There are reports that the plagued Docklands observation wheel could spin again as early next year, with the liquidators in talks with a potential buyer who doesn’t want it for scrap.
The Herald Sun reports “a takeover deal for the wheel is close, with “due diligence” checks being run to assess its viability and safety.”
The Docklands Wheel – also known as the Melbourne Star Observation Wheel – ceased spinning in 2021 and entered liquidation.
According to the Herald Sun report, liquidators Grant Thornton have confirmed there are talks about a potential resurrection and takeover of the wheel. The liquidators say they are working with an interested party that is currently undertaking a due diligence process, including determining if the wheel is operational after being dormant for several years.
There have been teams of inspectors observed working high up on the wheel’s inner spokes this week.
The wheel has had a tumultuous history since its opening in late 2008. Initially launched at a cost of $100 million, the wheel faced numerous mechanical issues and closed shortly after its debut
Shortly after its opening, the wheel faced significant mechanical problems that resulted in several temporary shutdowns. In particular, it was taken out of service in January 2009 when the manufacturer discovered “serious design and manufacturing defects” in some of its components .
The wheel remained closed until late 2013, but remained plagued with difficulties and financial problems before it closed permanently in 2021. There have been rumours of it being bought and moved overseas, or sold for scrap metal that have persisted over the past three years.
The wheel has also copped a fair bit of criticism for its location, which many have remarked might have been a factor in its financial woes.
Similar observation wheels around the world will showcase the city they are based in to tourists – usually offering stunning views of the city skyline and natural features like rivers, lakes, oceans and parklands. The Docklands Wheel on the other hand shows off the industrial parts of Melbourne and may have been better located elsewhere.
On the other hand, the possibility of reviving the iconic wheel is being welcomed by tourist operators and businesses alike.
