Whyalla buyer faces upgrade bill of up to $8b, KordaMentha says
The first specific public estimate of the enormous cost facing a buyer wanting to develop the mines and the steelworks, placed in administration in February, was made by KordaMentha at a briefing on Wednesday night.
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The Advertiser
an hour ago
- The Advertiser
From the ritz to the rubble: Queens Wharf building through the years
As far as grand openings go, Queens Wharf enjoyed an auspicious welcome into the world. Queen Elizabeth II opened the harbourside building on Saturday, May 7, 1988, alongside her husband, Prince Philip, after sailing overnight from Sydney on the Royal Yacht Britannia. It marked the end of the waterfront precinct's industrial past (it was once known as Kings Wharf) and the beginning of an embrace of tourism and recreation. The Queens Wharf's opening was arguably the highlight of the British monarch's fourth and final visit to Newcastle. Marty Adnum, the managing director of Newcastle marketing agency Out Of The Square, was among the crowd at Queens Wharf as a 19-year-old when the Queen opened the building. He said for several decades, the precinct served the city well. "In the early days, it was our first on-water eating experience," Mr Adnum said. "Going back to then, it was a great benefit to us. But we've evolved so much as a city." For the next 30 years, the Queens Wharf white building served as a meeting place for Novocastrians and visitors. Its spectacular views of the harbour across to Stockton and Nobbys Lighthouse guarantee a prime position in any tourist's itinerary. It also became a popular dining precinct and hosted weddings and corporate functions, and offered a prime vantage spot for the harbour's New Year's Eve fireworks. The Queens Wharf building's most infamous section, the phallic-shaped observation tower, was demolished in 2018 due to its lack of wheelchair access and $1.6 million maintenance bill. Countless Novocastrians climbed the Queens Wharf Tower's 180 steps across three decades, but Newcastle Herald columnist Paul Scott reflected in a 2021 editorial that it was hardly remembered with nostalgia. "Whenever I smell the stale stench of urine in the empty shop fronts of Hunter Street - which is most days - I recall the QWT," Scott wrote. Then interim City of Newcastle CEO Jeremy Bath was also pleased to see the 30-metre structure chopped in 2018. "There really is no other way to describe the Queens Wharf Tower other than as an embarrassment to the city," Mr Bath said. "I look forward to not having to answer the inevitable question of 'why' from guests and visitors when they first see the tower." In typical Novocastrian fashion, the tower didn't come down with a whimper. The tower was immortalised as a bottle opener in 2018 with the words "what goes up must come down" by Out Of The Square. Almost 3000 bottle openers were sold, raising $22,193 for the Hunter Prostate Cancer Alliance. Mr Adnum said the infamous tower still holds a quirky place in the hearts of Novocastrians. "They sold like hot cakes," he said. "As much as it's the whole penis-tower thing, it's fondly remembered." The rest of the Queens Wharf building continued for another two years before a fire broke out in the kitchen of bar and restaurant Six Degrees in May 2020. Since then, the once-proud entertainment hotspot has been left to rack and ruin. The Newcastle Herald revealed last October that squatters had moved in, and the building was abandoned to graffiti, broken windows, and rubbish. The City of Newcastle last week invited the community to provide their feedback on the future redevelopment of the Queens Wharf building, which has sparked many conversations about the precinct. Whatever the future holds, its prime position in the heart of Newcastle Harbour will continue to fascinate locals and visitors alike. As far as grand openings go, Queens Wharf enjoyed an auspicious welcome into the world. Queen Elizabeth II opened the harbourside building on Saturday, May 7, 1988, alongside her husband, Prince Philip, after sailing overnight from Sydney on the Royal Yacht Britannia. It marked the end of the waterfront precinct's industrial past (it was once known as Kings Wharf) and the beginning of an embrace of tourism and recreation. The Queens Wharf's opening was arguably the highlight of the British monarch's fourth and final visit to Newcastle. Marty Adnum, the managing director of Newcastle marketing agency Out Of The Square, was among the crowd at Queens Wharf as a 19-year-old when the Queen opened the building. He said for several decades, the precinct served the city well. "In the early days, it was our first on-water eating experience," Mr Adnum