“This is a long-term hold. We think this arts and culture-based precinct is at the beginning of a long run. We’re going to spend 12 months working on a strategy,” a spokesman for Ilhan said. The off-market deal was done directly between Ilhan and the vendor, who bought Bourke Hill for just $2.65 million in 2000. Dominated by Parliament House, the Windsor Hotel and the thriving theatres, this block of Bourke Street has been in hot demand since the grungy Palace nightclub was demolished and replaced by the swank Le Meridien hotel. While some owners in the block bought their properties for five and six figures between the 1950s and early 2000s, recent buyers have spent big to get a foothold in the strip.
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