This project has been cancelled. Some of the facts around the demise of this beautiful tower:
- they never at any time did they have finance in place. The article suggests that they did and that it was withdrawn.
- they did not have that many pre-sales - only 20 or so. The 80% sold figure is reference to Expressions of Interest prior to official release (normally many of these are from tyre kickers).
- The Residential Unit pre-sales alone would have never secured them finance. They also needed the office sale.
- They had very poor interest in their commercial component. They where only 2 parties that even considered it. It is a very poor office product compared to the others in the 'planned' projects.
- Westin was not the purchaser of the Hotel, only the Manager. The hotel component was unsold and would have been retainined by the Developer.
- They almost had a construction contract in place with Hutchinson Builders, and this a part of the puzzle was sorted.
- The Site has unoffically been on the market for about a month now. Meriton very nearly bought the site but lost out to APG.