said. "Going back to then, it was a great benefit to us. But we've evolved so much as a city." For the next 30 years, the Queens Wharf white building served as a meeting place for Novocastrians and visitors. Its spectacular views of the harbour across to Stockton and Nobbys Lighthouse guarantee a prime position in any tourist's itinerary. It also became a popular dining precinct and hosted weddings and corporate functions, and offered a prime vantage spot for the harbour's New Year's Eve fireworks. The Queens Wharf building's most infamous section, the phallic-shaped observation tower, was demolished in 2018 due to its lack of wheelchair access and $1.6 million maintenance bill. Countless Novocastrians climbed the Queens Wharf Tower's 180 steps across three decades, but Newcastle Herald columnist Paul Scott reflected in a 2021 editorial that it was hardly remembered with nostalgia. "Whenever I smell the stale stench of urine in the empty shop fronts of Hunter Street - which is most days - I recall the QWT," Scott wrote. Then interim City of Newcastle CEO Jeremy Bath was also pleased to see the 30-metre structure chopped in 2018. "There really is no other way to describe the Queens Wharf Tower other than as an embarrassment to the city," Mr Bath said. "I look forward to not having to answer the inevitable question of 'why' from guests and visitors when they first see the tower." In typical Novocastrian fashion, the tower didn't come down with a whimper. The tower was immortalised as a bottle opener in 2018 with the words "what goes up must come down" by Out Of The Square. Almost 3000 bottle openers were sold, raising $22,193 for the Hunter Prostate Cancer Alliance. Mr Adnum said the infamous tower still holds a quirky place in the hearts of Novocastrians. "They sold like hot cakes," he said. "As much as it's the whole penis-tower thing, it's fondly remembered." The rest of the Queens Wharf building continued for another two years before a fire broke out in the kitchen of bar and restaurant Six Degrees in May 2020. Since then, the once-proud entertainment hotspot has been left to rack and ruin. The Newcastle Herald revealed last October that squatters had moved in, and the building was abandoned to graffiti, broken windows, and rubbish. The City of Newcastle last week invited the community to provide their feedback on the future redevelopment of the Queens Wharf building, which has sparked many conversations about the precinct. Whatever the future holds, its prime position in the heart of Newcastle Harbour will continue to fascinate locals and visitors alike. As far as grand openings go, Queens Wharf enjoyed an auspicious welcome into the world. Queen Elizabeth II opened the harbourside building on Saturday, May 7, 1988, alongside her husband, Prince Philip, after sailing overnight from Sydney on the Royal Yacht Britannia. It marked the end of the waterfront precinct's industrial past (it was once known as Kings Wharf) and the beginning of an embrace of tourism and recreation. The Queens Wharf's opening was arguably the highlight of the British monarch's fourth and final visit to Newcastle. Marty Adnum, the managing director of Newcastle marketing agency Out Of The Square, was among the crowd at Queens Wharf as a 19-year-old when the Queen opened the building. He said for several decades, the precinct served the city well. "In the early days, it was our first on-water eating experience," Mr Adnum said. "Going back to then, it was a great benefit to us. But we've evolved so much as a city." For the next 30 years, the Queens Wharf white building served as a meeting place for Novocastrians and visitors. Its spectacular views of the harbour across to Stockton and Nobbys Lighthouse guarantee a prime position in any tourist's itinerary. It also became a popular dining precinct and hosted weddings and corporate functions, and offered a prime vantage spot for the harbour's New Year's Eve fireworks. The Queens Wharf building's most infamous section, the phallic-shaped observation tower, was demolished in 2018 due to its lack of wheelchair access and $1.6 million maintenance bill. Countless Novocastrians climbed the Queens Wharf Tower's 180 steps across three decades, but Newcastle Herald columnist Paul Scott reflected in a 2021 editorial that it was hardly remembered with nostalgia. "Whenever I smell the stale stench of urine in the empty shop fronts of Hunter Street - which is most days - I recall the QWT," Scott wrote. Then interim City of Newcastle CEO Jeremy Bath was also pleased to see the 30-metre structure chopped in 2018. "There really is no other way to describe the Queens Wharf Tower other than as an embarrassment to the city," Mr Bath said. "I look forward to not having to