One thing is clear from the AFR article – Mirvac are still very worried about the potential fallout from the City Tatts deal.
Mirvac dropped the City Tatts development in October last year without saying why, at least not to members. But within a week they were telling their contacts in the media how much dealing with City Tatts worried them.
But they are finished with it now and have plenty of other projects so there is no need for them to continue briefing the media about their side of the story. The fact that they are doing so shows how worried they are.
Mirvac knew within a few weeks of being appointed that the whole deal was a complete fraud. They knew that they were picking up a prime CBD site worth $75 million for less than $20 million. They also knew that handing the Club 7 floors of raw concrete shell, to be fitted out by the Club meant that the deal made absolutely no sense for members – and would be the end of City Tatts. (For more detail on why Mirvac walked away, see “Mirvac’s Sticking Points” on this blog)
So Mirvac always suspected that the development would be the end of City Tatts, and when that happened their role in it would be closely examined.
This latest report is a continuation of their attempts to claim that they were the ones to blow the whistle on the shonky deal.
Save City Tatts Committee
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Save City Tatts 