News24.com | January 26, 2018 | By Holly Smith-Kirkwood, News24 staffThe future of a landmark Brentwood apartments building is set to be decided in a bidding war that is expected to be a $15 million sale to two private developers.
The property is on the market for $10 million and is being managed by private developers, Westwood Properties, and the Australian Properties Group, which will run the property.
Mr Westwood said the building was a landmark and had been a long time in the planning process.
“It’s been a very, very important part of Brentwood,” he said.
“The building is one of the most famous in Australia and in many ways, is one part of the city and the region.”
We are looking at a buyer to take the building over, which is great news for the city.
“The Brentwood Towers Apartments were built in 1876, with the last one demolished in 2001.
The owners of the property, West Wood Properties, have been at the centre of several legal battles, including a case involving a court order requiring the building to be demolished.
It’s expected that the private developers will apply to the council for permission to demolish the building and replace it with a high-rise development.
Mr Karp said the developers wanted to buy the property because of its history and because of the fact the building could potentially house a new hotel.”
They would like to redevelop it into a hotel that is a significant contribution to Brentwood and its cultural heritage,” he explained.”
I think they would do that by buying it and taking it off the market.
“What they want to do is build a hotel, but they want a different property that is part of a broader development.”
Mr Karsky said the council would need to approve the purchase and the plan to sell would then be approved by the state government.
“That process could take as long as six months,” he advised.
“If that happened, it would be very difficult to stop them.”
So they’re going to need to negotiate the terms of the sale to ensure that it’s in the public interest.
“In the meantime, they are in the process of preparing a development plan for the property.”
Mr West said there were other properties in the Brentwood area that were still under development, including the Brentley Hotel and the old Royal Court.
“There’s other properties that have been in development, but I’m not aware of any that are actually on the list,” he added.
“And I think there are other properties, like the Bentleys, which are still under construction, that are going to be completed by the end of the year.”
Brentwood’s got lots of potential, and we need to look at those properties as well.