The pokie king and the public land grab to expand a Sydney shopping centre
Iris Capital says its proposal hinges on it taking over laneways so the development can have more room for a gambling den.
- Exclusive
- Politics
- NSW
- Property development
A private capital group owned by Australia’s poker machine king is pressuring a Sydney council to sell public land to make way for a major expansion of a shopping centre, which would include a tavern with a sprawling gambling den.
Iris Capital owner Sam Arnaout, a former panel beater turned billionaire, bought the St Ives Shopping Centre and 12 adjoining retail sites on Sydney’s upper north shore for $450 million in April, in what was billed as the largest “neighbourhood” shopping centre sale in Australian history.
Pub baron Sam Arnaout wants to do a major redevelopment of the St Ives Shopping Centre.
His company group wants to expand the shopping centre to create “a human-centred market and cultural experience with a broad range of quality shops and services to meet the needs of the local community”.
It has plans for enhanced retail space, new restaurants, cafes and outdoor dining, and an entertainment precinct anchored by a seven-screen cinema. It also wants to repurpose buildings to make way for a tavern, which Iris Capital says will boost the night-time economy in St Ives.
However, the company has told Ku-ring-gai Council that its plans are feasible only if it can buy council-owned local lanes around the shopping centre. The roads will be closed under the deal.
“Iris Capital’s proposal is contingent on acquiring this land so it can take a holistic approach to the expansion and traffic-management planning,” the company says in documents lodged with the council.
The public consultation period on the sale of the public lanes was due to finish on Christmas Eve but federal MP for Bradfield Nicolette Boele intervened, posting on social media that the council had “accepted our recommendation to extend the submission deadline”.
Billionaire Sam Arnaout has a stake in casinos, property developments and a number of hotels.Credit: Natalie Boog
“It gives locals the time and space they need to properly consider the proposal and have their say,” Boele said in a Facebook post. The deadline has been extended until January 9.
