Ben Elias dilutes Tigers investment
ANTHONY KLAN
December 06, 2012 12:00AM
Benny Elias prepares for Sidetember. Picture suppllied Source: The Daily Telegraph
FORMER rugby league star Ben Elias has wound back his controversial stake in the proposed development of the Balmain Leagues Club in Sydney's Rozelle.
The project gained the attention of the Independent Commission Against Corruption last month after it was alleged former NSW power broker Eddie Obeid had lobbied the state government over the site.
Mr Elias has been heavily campaigning for the development of the site - which would provide the leagues club with a new headquarters - but in June it was revealed he owned half of the company which is hoping to undertake the $300 million development, Rozelle Village.
The other half of that development company is owned by Double Bay real estate agent Ian Wright.
Company searches show that in October Mr Elias's stake was reduced to 25 per cent, with Mr Wright owning the remainder.
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Mr Elias did not return calls yesterday.
Mr Wright said the ownership transfer was a result of a need to recapitalise the project because of cost over-runs and was unrelated to the controversy surrounding the project.
"This is a very expensive project to keep running and the further we get in, with the delays and so on, we needed to recapitalise and get equity into the company," Mr Wright said.
That new equity is understood to have come from Mr Wright's business partner, Japanese property developer Kemmori "Alex" Yasumoto.
Many local residents and the local Leichhardt City Council have been fighting the project, which would include two high-rise apartment towers above a leagues club and retail stores.
"This project is completely out of scale with anything else that exists in the area," said Rozelle Residents Action Group spokesman Mark Wallis.
"They are seeking to build these 25 story towers in a street which has predominantly one-story buildings and nothing higher that two stories."
The action group and the local council have also raised concerns about increased traffic congestion associated with the development.
Last month former NSW planning minister Frank Sartor, under oath, told the ICAC inquiry into NSW government corruption that Mr Obeid had called him to lobby the development of the Balmain Leagues club.
Subsequently a public meeting of about 200 people voted to call on ICAC to examine any connections between Mr Obeid and the project.
That motion was put by Leichhardt mayor Darcy Byrne.
Mr Wright said that alleged lobbying had occurred long before Rozelle Village had control of the site and the company and Mr Elias had no connection with Mr Obeid.
"There was a council meeting of about 170 NIMBYs and they put through a community resolution because I was the flavour of the month and Obeid's name was mentioned," Mr Wright said.
"It was an embarrassment to be in the meeting and hear them talking about this".
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_Posted using RoarFEED 2012_
