Two years after work ceased the " Ambience " construction in Fairy Meadow has been bought by a consortium - and it will begin reaching finality next year.
There will still be some difficulties. It is reported that Coles has withdrawn as the anchor tenant, but there are fortunes to be made with the right approach to bankrupt constructions. The site was purchased for $ 7.75 million back in 2005 and the building is three parts finished. The purchase price paid by the consortium is rumoured to be less than $ 10 million - hence if the estimated finished value of $ 40 million is realised - not only will the new owners make a nice profit but Fairy Meadow will gain an attractive new shopping centre.
There is one niggling problem to be addressed. Ambience and the Fraternity club car park are not far apart and on level ground. The council has declared the car park flood prone and banned building, and yet Ambience has underground parking.
In the event of a repeat of the 1998 rain storm that caused massive flooding, warning measures will be needed to ensure that any underground car park has sufficient evacuation procedures.
No doubt this has been taken into account by the new owners !
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