answer the inevitable question of 'why' from guests and visitors when they first see the tower." In typical Novocastrian fashion, the tower didn't come down with a whimper. The tower was immortalised as a bottle opener in 2018 with the words "what goes up must come down" by Out Of The Square. Almost 3000 bottle openers were sold, raising $22,193 for the Hunter Prostate Cancer Alliance. Mr Adnum said the infamous tower still holds a quirky place in the hearts of Novocastrians. "They sold like hot cakes," he said. "As much as it's the whole penis-tower thing, it's fondly remembered." The rest of the Queens Wharf building continued for another two years before a fire broke out in the kitchen of bar and restaurant Six Degrees in May 2020. Since then, the once-proud entertainment hotspot has been left to rack and ruin. The Newcastle Herald revealed last October that squatters had moved in, and the building was abandoned to graffiti, broken windows, and rubbish. The City of Newcastle last week invited the community to provide their feedback on the future redevelopment of the Queens Wharf building, which has sparked many conversations about the precinct. Whatever the future holds, its prime position in the heart of Newcastle Harbour will continue to fascinate locals and visitors alike. As far as grand openings go, Queens Wharf enjoyed an auspicious welcome into the world. Queen Elizabeth II opened the harbourside building on Saturday, May 7, 1988, alongside her husband, Prince Philip, after sailing overnight from Sydney on the Royal Yacht Britannia. It marked the end of the waterfront precinct's industrial past (it was once known as Kings Wharf) and the beginning of an embrace of tourism and recreation. The Queens Wharf's opening was arguably the highlight of the British monarch's fourth and final visit to Newcastle. Marty Adnum, the managing director of Newcastle marketing agency Out Of The Square, was among the crowd at Queens Wharf as a 19-year-old when the Queen opened the building. He said for several decades, the precinct served the city well. "In the early days, it was our first on-water eating experience," Mr Adnum said. "Going back to then, it was a great benefit to us. But we've evolved so much as a city." For the next 30 years, the Queens Wharf white building served as a meeting place for Novocastrians and visitors. Its spectacular views of the harbour across to Stockton and Nobbys Lighthouse guarantee a prime position in any tourist's itinerary. It also became a popular dining precinct and hosted weddings and corporate functions, and offered a prime vantage spot for the harbour's New Year's Eve fireworks. The Queens Wharf building's most infamous section, the phallic-shaped observation tower, was demolished in 2018 due to its lack of wheelchair access and $1.6 million maintenance bill. Countless Novocastrians climbed the Queens Wharf Tower's 180 steps across three decades, but Newcastle Herald columnist Paul Scott reflected in a 2021 editorial that it was hardly remembered with nostalgia. "Whenever I smell the stale stench of urine in the empty shop fronts of Hunter Street - which is most days - I recall the QWT," Scott wrote. Then interim City of Newcastle CEO Jeremy Bath was also pleased to see the 30-metre structure chopped in 2018. "There really is no other way to describe the Queens Wharf Tower other than as an embarrassment to the city," Mr Bath said. "I look forward to not having to answer the inevitable question of 'why' from guests and visitors when they first see the tower." In typical Novocastrian fashion, the tower didn't come down with a whimper. The tower was immortalised as a bottle opener in 2018 with the words "what goes up must come down" by Out Of The Square. Almost 3000 bottle openers were sold, raising $22,193 for the Hunter Prostate Cancer Alliance. Mr Adnum said the infamous tower still holds a quirky place in the hearts of Novocastrians. "They sold like hot cakes," he said. "As much as it's the whole penis-tower thing, it's fondly remembered." The rest of the Queens Wharf building continued for another two years before a fire broke out in the kitchen of bar and restaurant Six Degrees in May 2020. Since then, the once-proud entertainment hotspot has been left to rack and ruin. The Newcastle Herald revealed last October that squatters had moved in, and the building was abandoned to graffiti, broken windows, and rubbish. The City of Newcastle last week invited the community to provide their feedback on the future redevelopment of the Queens Wharf building, which has sparked many conversations about the precinct. Whatever the future holds, its prime position in the heart of Newcastle Harbour will continue to fascinate locals and visitors alike.
