell Asset Management, which according to Commercial Real Estate is an investment group “known to represent wealthy high-net-worth individuals, including Chinese developers”.

Southbank Local News contacted the company for comment, however a representative said it would not be disclosing any information about the purchase.

Former developer Matrix and Cube put the site on the market in March last year and the reported sale ends a series of failed marketing campaigns by several agents.

The sale could represent a lifeline for the controversial project, which residents of neighbouring towers, as well as the City of Melbourne, slammed after former planning minister Matthew Guy approved it in 2013. The council took Mr Guy to VCAT over the approval.

While Mr Guy hailed it as a “revolutionary change for the way that we design buildings in Melbourne,” Lord Mayor Robert Doyle slammed the approval as “bad strategic planning”.

Designed by BKK Architects, the 244-metre tower will be constructed on a slender 597sqm block and comprise 270 apartments.

Owners’ corporation (OC) committee member at neighbouring Bank Apartments Jack Tan described it as a “terrible project”.

“I am very concerned with this development, along with other residents, committee members and all the people living in the Bank Apartments,” he said. “This project will be a huge infringement on our rights to privacy and sunlight, the two most fundamental rights for apartment residents.”

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