Sydney House, the residential redevelopment of the landmark City Tattersall building on Pitt Street in the Sydney CBD, will officially launch to the market this month.

The $800 million development, a joint venture between&nbsp;Singapore-listed <a href="https://www.apartments.com.au/developers/first-sponsor">First Sponsor</a>&nbsp;and leading Melbourne-based developer&nbsp;<a href="https://www.apartments.com.au/developers/icd-property">ICD Property</a>, will see a glass tower with 241 apartments and a 135-room hotel built above the restored heritage-listed podium.

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The apartments will offer&nbsp;rare northeast-facing views across the sparkling Sydney Harbour and Hyde Park, all positioned above a luxury hotel with exclusive access to premium amenities and five-star lifestyle services.

Internationally acclaimed architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/bvn-architecture">BVN Architecture</a>&nbsp;handled the design for the residential component and the interiors for the hotel, while&nbsp;<a href="https://www.apartments.com.au/architects/fjc-studio">FJC Studio</a>&nbsp;focused on the heritage podium.

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First Sponsor’s CEO, Neo Teck Pheng, together with ICD Property’s CEO, Matthew Khoo commented that the joint venture team was ecstatic to bring this extraordinary project to market as the first opportunity for those looking to secure their ultimate CBD luxury residence elevated by premium hotel amenities, including select premium services designed for effortless living.

“<a href="https://www.apartments.com.au/new-apartments/sydney-house-194-204-pitt-street-sydney-nsw-2000">Sydney House</a> will offer a sophisticated expression of modern CBD living, capturing panoramic vistas to Sydney’s most beloved icons, including the Sydney Harbour Bridge as well as Hyde Park out to the North and South Heads,” Khoo said.&nbsp;

&nbsp;

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Mr Neo expressed that the reinterpretation of the heritage podium levels will feature an elegant heritage bar and restaurant, along with luxurious hotel and function facilities, enhancing the experience for residents. The historical features will be reborn, ensuring that these grand, opulent spaces will once again be enjoyed, appreciated and celebrated by residents, Sydneysiders as well as interstate and international visitors alike.

Managing sales for the project, SRM Residential Partner Tim Rees said that the team has received an overwhelming response to date, largely from local downsizers and upgraders looking for the ultimate lifestyle purchase.&nbsp;

“Once completed in late 2027, Sydney House will be Sydney CBD’s newest icon blending modern architecture with historic grandeur located in one of the most prestigious enclaves of the CBD,” Rees said.&nbsp;

“Pitt Street is arguably the most significant street in all of Sydney. Just a stone’s throw from Circular Quay, Sydney Opera House, Hyde Park and Darling Harbour, Sydney House offers seamless connection with the CBD and beyond. Pitt Street Mall is literally across the road and there is an abundance of dining and cultural venues in close proximity. The outlook from Sydney House will be breathtaking with views of Hyde Park and Sydney’s famous iconic landmarks on offer.

“Following the trend of other global cities such as New York, London, Paris and Tokyo, luxury inner city apartment living with access to premium hotel amenities is the new ‘trophy home’ for wealthy downsizers or empty-nesters who aren’t looking to slow down, as they want to live in the heart of the action.”

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The project boasts a prime CBD location surrounded by the city’s most premium shopping centres including David Jones and Westfield Pitt Street as well as some of Sydney's best restaurants, bars,&nbsp;pubs, theatres, museums, art galleries, and parks.

Residents will be able to access the newly opened Sydney Metro Gadigal Station, located within a block from Sydney House. This station provides connectivity to Martin Place (one min), Barangaroo (three mins) and North Sydney (11 mins) as well as Chatswood and Macquarie University through to Castle Hill and Norwest. With services every four minutes during peak times, the Sydney Metro provides the ultimate convenience with 21 stations from Tallawong to Sydenham.

One of Sydney’s leading residential construction companies, particularly in premium off the plan luxury residences, Richard Crookes Constructions, will complete the project in late 2027.&nbsp;

Price guides at Sydney House include one-bedroom apartments from $1.5 million, two-bedroom apartments from $2.3 million and three-bedroom apartments from $5 million.

