Minerva Theatre: From Hotel to High-End Residence

In a strategic move to refocus on the luxury residential market, Central Element, a prominent Sydney developer, has decided to put its DA-approved hotel site, the Minerva Theatre development, up for sale.

This decision comes merely two months after successfully securing approval for the conversion of the iconic Potts Point theatre into a boutique hotel, nightclub, and Parisian-style cabaret.

GALLERY  

Central Element initially filed a $70-million plan in 2021 to transform the Minerva Theatre into a 63-key boutique hotel, complete with entertainment spaces and a meticulous restoration of its Art Deco heritage elements. The project, designed by TZG Architects, received approval in November 2023, marking a significant milestone for the company.

However, the unexpected move to list the Minerva Theatre development for sale underscores a shift in Central Element’s strategic direction. Dean LaVigne, the head of lifestyle precincts at Central Element, explained that the decision was prompted by a challenging application process and the company’s desire to reassess its priorities in the market.

The Minerva Theatre development was poised to become a unique hospitality offering, blending historical charm with modern luxury. The approved plans showcased Central Element’s commitment to delivering a boutique hotel experience alongside vibrant entertainment spaces, including a nightclub and a Parisian-style cabaret.

The City of Sydney Council heritage listed the building, including its interiors.

When Central Element launched its plans, they were met with some contention in the community.

The Metro Minerva Theatre Action Group said it was devastated at the approval last year but “we will endeavour to apply pressure to keep the developers compliant with the long list of conditions of approval”, it said.

As the property is now on the market, industry observers are keenly anticipating how the sale will unfold and who the potential buyers might be. Central Element’s decision to shift its focus towards ultra-luxury residential projects suggests a dynamic and adaptable approach to the ever-evolving real estate landscape.

This strategic move not only highlights the resilience of Central Element but also emphasizes the company’s commitment to meeting the evolving demands of the real estate market. As the Minerva Theatre development seeks new ownership, the industry awaits the next chapter in Central Element’s journey within the building, construction, design, and architecture sectors.

Images via The Urban Developer






Get our enews

Design and development news that comes to you

Subscribe
                 


Women in construction

The recently released Building Commission NSW Women in Construction Report, commissioned by the NSW Building Commission, makes several ...

HIA: Lack of skilled tradespeople hurting long-term building target

A pre-budget submission from the Housing Industry Association (HIA) believes that the Federal Government’s target of building 1.2 ...

Home is where the comfort is

The Heritage Apartment emerges from a desire to create a space where coziness is one of its pillars, ...

Go with the flow

Located in the picturesque landscape of the Beskid Żywiecki Mountains, Poland, on an area with a steep slope ...

Introducing Vetérro™ - Where excellence meets imagination. Elevate your space today.

Vetérro™ by HVG Facades is the latest high-density fibre cement product. Redefining the landscape of architectural cladding.

  MORE  

Stay connected to the SPEC

Join our reader network by signing up to our weekly newsletter and receive design and development news straight to your inbox





Specifier Source is brought to you by the same company that publishes Home Design, Grand Designs Australia Magazine, Kitchens & Bathrooms Quarterly Magazine, Outdoor Design Source, Build Home, CompleteHome and many more.

© 2022 Universal Media Co. All Rights Reserved. Privacy Policy. Terms of Service. The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Universal Media Co.