The Star hopes Pyrmont masterplan will clear way for luxury Ritz-Carlton hotel
The Star has not given up hope on its luxury $530 million 237-metre tall Ritz Carlton hotel in Pyrmont, despite being blocked by the Independent Planning Commission.
NSW
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The Star will not appeal against the independent Planning Commission’s decision to reject its proposal for a $530 million, 237m tall tower in Pyrmont but it is not giving up hope on the luxury Ritz-Carlton Hotel either.
On the back of The Star's half-yearly annual results revealed yesterday, chief executive Matt Bekier said he was “keenly awaiting” the NSW Government’s new masterplan aimed at kickstarting development for the Pyrmont area.
Premier Gladys Berejiklian last year ordered the Greater Sydney Commission to look at planning rules for the area and declared, “Pyrmont is open for business and ready to be taken to the next level”.
The Commission recommended a master plan be drawn up for the area and the Government has agreed to have it done by November, with The Star among those putting in submissions for how the suburb could look in the future.
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“We are working with the government on this rezoning of Pyrmont which will give us clarity,” Mr Bekier said.
“As soon as we have that we will be putting together a new development proposal.
“We’re confident an outcome on development by The Star can be achieved to ensure Pyrmont is the next jobs hub and economic driver of Sydney.”
A new six-star Ritz-Carlton hotel would be dependent on height restrictions being lifted substantially in order to give it the sweeping harbour views that would justify its price tag.
“Sydney needs more hotel rooms,” Mr Bekier said.
“We needed more hotel rooms five years ago and unfortunately with this process we will not be building anything for at least four or five years. In the meantime we have no choice but to build in Queensland.”
The Star is in negotiations with the Queensland Government for a $2 billion masterplan for its property on the Gold Coast and a $100 million upgrade of the Convention Centre.
Despite the delays to its plans in Sydney The Star returned strong half-yearly results yesterday with net revenue up by more than 8 per cent to a total of $1054 million.
More than 90 per cent of the earnings came from a strong domestic market, which Mr Bekier said was good news in the light of ongoing travel bans from China. “On the domestic side people avoided places of mass gathering for a couple of weeks but that has passed now,” he said.