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Set to bring next level luxury to Sydney CBD’s prestige property market

Joel Robinson

Buyers set for first chance at Sydney House, Sydney CBD's newest landmark tower development

Joint venture partners&nbsp;<a href="https://www.apartments.com.au/developers/amalgamated-property-group">Amalgamated Property Group</a>&nbsp;(APG)&nbsp;and&nbsp;<a href="https://www.apartments.com.au/developers/base-developments">Base Developments</a>&nbsp;have kicked off construction&nbsp;on its second Gold Coast apartment tower, Affinity Broadbeach, which is due for completion in early 2028.

More than 50 per cent of the 180 two- and three-bedroom apartments have sold, with buyers particularly impressed by&nbsp;the spacious and functional floor plans, close proximity to the beach, premium inclusions, and expansive resort-style amenities.

APG has just released a new limited collection of three-bedroom skyhomes with three living rooms and four bathrooms.

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Graham Potts, Principal and Founding Director Amalgamated Property Group, said the strong demand for <a href="https://www.apartments.com.au/new-apartments/affinity-broadbeach-40-46-chelsea-avenue-broadbeach-qld-4218">Affinity Broadbeach</a> highlights a genuine need for affordable luxury residential developments on the Gold Coast.&nbsp;

“It’s exciting to see construction kick off on this sought-after project which is set to create a new benchmark in luxe coastal living on the Gold Coast," Potts said.

"Buyers are attracted by the seamless blend of convenience and elegance that Affinity offers, together with the knowledge that our 20-years of industry experience ensures we continue to deliver homes to the same high standards our reputation has been built on."

Capital Construction Queensland, the inhouse construction arm of APG, is handling the building. Potts says having the internal build capability provides buyers with confidence in delivering a high-quality building, referencing Amaya Broadbeach which is nearing completion nearby.

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Carly Cottam, CEO of <a href="https://www.apartments.com.au/project-marketer/motiv">MOTIV</a> Group which is selling Affinity, says there's a clear undersupply of property across Southeast Queensland and an even greater shortage of well-designed, spacious residences.

"That’s why Affinity has attracted such strong demand," Cottam says.

"Every detail, from the intricate finishes to the intelligent spatial planning, has been crafted for the discerning owner-occupier. Beyond the residences, the amenity is designed as a true extension of the home."

&nbsp;

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Affinity’s superior amenities are resonating with buyers who are impressed by the range on offer, from the expansive outdoor heated pool, to the state-of-the-art gym, steam and sauna facilities, outdoor entertaining terraces, and a business centre.

"The offering reflects exactly what buyers are seeking when right-sizing or upgrading - spacious residences complemented by curated residential amenity, all within moments of the beach and vibrant retail and dining precincts,” Cottam added.

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Dennis Milin, Principal of Base Developments and Milin Builders, and Director of Capital Constructions Queensland, said the team is excited to deliver another collection of premium homes in the heart of Broadbeach.

"With more than three decades of proven success in construction and development, our award-winning portfolio across the ACT and NSW speaks for itself, now further demonstrated by the strong progress at Amaya Broadbeach on First Avenue in Queensland,"&nbsp;Milin said.

“In partnership with a highly regarded team of designers, engineers and trades, and supported by our experienced Gold Coast construction professionals, we remain committed to delivering projects defined by quality, timeless design and uncompromising standards."

Early works at Affinity are already advancing, with guide walls for shoring and bulk excavation underway.

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With a proven track record in large premium projects, APG has been developing residential and commercial property across Australia for more than 20 years. APG and Base Developments are the same duo behind the successful Amaya Broadbeach, currently under construction on First Avenue and due for completion in early 2026, as well as a number of other successful joint developments in Canberra, including Botanical in Turner, Kiara in Narrabundah, Ivy in Woden, and the three-tower Oaks precinct in Phillip.

APG is currently building The Eastbourne, 349 homes, a premium office building, and a retail and dining precinct at ANZAC Park East.

[smartcode_project_cta:default project_id=107690]

Amalgamated Property Group and Base kick off construction at Affinity Broadbeach

&nbsp;

A local Australian has spent a Lower North Shore record $15.1 million at <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the new TOD above the recently opened Crows Nest Metro Station.

