The company behind the WIN Grand development in the Wollongong CBD has been encouraged to "go large" and potentially look far afield as they seek a development partner for the $500 million project.
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Bordered by Crown, Keira, Burelli and Atchison Streets, WIN Grand is the vision of WIN boss Bruce Gordon, and has development approval for a mixed used project.
Birketu, the Gordon family's investment company, is now exploring development partnership opportunities for the WIN Grand site in Wollongong.
For 30 years, Birketu had been buying up properties in the block - picking up the last one in late 2021 shortly before Mr Gordon unveiled his vision for the site.
That includes a cinema, music venue, offices and three apartment towers, the largest of which is 117.8-metres and 38-storeys tall.
The WIN Grand development in the Wollongong CBD was approved in February, despite public concerns over the size of the development and building height.
Birketu has appointed Colliers to seek expressions of interest from industry specialists keen to partner in or take over the delivery of the project.
Colliers Wollongong managing director Simon Kersten said the significance of this site required a specialist to deliver the landmark project.
"The scale of this site makes it an ideal proposition for some of our nation's top builders and developers and we're hoping that WIN Grand brings some of them to Wollongong for the first time," he said.
"It could be another developer to take over, it could be somebody to partner with them, it could be a large construction company to build it for them.
"We're open to all ideas, and that's why we're doing it the way we are. The priority is to see the project move forward, and also for it to benefit the city."
Mr Kersten said at every step of the process so far, "the industry's best minds" had been involved with the project, "whether they were from the Illawarra or not".
"It's a half a billion dollar, mixed-use project that has a heavy retail/commercial/entertainment component... So we're looking for a group who are experienced in those kinds of projects.
"And this is a project that is large enough to get some of Australia's biggest and most exciting developers and builders interested. And I don't think we've had a project of this scale in our city before that would do that."
Expressions of interest close on August 22.
Mr Kersten said given Wollongong's under-supply of apartments, "an extra 400 apartments into the mix will really significantly help matters".
"So the sooner it comes to fruition, the better," he said.
Business Illawarra executive director Adam Zarth said it made sense that Birketu would be looking for a major development partner for a "city-shaping" project of this magnitude.
"We've had long-held ambition for urban renewal in parts of the city, and we're talking about an entire city block in such a pivotal site being completely redeveloped and reshaped," he said.
Mr Zarth said Birketu should "go large on this".
"There's an opportunity to bring in a major contractor that may not previously have had the chance to look at the opportunity inherent here in the Illawarra," he said.
"And perhaps once they come here and look under the hood, they'll find a lot to like and a lot of opportunity to continue to invest in our region.
"I think there's a lot that's been done in Sydney, and in Western Sydney, and now it's time to look to the regions for opportunities for major urban renewal projects. Wollongong, and the wider Illawarra, is absolutely ripe for that."
Debra Murphy, chief executive officer of Regional Development Australia (RDA) Illawarra said the size and scale of the project would mean "it would probably need expertise beyond the area".
"But it would be great if they could use local suppliers as much as possible, so the local supply chain would benefit," she said.
"We need to update the western end of Crown Street. It's long overdue for an upgrade.
"The whole shape of that end of town could do with reinvigoration. It's a game-changer. To take a whole city block and redevelop it is huge.
"We need more housing stock... It's great to see they're taking that next step and partnering with a developer or whoever comes on board."
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Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
