James Packer has finally got the go-ahead for a prized development against a lone hold out homeowner.
There was no sentiment, just ex parte process, when NSW Land & Environment Court Justice Sarah Pritchard ruled against the lone holdout owner defying developer Time & Place plans to redevelop The Chimes complex at Potts Point.
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Time & Place can now go ahead with plans to redevelop The Chimes at Potts Point.
Mitchell Griffiths of Rapsey Griffiths was appointed trustee for the compulsory sale of the studio apartment at the $1.4m court-ordered price, less costs.
A previous $1.6m without prejudice offer had been withdrawn.
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James Packer. Picture: Scott Barbour/Getty Images
The studio apartment resident, who paid $44,000 in 1982, has not agreed to the dislodgement deal, which stems from the 2020 scheme to buy all 80 studio units plus 27 car spaces in the 1964 Macleay St block.
Time & Place, which now has development funding from tycoon James Packer, achieved the 75 per cent compulsory acquisition threshold under the state government’s strata renewal legislation several years ago, with the buy-up costing $100m plus.
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The unit block that has a date with the wrecking ball. Picture: Tim Hunter.
Time & Place barrister Janet McKelvey told the court Griffiths had done NSW’s only previous trustee strata transfer, though that was for short-term accommodation premises in Haymarket. This matter could end in an unseemly eviction, but presumably not until the redevelopment proposal gets through the NSW government’s state-significant development process.
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