The buyer amalgamated a penthouse and sub-penthouse to create the triplex apartment that will have five bedrooms, five bathrooms, a private rooftop pool, expansive terrace, and panoramic views of Sydney Harbour and skyline. The building is being created by burgeoning developer Third.i, alongside joint venture partner Phoenix Property Investors.

The buyer was drawn to Elevate’s unrivalled connectivity, situated directly above the&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station, and the vibrant lifestyle precinct that surrounds it. The Metro connects to the CBD in just seven minutes, and Chatswood in four.

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Designed by internationally acclaimed architects <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, Elevate draws inspiration from the ancient blue gum forests native to the area. The building is a Net Zero development, created in consultation with Indigenous communities and exceeding sustainability benchmarks. Interiors feature chevron-engineered timber flooring, natural stone benchtops, and premium Sub-Zero Wolf appliances, delivering timeless elegance and next-level comfort.

The exchange of the $15.1 million apartment, follows a recent $5 million sale, and over $30 million currently in expressions of interests. Interest in Elevate’s penthouse stock has surged, reflecting a strong appetite for ultra-luxury residences that combine design excellence with unmatched connectivity.

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“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group.&nbsp;

“These recent sales are a testament to the vision behind Elevate. It’s not just about luxury finishes or panoramic views, it’s about creating homes that are deeply connected to the city and the community. Buyers are responding to that. They want to live somewhere that offers more than just a postcode, they want culture, convenience, and long-term value. Elevate delivers all of that, and more.”

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As part of the Hume Place precinct, Elevate is transforming Crows Nest into Sydney’s most dynamic urban village. Elevate’s unique position directly above the metro, combined with its curated amenity offering, has made it a magnet for buyers seeking a future-proof investment and a vibrant urban lifestyle.

The next release at Elevate is expected later this year.

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“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group


Third.i & PPI set Lower North Shore apartment record with $15.1m sale at Elevate Hume Place penthouse amalgamation

Sydney developer Deicorp is set to officially open its <a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill-nsw-2154">Showground Village</a> precinct in Castle Hill.

NSW Premier Chris Minns will attend the opening on Sunday August 31, alongside&nbsp;Minister for Planning and Public Spaces Paul Scully, The Hills Shire Council Mayor Dr Michelle Byrne, Landcom CEO Alex Wendler, and Deicorp Founder Fouad Deiri.

Located just moments from Hills Showground Metro Station, the centre spans 9,500 sqm across four levels and features 26 specialty retailers as well as a 1,400 sqm public plaza, creating a new community meeting point for shopping, dining, fitness, and everyday convenience.&nbsp;

Showground Village forms part of the Hills Showground Station Precinct, an urban renewal initiative led by Landcom and Sydney Metro that will provide for around 2,300 new jobs over the next 20 years and around 9,000 new homes.&nbsp;

Deicorp was recently approved for another new development next door to Showground Village.

The new five residential buildings in the East Showgrounds Precinct, will see another 873 dwellings delivered, as well as&nbsp;3,500 sqm of open public space in the form of landscaped courtyards, a public park and communal outdoor recreational space including a playground, barbeque area, and outdoor seating.

“This approval will allow us to start construction on a range of beautifully designed, conveniently located apartments and create another vibrant, walkable and well-connected community,” said&nbsp;<a href="https://www.apartments.com.au/developers/deicorp" target="">Deicorp</a>&nbsp;Founder Fouad Deiri.

“These new homes will provide their residents with a seamless connection to jobs and services along Metro North West, and the new&nbsp;<a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill" target="">Hills Showground Village</a>&nbsp;retail precinct currently under construction."

Deicorp has several thousand apartments in planning and under construction across Sydney, from Zetland and Five Dock to Crows Nest and Macquarie Park.