Perth Now
13 hours ago
- Perth Now
Footy fans help consumer spending roar into growth
Footy fever has helped score a try for consumer spending, with a series of big matches prompting Australians to open their wallets, the nation's biggest bank says. The British and Irish Lions rugby union tour and the State of Origin rugby league decider helped push household spending up 0.8 per cent in July, according to the Commonwealth Bank. "Fans spent up on travel, entertainment and accommodation," economist Belinda Allen said. About 83,000 fans bought tickets for the State of Origin decider, which was won by Queensland, in Sydney on July 9. The British and Irish Lions tour included nine matches in six cities attended by about 452,000 people, with all but two played in July. Recreation spending was up 1.8 per cent and hospitality spending increased 1.5 per cent. Overall, 10 out of the 12 CommBank Household Spending Insights Index categories recorded growth in July. Motor vehicle spending rose 1.4 per cent, insurance increased 1.2 per cent, and health was up 1.1 per cent. "We have been anticipating a lift in household spending for some time, supported by rising real disposable incomes, increased household wealth, and a resilient labour market," Ms Allen said. Spending on education was flat, and utilities fell 0.5 per cent. The index shows spending has risen 6.4 per cent in 2025. The biggest gains occurred in the communications and digital, up 10.9 per cent; recreation, up 10.3 per cent; and hospitality, up 10.0 per cent. "Strong growth in spending on recreation and hospitality over the year underscores that consumers are prioritising experiences and being deliberate about their spending choices," Ms Allen said. "We expect a further pickup in spending through the rest of this year and into next, helping to drive a broader economic recovery." Education was the weakest category in 2025, down 1.8 per cent. Spending on utilities was up over the year due to cost-of-living energy subsidies being wound back. The bank expects the Reserve Bank to further cut the cash rate in November to 3.35 per cent. "A lower rate environment should help fuel consumer optimism and spending in the year ahead, and into 2026," Ms Allen said.
