Certainly not putting on the Ritz

from w
They put it on the market, then withdraw, so the poor old Ritz building, the awful eyesore -  amidst new neat developments not far from the Waterfront of Geelong - is still stuck.

From the Addie today:

New twist in Ritz saga as owner puts sale on hold

Alison Aprhys   |  September 27th, 2013

GEELONG'S worst eyesore, The Ritz, is no longer for sale.

The shock announcement that the historic property is no longer listed less than a month after being advertised is another demoralising blow for those who hoped the property would soon be redeveloped.

The Melbourne-based real estate firm which was handling the sale for eccentric owner Tim Truong confirmed yesterday the dilapidated Bellarine St property was no longer on the market.

"The sale has been put on hold by the owner," KBL Commercial Real Estate agent Patrick Mammone said.

However, Mr Mammone said he was unable to comment on why Mr Truong had made the decision.

Earlier this month Mr Truong listed the property for sale only months after he said he would be working with Pelligra Holdings to develop the Bellerine St site.

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Pelligra Group chairman Ross Pelligra was unavailable for comment.

Industry sources have said the price for the dilapidated property could easily be more than $2 million.

The City of Greater Geelong's Manager City Development, Joanne Van Slageren, said council would be happy to discuss potential development proposals for the Ritz Hotel with the current owners or any new owners of this important site.

She said the current owners of the Ritz still have a permit for a seven-storey development which has provision for accommodation and a ground floor cafe-restaurant.

She said the owners were free to begin construction on the development as soon as they liked.

Cr Michelle Heagney, whose ward includes the much-maligned building, said the Ritz no longer being for sale was a blow to the city.

"It's a very disappointing outcome," she said.

"This property deserves an owner who will revitalise and return it to its former glory."

Member for South Barwon Andrew Katos called for council to urge the planning minister to remove the heritage overlay.

"It's clear whatever heritage value was in this building is now non-existent," he said.

"The building has fallen into such a state of disrepair that its heritage value is now negligible.

"Without knowing the details of why this property is now not for sale, I believe the only way we can get a resolution is to have council apply to the planning minister to have the heritage overlay removed.

"Any potential developer will think there are too many strings attached.