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Deicorp, NSW Premier officially open Showground Village, new retail and hospitality hub in Castle Hill

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Liquidation

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There was movement on the title of the eastern suburbs trophy home of Tom Haikin and his wife, Lilly, as the Max Brenner’s Australian franchisee went into voluntary liquidation last week.
It’s been reputedly sold for more than $30 million, although the two caveats lodged on title involved unregistered loans, and were not from a mystery buyer.
The title had four formal mortgages, with the NAB as first mortgagee on the 3000 square metre holding which last traded in 2010 for $23 million.
Wentworth Capital is the second mortgagee, then Citadel Group, then Glenn Wein’s Zajasam Pty Ltd.
Last week, Yael and Amnon Weiler placed a caveat on the title pursuant to a late 2016 loan agreement. Prospa Advance also placed a caveat last week over a late 2017 loan.
The property was being offered to buyers for $33 million earlier this year.
This article was first published in the Sunday Telegraph.
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firstname1-iYD4UYzvBa

Eastern suburbs home of Max Brenner franchisees in the spotlight

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The registration of Justin James Cadman as a registered liquidator was cancelled on 13 June 2018 following orders made in the Federal Circuit Court of Australia, which resulted in Mr Cadman being declared bankrupt.
On 19 June 2018, ASIC appointed replacement liquidators to the fifteen (15) vacant external administrations previously administered by Mr Cadman.
ASIC Commissioner John Price said, ‘ASIC has moved quickly to exercise the new powers under the insolvency regime to appoint a replacement liquidator and appreciates the assistance of the replacement liquidators Ms Moira Carter of BRI Ferrier NQ and Mr Todd Kelly of BDO (Nth QLD).’
Below is a list of the external administrations and replacement liquidator’s contact details should creditors have any concerns.
Ms Moira Carter of BRI Ferrier NQ Phone (07) 4037 7000
<ul>
<li>Australian Vocational Learning Institute Pty Ltd ACN 097 453 828</li>
<li>Cairns Accident Repair Centre Pty Ltd ACN 077 729 367</li>
<li>Medisurg Pty Ltd ACN 113 077 982</li>
<li>MOJB Pty Ltd ACN 128 137 806</li>
<li>Phone Hospital Pty Limited ACN 112 320 386</li>
<li>Sinopoli Holdings Pty Limited ACN 107 341 499</li>
</ul>
Zanzoo Tiles Pty Ltd ACN 142 521 695
Mr Todd Kelly of BDO (Nth QLD) Phone (02) 4046 0000
<ul>
<li>Aborigines and Islanders Alcohol Relief Service Ltd ACN 010 064 374</li>
<li>Margach Builders Pty Ltd ACN 078 363 729</li>
<li>Barrier Leasing Pty Ltd ACN 104 014 002</li>
<li>Barrier Air Charter Pty Ltd ACN 108 788 147</li>
<li>Barrier Air Services Pty Ltd ACN 104 014 011</li>
<li>Barrier Aviation Pty Ltd ACN 056 643 531</li>
<li>Davryl Holdings Pty Ltd ACN 108 502 165</li>
<li>Lip-Air Pty Limited ACN 068 117 537</li>
</ul>
Background
Cairns-based Mr Cadman operated an insolvency and accounting practice firstly through a company called Mclaren Knight Pty Ltd (in liquidation), then later through another company called Mclaren Knight International Pty Ltd.
Mr Cadman had been a registered liquidator since August 2005.
Under section 40-20(1) of Schedule 2 (Schedule 2) of the Corporations Act 2001, a liquidator’s registration as a registered liquidator is automatically cancelled if a person becomes an insolvent under administration. Under section 40-111 of Schedule 2, ASIC may appoint another liquidator if a liquidator’s registration is suspended or cancelled. These new laws came into effect on 1 March 2017.
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j.ballantyne1990-6AQqhLzZaK

