Chinese developers are "circling Etihad Stadium in a deal experts say could reap" the Australian Football League a "massive" A$1.3B ($999M) payday, according to Michael Warner of the HERALD SUN. Top commercial real estate firm CBRE on Thursday said that three Chinese conglomerates had "expressed interest in purchasing the Docklands site" since Eddie McGuire unveiled his "Victoria Stadium" plan eight days ago. CBRE Dir Mark Wizel said, "The land would be worth a minimum of A$900 million and could be worth as much as A$1.3 billion, depending on the desired configuration a developer sees fit." Wizel said that "land in the Melbourne CBD over the past year had sold for an average" of A$20,000 ($15,290) per square meter. Wizel: "Etihad sits on 7.5 hectares -- so even at half that rate the stadium would be worth A$750 million." He said that the Etihad Stadium site "was one of the last prized pieces of real estate in the Melbourne CBD." McGuire's plan involves the sale of Etihad and construction of a new A$1B ($760M), 60,000-seat stadium "next door" to the Melbourne Cricket Ground in the Olympic Park precinct. The AFL "prefers a major renovation of Etihad Stadium," which it will own for just A$30 ($23) in March '25 (HERALD SUN, 3/17).