Sydney Morning Herald
16 hours ago
- Sydney Morning Herald
Heady Cremorne auction roars 70 per cent through reserve price
Cult HQ Meanwhile, Richard Munao, the Sydney-based founder of retailer Cult Design, is obviously planning to spend a lot more time in Melbourne, but in Fitzroy rather than Cremorne. Munao, who recently splashed out $6.5 million on the Tait Furniture shop at 209-211 Smith Street, has also emerged as the buyer of Chapter Group's Fitzroy Fitzroy penthouse up the road at 411-421 Smith Street. The retailer also bought two of the building's three retail lots – about 800 sq m – for Cult's new headquarters and flagship showroom. The deal, understood to be worth more than $10 million, will involve Cult furnishing the development's communal areas. The nine-level 52-unit Fitzroy Fitzroy project, designed by DKO, retains the red-brick facade of the old MacRobertson's garage and workshop. Records show Dean Lefkos' Chapter Group paid $16 million for the 1820 sq m site in 2019. Construction is expected to be completed next year. Leafy boulevard Another office building on St Kilda Road's leafy boulevard has quietly come to market. So quiet, its agents aren't even quoting a price. The former Victoria Police headquarters at 412 St Kilda Road, a 17-storey office building near the new Anzac railway station, was bought for $107 million in 2019. Singapore-based SC Capital Partners paid a serious premium. Then vendor UEM Sunrise had picked it up for $58 million in 2015 with plans for a new luxury development designed by the late starchitect Zaha Hadid. Other towers have suffered steep falls in value as the boulevard returns to its residential roots, especially in the block stretching from 424-480 St Kilda Road, where the vacancy rate has been hovering around 40 per cent. Bayley Stuart picked up No. 468 for $42.55 million from Australian Unity, who had it on their books at $63 million; developer John Marro bought No. 432 for $28 million – a third less than the vendor, British fund manager abrdn, paid in 2014; and this year, Hong Kong-based Mars group listed 420 St Kilda Road for $50 million after paying $98 million in 2019. No. 412 is in the better patch of St Kilda Road, near the new station, and where the vacancy rate hovers around 20 per cent. It's 80 per cent leased after a splashy refurbishment. Loading Colliers agents John Marasco and Anna Cavar, with Cushman & Wakefield's Nick Rathgeber and Leigh Melbourne, have the listing. Knight Frank research by Tony McGough shows 36 offices have been converted to residential since 1995, with the number of dwellings increasing more than sevenfold to 8929 since 1992 and by 29 per cent in the past three years. McGough identifies two parts of the precinct as still good for offices – around the Alfred Hospital and Anzac station. Fingers crossed. Divine intervention It was third time lucky for St Joseph's Home for Destitute Boys in Surrey Hills. Records show former Mag Nation newsagent Vali Valibhoy has put a caveat over the property. No longer a cult magazine seller, Valibhoy has turned Mag Nation into a property company, completing small projects in North Fitzroy and Brunswick. The orphanage, established by Mary MacKillop in 1890, is a step up in scale and complexity. It first went to market in 2020 with a price tag of $25 million; two years later, that fell to $20 million-plus. It's believed last year's asking price of around $20 million finally met a willing buyer. Stonebridge agents Julian White, Andrew Milligan and Chao Zhang got the deal over the line but declined to comment on the price. The vendor, Youth With a Mission Church, which runs a much-advertised not-for-profit Medical Ship charity, bought the huge 9147 sq m site at 1 Kent Road in 1999. The property, set in the English Counties precinct near Chatham Station, has some heritage protection. Carlton A boarding house operation behind Lygon Street, Carlton, is for sale after more than 30 years in the same family. Three properties at 236 and 238-40 Faraday Street and 12-18 Powell Lane, at its rear, are on two titles covering 598 sq m of land. Records show they last changed hands during the recession of the early 1990s for a total of $646,500. They're expected to fetch around $6 million. Colliers' Josef Dickinson, Aaron Choong and Philip Heberling have the listing. Broadie Broadmeadows' former Centrelink office has sold to a not-for-profit owner-occupier for $8.5 million after only three weeks on the market. The 2185 sq m office at 16–22 Pearcedale Parade is 4694 sq m of land, with car parking, in the heart of the Broadie CBD near other government buildings. Colliers' Alex Browne, Travis Keenan and Ben Baines did the deal. South Yarra There aren't too many development sites left in South Yarra's formerly industrial Forrest Hill precinct, but one of a clutch of low-rise office warehouses on Claremont Street is back on the market. The former office of tyre industry supplies business Sealtite International faces Melbourne High School's hockey ground at 24-26 Claremont Street. The business has moved out to Hallam and its owners, who bought the property 40 years ago for $105,000, are selling it unconditionally. Now a deceased estate, it's for sale through Gross Waddell ICR agents Andrew Greenway and Michael Gross. It's quoted at more than $6 million, which sounds cheap for South Yarra. But with the long settlement period preferred by developers ruled out, owner-occupiers are expected to be keen.
