One last owner in The Chimes blocking James Packer redevelopment
Just one remaining apartment owner is standing in the way of long-held plans by James Packer to redevelop a Potts Point unit block.
NSW
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There is still one lone holdout owner defying the attempt of expatriate tycoon James Packer and his property development partner Time & Place to redevelop The Chimes complex at Potts Point.
The NSW Land & Environment Court ruled in April that the last of the owners in the 1960s strata complex must sell to the Tim Price-led Time & Place for $1.4m, which was “just and equitable in all the circumstances”.
But the studio apartment resident, who paid $44,000 in 1982, has not agreed to the dislodgement deal.
“The time has passed for the contract to be signed,” Time & Place barrister Janet McKelvey told the court this week.
“We are in touch …. we are hopeful she will sign the contract.
“Rather than take contempt proceedings, we are asking the court to appoint a trustee.”
The matter has been given a June hearing date.
Time & Place has been seeking to purchase all 80 studio units plus 27 car spaces in the 1964 Macleay St block since 2020.
They achieved the 75 per cent compulsory acquisition threshold under the state government’s strata renewal legislation several years ago, with the buy-up costing $100m plus.
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