Plans for a fourth Crown hotel at the former One Queensbridge development site were revealed by Crown Resorts in its half-yearly results.
The ASX-listed company bought out the remaining 50 per cent of the Melbourne site and pre-development assets for $80 million from Schiavello Group in November 2019.
Crown said it was assessing various options for the property as the “site could accommodate a fourth Crown hotel which would deliver significant economic and tourism benefits to Victoria”.
“The purchase represents Crown’s continued investment in Victoria and the Southbank arts and entertainment precinct.”
The $2 billion One Queensbridge project was abandoned in March 2019 after Crown failed to secure finance ahead of a key planning deadline.
It would have been the nation’s tallest tower reaching 323 metres with 388-hotel rooms and 700 luxury apartments located opposite the casino at 1 Queens Bridge Street, Southbank.
However the full impact of the coronavirus on Crown hotels and their developments is yet to be seen.
Crown chief executive officer Ken Barton said the 2020 first half results reflected mixed trading conditions.
“Crown has recently experienced softer trading conditions as a result of travel restrictions and general community uncertainty in response to Covid-19, particularly over the Lunar New Year period,” Barton said.
The company’s other three major hotels in Melbourne include the 481-key Crown Towers, 658-key Crown Metropol and 465-key Crown Promenade.
They also own the same configuration in Perth and have made progress in the Sydney CBD reaching the 70th floor in construction on One Barangaroo.
Crown Resorts also announced they had sold 12 apartments worth more than $20 million.