Core Asset Development's group adviser John Palasty moves a hay bale preventing the general public from going any further and we head upstairs in the Hotel Australasia.
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The old wooden staircase is stripped back to the wood and the treads protected by small pieces of carpet.
As we reach the top and look along one of the halls, there is no doubting the 'wow' factor that this hotel is going to have once finished.
The expanse of navy blue walls are broken by dado and picture rails and glimmer with golden light from multiple chandeliers. A pressed metal ceiling catches the reflections.
Work is continuing on the eight rooms which will provide boutique accommodation for the hotel's guests. Mr Palasty said they will cost between $500 and $800 a night.
"The beds are the same as in the presidential suite at the Crown Casino," he says pointing to the bed in the room.
Some rooms have pieces of the plaster cut away to reveal the original brickwork. Heritage style baths have been placed so that you can soak up the view from a nearby window, while soaking yourself.
"This hotel has been designed to change the market," Mr Palasty said.
He plans to have fine dining and said he has a two star Michelin chef lined up "who has worked all over the world".
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Mr Palasty also said he will have a full-time pianist "from New York".
"The first stage of the hotel is with a bar and the restaurant. Next we will set up the gin and vodka distilleries on site."
He said there will be a bistro downstairs in the courtyard and a permanent marquee for up to 120 people so that the hotel can cater for weddings.
While we look through the rooms, Mr Palasty picks up a framed painting, a watercolour of Snug Cove.
"I'm buying stuff locally. It's all about the heritage. We will be fully operational in August," Mr Palasty said.
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