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Heworth’s hard-won battle to develop the Balmain Leagues Club is coming to an end as the project changes hands.
Sydney developer Perifa and investment partner Mitsubishi Estate Asia have acquired the Rozelle Village project, planned for the former site of the NRL side, for an undisclosed amount in an off-market deal.
Perifa, part of the Versatile Group and co-founded by Fabrizio Perelli and Marco Fahd, acquired the $800-million project from Heworth Holdings Group, which has owned the site since 2018.
The development process for the 7330sq m site has been no picnic.
A stoush with Transport for NSW following the agency’s attempts to compulsorily acquire the land led to considerable delays.
Heworth’s ongoing Land and Environment court case against the agency is seeking nearly $100 million in compensation for the alleged obstruction.
In the meantime, the project has gathered pace and Heworth recently took advantage of infill affordable housing changes, which allow height and floor space ratio bonuses, to upscale the project to 227 apartments across three interconnected 16-storey buildings.
The Studio S.C.-designed project would have studios and SOHO (small office/home office) units, across 28 one, 126 two and 68 three-bedroom apartments.
The $800-million Rozelle Village plans include a commercial and residential precinct anchored by a full-line supermarket with food and hospitality venues.
Interiors by SJB and landscaping by Arcadia, communal open spaces including a community art studio, as well as the long-awaited new home for the Wests Tigers Leagues Club, are also proposed.
Sited at the intersection of Victoria Road and Darling Street, pedestrian access to the precinct would be improved by laneways leading to a 1444sqm “town plaza”.
The acquisition is the second collaboration between Perifa and Mitsubishi after they, alongside Abadeen Group and Phoenix Property Investors, acquired the $300-million Putney Wharf Residences.
The heritage adaptive reuse project had already secured $140 million in sales as of late last year.
Perifa managing director Fabrizio Perilli said the latest acquisition marked a new chapter for the Rozelle club site, which was closed in 2010 to make way for the Sydney Metro project and had been derelict since.
“[It] was once a hub for local families to come together and enjoy entertainment and hospitality. But for too many years the community has had to put up with a derelict site on their doorstep,” he said.
“Our shared vision for Rozelle Village is to create a mixed-use precinct that is thoughtfully designed and caters to new residents and the community alike.”
Perilli said that the partnership would leverage in-house construction and supply capabilities for Rozelle Village, including Versatile Construction, Procure Build and Absolute Tiling & Stone.
The project is progressing as a State Significant Development Application, with demolition nearing completion.
Versatile Construction is expected to begin main building works by the end of the second quarter of this year, with project completion anticipated for 2028.
Heworth’s case against Transport for NSW continues.
