$1.3m Hotel land sale settlement

In accordance with contract terms settlement has occurred on the land sale for the $40m LIVING CITY Hotel.
Excited Devonport City Council Mayor, Cr Annette Rockliff confirmed that the $1.298m payment for the purchase has been received.
The contract executed between Devonport City Council & Fairbrother Pty Ltd in October 2018, allowed provision for final settlement to occur with the end owner, Fragrance Tas – Devonport Pty Ltd, a company owned by Singapore Based hotel giant, the Fragrance Group.
The hotel which is expected to open in early 2022 will consist of around 200 rooms in various configurations offering a 4.5-star brand.
Fairbrother Pty Ltd are undertaking the build and have approximately a dozen workers currently on site.

Fairbrother Business Development Manager, Darryn Smith said, “Our focus has been on progressing the design while the in-ground works are done, however, work is now starting to ramp up on site and at the peak of construction over 100 local tradesmen and apprentices will be employed.”

The hotel and the adjacent Waterfront Parkland redevelopment, are integral parts of the LIVING CITY Master Plan, and will generate over $57m in construction activity in the CBD of Devonport – $40m of it from private enterprise, and $10m from Federal Government funding.
Cr Rockliff is excited to see activity starting to increase on site and said, “this work will be vital in supporting the community’s recovery from COVID. Whilst Council has been required to do the heavy lifting with Stage 1, LIVING CITY has always been about unlocking this sort of private investment and it couldn’t have come at a better time for our recovering local economy.”
Coming up to four years into the decade long LIVING CITY Master Plan, the Waterfront Precinct represents the second major phase of development and will add much needed higher-end hotel accommodation along with attractive parkland and public open space.
/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.