The Crown Casino and the Melbourne Aquarium may be welcoming a new luxury residential complex to the neighbourhood, thanks to a deal between adult industry mogul Peter Iwaniuk and no. 63 on 2016’s BRW rich list, Paul Little.
Mr. Little, a 26-year veteran of Toll Group who’s become a leading figure in Melbourne real estate, recently purchased Iwaniuk’s historic 1187-sq m warehouse located at 9-27 Downie Street for $30 million which will accommodate a 30-storey tower with over 200 units, Little’s transactions over the past 15 months have included the sale of a Fishermans Bend property to a developer from Shanghai (a deal which grossed over $40 million).
It remains to be seen whether a similar destiny awaits the Downie Street plot as Mr. Little has yet to confirm specific plans for the project. Still, speculation is almost too tempting to resist. Should Mr. Little decide to expand upwards, the proposed tower’s panoramic vistas of Port Phillip Bay, Albert Park Lake and Southbank would of course be highly coveted in today’s competitive market.
The deal was stuck by Bryon Cameron, Daniel Wolman & Trent Hobart of Colliers International.