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The Weekend Neos Kosmos : 21 November 2015
BUSINESS 24 THE WEEKEND NEOS KOSMOS | SATURDAY 21 NOVEMBER 2015 DIGITAL.NEOSKOSMOS.COM Billionaire Con Makris joins the luxury hotel party in Adelaide Billionaire Con Makris, whose wealth has been estimated at $1.03 billion in the latest BRW Rich 200 List, is joining the throng of developers setting up new luxury hotels in Adelaide. Up to 500 new jobs are expected to be created when work begins on the longneglected site formerly occupied by LeCornu in North Adelaide, following a deal signed by the developer. The agreement was signed between Starwood Hotels and Resorts Worldwide and the Makris Group to begin work, with one of the hospitality sector's most iconic names, the Sheraton, agreeing to run a 160-room hotel on the O’Connell Street site. The $200 million luxury residential, retail and hotel development received planning approval in June, and the hotel construction is now expected to start either late next year or in early 2017 and open its doors in mid-2019. South Australian Treasurer Tom Koutsantonis welcomed the announcement, saying public investment in Adelaide was helping leverage Billionaire Con Makris. private investment in and around the city. "We are well aware of the jobs and investment that the visitor economy brings to our state, which is why our recent state budget included an unprecedented $35 million over two years to promote SA to key international and domestic markets," he said. The hotel will offer leisure facilities including a stateof-the-art fitness centre and indoor swimming pool, with innovative work spaces and meeting rooms for business guests and a 300m2 ballroom. The development will boast eight buildings, including the five-star hotel, a 16-storey apartment tower, public piazza, underground carpark, retail stores and restaurants. WA’s nickel king Kerry Harmanis. PHOTO: ERIN JONASSON. The Sheraton hotel proposed for the former Le Cornu site in North Adelaide. Sheraton is owned by Starwood Hotels and Resorts Worldwide, while the Makris Group owns the O'Connell St land and hotel. Sheraton will run the hotel on behalf of Makris. The development will bring to an end more than 25 years of inactivity on a prime slice of Adelaide real estate. It will be the first Sheraton hotel in South Australia. The state is attracting more Asian and interstate tourists chasing premium food and wine experiences and has capitalised on the popularity of the new $535 million redevelopment of the Adelaide Oval, which attracts regular sellout crowds of more than 50,000 for Australian Football League matches and is within walking distance of the new Makris project. The higher tourism numbers were a bright spot in a state economy being hit hard by the looming closure of the car manufacturing industry as Holden prepares to exit by 2017, and heavy job losses as energy company Alinta is preparing to shut down two power stations at Port Augusta in the state's north, with the loss of 438 jobs. $80m Stamoulis Property Group development in Port Melbourne Canny Projects has commenced construction on the $80m Stamoulis Property Group development in Port Melbourne. The project, which will consist of 287 premium quality townhouses on the former site of soap manufacturer Symex, is scheduled for completion in late 2017. The first stage will consist of 13 townhouses on the corner of Ingles Street and Munro Street, which is scheduled to be completed in early 2016. Source: www.theurbandeveloper.com Harmanis strikes it lucky Nickel rich-lister Kerry Harmanis pocketed close to $1 million this week, when shares in resources minnow Talisman Mining rose 52.4 per cent on Monday after the company acquired the Sinclair nickel project from Glencore. The Sinclair project in Western Australia, which has been mothballed since August 2013, was scooped up by Talisman for $8 million plus a deferred payment of $2 million. Mr Harmanis was the founding director of Jubi- lee Mines, a nickel miner acquired by resources giant Xstrata in 2007 for $3.1 billion. The former barrister made about $500 million from the sale, which was sealed as global nickel prices rose to record highs.
28 November 2015