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.
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
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