Crown Resorts to pay $80m for One Queensbridge tower takeover

Crown Resorts will pay $80 million to buy property developer Schiavello Group’s half stake in the proposed One Queensbridge project to demonstrate its “continued investment in Victoria and the Southbank arts and entertainment precinct”.

An artist’s impression of the Crown Resorts One Queensbridge building.

Crown Resorts is rethinking the amount of residential space in its proposed $2 billon hotel and luxury apartment tower in Melbourne as it takes full control of the stalled ­project.

Crown will pay $80 million to buy property developer Schiavello Group’s half stake in the proposed One Queensbridge project

The future of the tower, which would become the nation’s tallest skyscraper, has been in doubt since the Victorian government turned down Crown’s request to delay the start of construction.

The project was to be built opposite Crown Towers hotel on Southbank and the two buildings linked by a glass sky bridge.

Crown on Wednesday said its ­decision to buy out Schiavello demonstrated its “continued investment in Victoria and the Southbank arts and entertainment precinct”.

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Chief financial officer Ken Barton said there was a “significant opportunity” to increase Crown’s hotel capacity in Melbourne.

But the project’s planned residential component had fallen victim to the nation’s property downturn, he said.

“We now have the luxury of time,” Mr Barton said.

“We can look at what the right solution is and that will depend on what is going on in the market at the time.”