Paris Neilson’s next project is a $59m strip in the heart of Redfern
Capital Gain
A company run by the billionaire Neilson family has lodged plans to revitalise an old commercial strip in the heart of Redfern with a value of about $59 million.
Under the name Shepherd Street Pty Ltd, run by Paris Neilson, the daughter of investment banker Kerr Neilson, the project will see a row of industrial-style commercial spaces across 2-30 Vine Street and 32-34 Eveleigh Street transformed into a mixed-use site.
It will include the amalgamation of three lots to create 23 apartments in a range of one-, two- and three-bedroom units. Once completed it will cover 2406 square metres.
It comes as Redfern is undergoing a large-scale revitalisation. In February, the upmarket EVE Hotel opened in the lifestyle precinct, Wunderlich Lane. The brand is independently owned with management services provided by TFE Hotels.
Balmain pub
Receivers Wexted Advisors are selling off the historic former pub at the heart of the Balmain peninsula, the Town Hall Hotel.
The pub was owned by former KPMG deal-maker Jon Adgemis, who built an empire before hitting financial issues which has resulted in a number of venues falling into administration.
Adgemis and associates bought both the Town Hall and the Swanson Hotels from Balmain Pub Group in May 2017 for about $8 million. At its height, the Public Hospitality business he founded in 2021 owned 20 pubs across Sydney.
The Town Hall’s corner site at 366 Darling Street in Balmain has three levels. It’s being sold with development approval for alterations and additions to the existing building and the use of the premises for food and drink.
The site is currently vacant. For the past 10 years it operated as a pub and a mixed-use premises occupied by a massage parlour, gym and bottle shop.
Originally the Town Hall Hotel, the property was built from 1887-1888 as part of the Balmain Civic group of buildings. The sale will be managed by James Cowan and Matthew Meynell from Colliers, along with HTL’s Sam Handy and Andrew Jolliffe.
Sydney House
Construction of Sydney House, the former City Tattersalls Club in Pitt Street, into a mixed-use development is entering its next phase.
The 130-year-old State Heritage-listed building, now owned by a consortium led by Singapore-listed First Sponsor Group, and Melbourne-based ICD Property will become Sydney’s newest mixed-use tower.
With an end value of about $200 million, the project at 194-204 Pitt Street is on track for delivery in 2027. The project includes 241 premium residences atop of a 135-room boutique hotel.
BVN Architecture designed the tower and interiors, and FJC Studio worked on the heritage podium. Richard Crookes Constructions is the builder and confirmed demolition and bulk excavation are now complete, and major structural activities are progressing at pace.
The site includes four different buildings, of which three will see significant heritage retention and restoration to both facades and key internal elements. Heritage works on site will retain the facade and Lower Bar, Sydney Room, Corinthian Room, and Billiard Room.
Tightly held
The chance to own the only motel in Lennox Head is now available.
In the tightly held coastal area of northern NSW, which is considered one of the country’s most scenic and rapidly growing beachside towns, the Santa Fe Motel and Holiday Units is for sale with vacant possession.
It sits on a prominent 1370-square-metre landholding just 150 metres from Seven Mile Beach and offers direct access to Lennox Head’s restaurants, cafes, bars and shops.
Under the same ownership for over 26 years, the motel has13 guest rooms, a manager’s residence, reception and office area, swimming pool, guest laundry facilities and on-site parking.
No price was disclosed, but the agents said it is underpinned by solid trading performance and land value of $2.56 million, as assessed by the NSW Valuer General as of July 1, 2024.
CBRE’s Hayley Manvell and Taylor Morris are the agents on the deal.
