In the 1970s and 1980s, the Grollo family expanded its role from builder to property developer and owner. This move grew out of good business instincts and the flexibility to adapt to market needs and take up opportunities that arose. Grollo Australia embarked on a number of sole and joint ventures that combined ownership and construction, such as:

• Altona Gate Shopping Centre (1977)
• 200 Queen Street (1979)
• 616 St Kilda Rd (1979)
• 420 St Kilda Rd (1981)
• 45 William Street (1983)
• Rialto Towers (1986)
• Hyatt Collins Street (1986)
• 1 Spring Street (1987)

Anticipating a downturn in the property market, the Grollo Group had sold all of its shares in property (a total of 20 sites), with the exception of its 50 per cent ownership of the Rialto (which it stills owns today), before the stockmarket crash of October 1987.

RIALTO TOWERS

Grollo Australia is best known for its joint ownership of Melbourne’s Rialto Towers (including a five star hotel).

In 1981, Grollo Australia entered into a joint venture with St Martin’s Properties, a London-based company with significant commercial property ownership worldwide. This solid partnership has endured more than 20 years.

Grollo Australia began construction on the Collins Street site in October 1982. Four years later, in October 1986, the 253m high Rialto opened and is still the tallest office building in the southern hemisphere.

Since that time, the Rialto has become Melbourne’s major landmark. It has evolved into a world-class tourist and business venue that incorporates an observation deck, cafes, theatre, function and retail facilities.