A refocus on ultra-luxury residential has prompted Central Element to put a DA-approved hotel site on the market.
The prolific Sydney developer has put its Minerva Theatre development up for sale, just two months after securing approval for a hotel conversion for the site.
It filed its $70-million plans to transform the Potts Point theatre into a boutique hotel, as well as a nightclub and Parisian-style cabaret, in 2021.
The plans would have resulted in the conversion of the Minerva into a 63-key hotel with entertainment spaces and the renovation of its Art Deco heritage elements.
Central Element’s project, designed by TZG Architects, was granted approval in November 2023.
Now, Central Element is putting the site on the market, and head of lifestyle precincts Dean LaVigne said that after a challenging application process, it was time to have a rethink.
“For the past three years Central Element has diligently invested substantial time and resources to reintegrate the Minerva into the rich tapestry of Potts Point, over what was a very extended development approval (DA) process that was finally greenlit in November 2023,” he said in a written statement to The Urban Developer.
“During this period our company has also experienced remarkable growth and demand in our premium residential offerings.
“Consequently, our strategic focus has shifted back to ultra-luxury residences, exemplified by recent projects and acquisitions such as Ballamac House in Coogee, Bianca in Drummoyne and Sandridge Street in Bondi.
“Despite this unforeseen shift, we remain steadfast in our commitment to finding someone to acquire the currently dormant site who shares our vision and passion for reinvigorating the Minerva.”
The Minerva Theatre was built in the 1930s and operated as a live theatre until 1950.
At that point, film studio Metro-Goldwyn-Mayer bought the building and converted it into the Metro Theatre.
The City of Sydney Council heritage listed the building, including its interiors.
When Central Element launched its plans, they were met with some contention in the community.
The Metro Minerva Theatre Action Group said it was devastated at the approval last year but “we will endeavour to apply pressure to keep the developers compliant with the long list of conditions of approval”, it said.
Central Element has proven to be a powerhouse in the Sydney luxury residential market, however, specialising in overcoming difficult application processes.
In 2023 it was approved to expand its $180-million Neutral Bay residential project, as well as receiving approvals for its Coogee boutique apartment project, as did its $100-million hotel-to-residential Hyde Park conversion.
