Luna Park owners raise cash for revamp; Crossroads Hotel to get some love

Centennial and its retail joint venture partner Parkstone Funds Management bought the large-scale 21,090-square metre landholding, which includes the 4947 sq m mall and 2573 sq m of developable land.

Centennial executive director Paul Ford said the centre offered strong defensive income based on its largely non-discretionary retail mix, positive growth indicators for the region and limited new supply of retail assets in the area.

“We are well on our way to scaling our retail exposure towards in excess of $1 billion and during an attractive point in the retail sector cycle,” Ford said.

The deal was brokered by Steven Lerche of Savills and Nick Willis, Sam Hatcher and Sebastian Fahey of JLL.

Crossroads Hotel makeover

Sonnel Hospitality, formerly the Nelson Meers Group, is spending $75 million on upgrading four of its pubs in Western Sydney, including the large-scale Crossroads Hotel, for which it paid a record-setting $160 million in 2022.

Run by Simon Meers, the son of the late Nelson Meers AO, who was the 38th lord mayor of Sydney and founded Nelson Meers Group, Sonnel will focus the cash on making the venues community-focused with family areas and high-end dining options.

The $75 million remodelling plans are across four of its key venues: the New Victoria Tavern, Crossroads Hotel, Ashfield Hotel, and Ermington Hotel.

The jewel in the crown, the Crossroads Hotel in Casula, will get the lion’s share with $34 million going to make a new high-energy sports bar, a redesigned bistro and stylish cocktail lounge, plus a 39-room accommodation offering and a proposed 200-person function centre.

Sonnel also recently unveiled the new-look Marrickville tavern.

New developments

Sydney’s west and north are set for a swath of new developments to create much-needed housing and cater to upmarket buyers.

Apt.Residential has launched its $280 million build-to-rent and retail precinct on the Meadowbank peninsula, which will be anchored by a large-scale Coles supermarket.

Once completed, the 7773 sq m site at 1-20 Railway Road will be home to 291 rental apartments, a 2500 sq m Coles and 15 speciality retailers focused on fresh food, casual dining, takeaway, health, and beauty.

Apt.Meadowbank will be spread across four towers, providing flexible, tech-enabled spaces, a landscaped central courtyard, a resident lounge, and a co-working space.

At Chatswood, Goldfields Group has appointed ULTRA Building Co to construct its 27-level apartment high-rise, The Bryson, with an end value of $200 million. The project partners include Make Architects and Fraser and Partners.

It features 70 premium apartments, office space, and a retail offering that represents the beginning of the developer’s plans to build a long-term presence in Sydney.

Hotel moves

Sydney-based Ark Capital Partners has made its move into Melbourne with the recent purchase of the Melbourne Place Hotel for $150 million from private credit platform Merricks Capital, which is backed by the ultra-wealthy Liberman family.

Ark Capital was backed by two other finance and investment firms, Lead Global and Pioneer Wealth.

The firms now plan to establish a hotel fund off the back of the Melbourne Place transaction.

Melbourne Place Hotel, designed by architect Kennedy Nolan, is set for launch in the first quarter of 2025. At 130 Russell Street in the CBD, the 14-storey hotel has 191 rooms, multiple dining venues, and a blend of local architectural elements.

Ark Capital Partners is expanding its presence across the Asia Pacifi, including the acquisitions of the Hyde Perth, Batmans Hill on Collins in Melbourne, and Hotel X in Brisbane.

“The completion of this deal represents the beginning of an exciting partnership between Ark Capital Partners and Lead Global, which will allow us to further capitalise on opportunities in the hospitality sector,” Rahul Parrab, co-founder and chief executive of Ark Capital, said.