The developers behind a $750-million development in inner Melbourne have signalled work will begin on the second stage of the project later this year.
One of Maribyrnong’s most sigificant projects, R&F Estate’s Kinnears Ropeworks Precinct was first approved for a mixed-use development in 2016.
The developer acquired the site in 2016 for $60 million and completed construction of stage one, the Live City apartment tower, on the heritage-listed Kinnear’s Ropework Factory site in late 2019.
The tower has 208 apartments and 1912sq m of retail space over 15 storeys.
Maribyrnong City Council approved the second stage in February 2021 in precincts two and five, which are to the east of the Live City tower.
The first part of stage two will be a five-storey building with 95 apartments called The Millhouse.
R & F Estate is currently in the process of commissioning a builder for the second stage.
Upon completion, stage two will include 407 apartments, retail space, 376 car spaces and 265 bicycle spaces.
The Millhouse apartments are slated for completion in 2024.
R&F Estate is an Australian subsidiary company of the China-based Guangzhou R&F company, which is currently facing financial stress.
Founders Li Sze Lim and Zhang Li in September 2021 announced that it had enough cash to cover short-term obligations and that it was attempting to raise $2.5 billion by borrowing from its major shareholders and selling its property management arm Wealth Best Global to Country Garden Services.
Moody's downgraded the company in September 2021 and Fitch Ratings downgraded its credit outlook to negative, while Chinese developer Evergrande's woes played out in the background.
Guangzhou R&F’s company in South Korea has recently been granted a one-year extension, instead of the two it requested, for its Midan City project in Incheon, which includes a luxury hotel and casino.
It is the fourth construction deadline for the project and gives the company until March 2023 to complete it.
Company reports state that 80 per cent of the structure is complete and that the company will invest an additional $47 billion, funded by recent land sales.
Midan City was originally a joint venture project between Caesars Entertainment and Hong Kong’s Lippo Group and was approved in 2014. Lippo Group pulled out in 2016 after regulatory uncertainties.
Guangzhou R&F entered the project but Caesars Entertainment pulled out in 2021, selling its stake in the project.
It now has to find a casino operator and luxury hotel partner for the project.
