The WIN Grand development proposed for several blocks in the Wollongong CBD has been sold to Level 33. Photo: WIN Grand.
Wollongong’s most expensive development project, the $500 million WIN Grand, has been sold for a city record price of $70 million.
WIN Grand is the vision of WIN owner Bruce Gordon and has development approval for a mixed use residential and commercial project.
Mr Gordon’s investment company Birketu has sold the development site of just over one hectare – bordered by Crown, Keira, Burelli and Atchison streets – to the family-owned Sydney group Level 33.
WIN Grand will include three residential towers with 390 apartments, a commercial office building and 50 new retailers including cafes, restaurants, bars and high street retail.
It will also feature a cinema complex, function and exhibition space, live music and arts venue, and a health precinct with gymnasium, lap pool, spa, sauna and steam room.
The highest of the three towers will be 39 storeys, offering views out to sea and the escarpment.
Last July, Birketu went to the market seeking expressions of interest from industry specialists keen to partner in or take over the delivery of the landmark project.
Birketu and WIN CEO Andrew Lancaster said more than 100 enquiries and 20 expressions of interest were received for the site from both national and international companies, with Level 33 proving to share the overall vision for the site.
“Level 33 are experts at residential and mixed use commercial development and we are pleased they share our vision for the site,” Mr Lancaster said.
An artist’s impression of the landmark development. Photo: WIN Grand.
“The sale of WIN Grand is the highest land value transaction for a development site in the Wollongong CBD and while WIN will no longer own the site, we remain committed to the project and will continue our involvement by investing back into the site.
“We will take a large part of the commercial aspect of the site when it is completed. Level 33 has a proven track record in both Wollongong and Sydney and we are confident they have the capability to fulfil the vision for this site.
“Consolidating the WIN Grand site was a good investment for us as we wanted to create something special for the city.”
Level 33 specialises in premium multi-residential medium to high-rise projects and master planned communities, including a number in Wollongong.
The company is responsible for Easterly Wollongong (the former Chickos site on lower Crown Street), Skye Towers in Railway Parade, Atchison & Kenny on the former fruit shop site and Vivid Wollongong.
Level 33 Director Eddy Haddad said WIN Grand was an amazing opportunity to deliver a project of major significance to the city.
“This is a strategic acquisition which will be a one-of-a-kind to deliver and something that has the capability to truly define the Wollongong CBD as a place to live and work,” he said.
“Level 33 jointly has 3200 homes in the pipeline in the Illawarra and more than 5000 homes in its broader portfolio to deliver over the next five years.
“We are excited with the acquisition to take over the WIN Grand site and realise the vision of a connected Wollongong CBD.”
The deal was brokered by Simon Kersten and Taleah Thomas from Colliers Wollongong.
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