Major Crown properties on the market, but still no move on Queensbridge site
Two major Southbank sites on Clarendon St and City Rd have put up for sale by Crown’s new owners, US private equity group Blackstone, following its $8.9 billion acquisition of the company in 2022.
As it continues efforts to stabilise Crown’s core business, Blackstone has listed two prominent sites at 284-290 City Rd and 93-103 Clarendon St, which are being jointly marketed by Cushman & Wakefield and Colliers.
Reports suggest the two sites are expected to realise more than $50 million for Blackstone, which acquired the company formerly controlled by James Packer in 2022 following a series of inquiries in NSW, WA and Victoria that delivered adverse findings against it.
Both sites listed for sale adjoin Crown Casino’s rear car park and are being marketed as “an exclusive opportunity to secure prime development sites in Melbourne’s most recognisable CBD fringe location, offered individually or in one line”.
But as Blackstone offloads the two properties at City Rd and Clarendon St, which were purchased by Crown in 2005, it’s understood the site that was formerly the subject of Australia’s tallest development proposal at 1 Queensbridge St is not under any consideration.
Crown Resorts and former joint venture partner Schiavello won a “state significant” approval in 2016 to build the $2 billion Queensbridge Tower at the site, which never proceeded after an extension to its permit was refused by the state government in 2019.
As part of the approval, the community was promised a range of public benefits to be funded by Crown and Schiavello, including upgrades to Queensbridge Square, Sandridge Rail Bridge, Southbank Boulevard and Southbank Promenade.
A spokesperson for Blackstone confirmed with Southbank News that the Queensbridge site was not under any consideration at this moment in time, but any decision regarding its future would be a matter for both Blackstone and Crown Resorts. •