Future of the Italian forum up in the air after sale to private developer

By ERIN MODARO

Speculation and concern have emerged in the wake of the recent purchase of the Italian Forum in Leichhardt by private property developers Redstone, a move that came with no warning from Italian charity Co.As.It who currently own the forum.

Co.As.It announced that an unsolicited offer for $11 million was made by Redstone developers, owned by Robert Paterson. Paterson was behind the purchase of the Pickled Possum pub in Neutral Bay in 2022.

The community is trepidatious and wary over what to think about the future of the public spaces in the forum, which includes a cultural centre and a once-bustling piazza which now runs barren.

The Italian Forum itself was somewhat of an experiment in quasi public-private land that was gifted to the Italian community by then NSW Premier Neville Wran in 1988.

A covenant was formed between the operators of the forum and the public- one that bound the owners to ensure the piazza and cultural centre were used primarily for ‘cultural purposes’.

The covenant stipulates that “cultural facilities and outdoor recreational areas are utilised principally for cultural and similar activities and are open to the public at all reasonable times and are kept in good repair and condition”.

Co.As.It have been the up-keepers of this agreement with the Leichhardt community since 2014 when they purchased the forum for $2.8 million, after the previous owners went into voluntary administration.

The unique ethos the forum was founded on could prove to be a difficult situation for a private company to reckon with.

Newly elected Balmain MP Kobi Shetty, who is taking over the reigns from former MP Jamie Parker (who had a close relationship with the forum throughout his terms in Parliament), expressed her disappointment that the sale had been made to a private company with a lack of transparency.

“It is disappointing to see the sale of this part of the Italian Forum and it passing to private interests,” Shetty said.

“It’s critical the covenants that provide for community benefit are maintained and protected, regardless of who the owner is.”

Italian Forum goes from charity to developer

The change of hands does represent a shift away from how decisions throughout the forum’s history seemed to be made.

During the tumultuous passover of the forum into Co.As.It’s care back in 2014, one of the reasons why then Mayor of Leichhardt Darcy Byrne claimed he backed the Italian charity was because of its ability to serve the community, both as a non-profit and as an Italian organisation.

Stephen Hathaway of SV Partners, who were in charge of the site before the sale to Co.As.It, told City Hub in 2014 that there was essentially no other organisation considered for the sale.

“Leichhardt Council and particularly the previous Mayor, Darcy Byrne, had a very strong opinion that the forum should have only been sold to this one Italian group. He took it upon himself to see that Co. As. It would be the only buyers considered,” Hathaway said at the time.

“This is the best outcome for the community. Not just the Italian community, but the broader community as well,” General Manager of Co.As.It Thomas Camporeale said in 2014.

Co.As.It’s present situation in the forum, however, reveals the charity had a lot to reckon with in its operations and commitments to the Italian community.

“The Italian Forum had become difficult to manage and for reasons outside our control the precinct has seen a significant drop in patronage” Co.As.It said in a statement following the recent sale.

Co.As.It recognised that the sale was what they believed to be the right thing for the community, as well as the charity. Camporeale told the Sydney Morning Herald that it was “no secret” the forum has been in decline for some time.

Camporeale also revealed that the profits made by Co.As.It from the sale will go towards paying off $6.9 million in liabilities that the charity currently has.

Future of the forum

As for what might happen with the forum now, several possibilities have been thrown around.

Robert Paterson, owner of Redstone developers, spearheaded the redevelopment of a well known dive venue in Neutral Bay when he purchased it in 2022. Paterson wanted to be known in the media as ‘Possum Bob’ and told local papers that he aimed to preserve what he called “an important piece of Sydney history”.

‘Possum Bob’ didn’t make many changes to the iconic Lower North Shore bar, instead opting for a sense of preservation for what he considered an iconic venue.

Seeing as Paterson is relatively new to Sydney’s developing scene, perhaps Possum Bob’s commitment to heritage and hospitality as proven with the Picked Possum will be a hint of his direction for the forum.

However, the planning controls for the Italian Forum also reveal the possibility for high-density development. A state government policy designed to bring density to Parramatta Road means the airspace above the forum is fair game for high-rise apartments up to 23 storeys tall.

The settlement of the sale is expected to happen in late 2023.