Grollo's Rialto acquire Showgirls Bar 20 on King Street

The Rialto Joint Venture has reached an agreement with John Lindholm of Ferrier Hodgson, the Liquidator of Planet Platinum Ltd, to purchase 46 King Street, Melbourne.

Acquired for $13.25 million, the three-level historic bluestone King Street building is currently home to Showgirls Bar 20 nightclub.

With the multi-million dollar Rialto regeneration project on the corner of Collins and King Streets nearing completion, acquisition of the property is a timely one according to Lorenz Grollo.

“This year marks the 30th anniversary of Rialto Towers, long regarded as one of Melbourne’s most iconic building developments – and a major city landmark”.

“The redeveloped precinct is set to raise this benchmark even higher, incorporating world class office space, cafes, theatre, function and first-to-market retail facilities, so cleaning up King Street has been a key issue for us,” he says.

“We have been working closely with the City of Melbourne throughout the redevelopment to make this a reality, and we see the acquisition of the King Street property as an important and very necessary step in this process”.

At this stage they are looking to do something along similar lines to the nearby York Butter Factory development.