Cairns liquidator Justin Cadman loses registration

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The ATO is the biggest creditor after the collapse of the leading Australian boutique estate agency Unique Estates.
The agency ceased trading earlier this year with PPB recently appointed liquidator. 
BMW Leasing is the second highest of the known creditors, owed $351,000.
Express Commission Australia was owed $180,000, among the 27 creditors owned a $1.6 million total.
It was February when McGrath Nicol had been initially appointed joint managers by the NSW Department of Fair Trading with staff getting an email from its founder informing them of the agency collapse.
"It is with great sadness that I inform you that Unique Estates is going into liquidation today and you are to stop work straight away," founder, Nicolette van Wijngaarden emailed staff.
"Wages can not be paid tomorrow," she told the staff.
"I am very sorry it has come to this," she wrote.
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It had operations in Sydney, Melbourne and Byron Bay with 32 employees, whose creditor details are yet to emerge.
There is some concern on the quorum at the meeting of shareholders appointing PPB, so in order to resolve the matter, PPB have instructed solicitors to make an application to the NSW Supreme Court confirming their appointment as liquidators.
Creditors have been advised in early June the director is in the process of preparing a Report as to Affairs (RATA).
"The books and records of the Company are held by the Joint Managers and we are in discussion with them to obtain the books and records for our investigations.
"The director has co-operated with our enquiries into the company’s affairs," PPB noted. 
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</div>
</div>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/15/nic_new.jpg" alt="">
The website listings extended from Hamilton Island to Cressy in Tasmania, all disappearing many now at other agencies.
The estate agency was founded in Byron Bay. Unique Estates operated seven offices including Albert Park, Double Bay, the Gold Coast, Melbourne and Hong Kong.
Unique Estates was founded in 2009 as a specialized company for dealing with VIP clients and luxury properties.
Van Wijngaarden also ran rentals and had recently launched a yacht and jet charter division.
The agency published the glossy Unique Luxury Magazine, distributed to Qantas Airways Chairman's, First Class &amp; Business Class Lounges both nationally and internationally. Ads cost $4500 per page.
Its founder Nicolette van Wijngaarden only entered the real estate game to help her partner, who had spent some frustrating time with established estate agents trying to sell his own Byron Bay hinterland property.
"Thankyou all so much for your tireless efforts to build our brand," she told the team.
"Please know that I did everything I could to prevent it," she concluded her email.
<div>The agency won a string of awards over the years including the Best Real Estate Agency Website for Asia Pacific 2017-2018 at the International Property Awards Grand Final Ceremony held in London recently. It had previously won awards in the categories of Best Real Estate Agency Website, Best Real Estate Agency Marketing and Real Estate Agency in the International Property Awards.</div>
No reason was given for the collapse, but the sale of trophy home properties have slowed to a crawl across Australia, amid low vendor listings.
The Domain website indicated the team at Unique Estates had sold 19 properties in the last 12 months, with an average sale price of $2.6 million. 
The team sold 17 houses and 2 blocks of land and rural properties by private treaty.
These properties were on the market for an average of 341 days.
Last September van Wijngaarden noted the biggest challenge facing her market was government restrictions on foreign buyers.
The highest recorded sale price was $4.3 million for 12 Brownell Drive, Byron Bay, a 2-bedroom house which sold by private treaty on last November having been on the market for 230 days.
Their longest and dearest offering was the <a href="https://uniqueestates.com.au/listings/residential_sale-276324-nanarup/" target="_blank">south WA coast property</a>, Maitraya set on the picturesque coastline of Nanarup, near Albany.
It is on 263 hectares fronting three ocean beaches.
The farmland property comfortably sleeps 30 people across an eight-bedroom sandstone manor, five-bedroom fisherman’s lodge and two-bedroom pilot cottage.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/8/nand2.jpg" alt="">
 
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ATO owed $933,000 after Unique Estates Australia collapse 

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Auction houses are understandably fielding inquiries as to whether they keep client money in an audited trust account ever since the collapse last December of Mossgreen.
Sotheby’s, Bonhams, Menzies and Deutscher and Hackett say they do – although there is no industry standard.
“Trust accounts should absolutely be a requirement,” Chris Deutscher of Deutscher and Hackett has told The Australian Financial Review.
“The law should be changed, we’ve just seen the reason why.”
The Australian Financial Review Magazine has revealed that Paul Sumner's Mossgreen lost money for five years before it went under last December.
Its client account, where funds from auctions were held before being disbursed to vendors, had a shortfall back to December 2013, it reported this week, having previously reported, in a 2016 Australian Financial Review profile, that Mossgreen's turnover had impressively grown from about $10 million in 2013 to $39.6 million in 2015. 
But the paper now reports Mossgreen’s competitors – Sotheby’s, Deutscher and Hackett, Menzies, Bonhams – had for years "wondered how the company was staying afloat and keeping on the lights in its sumptuous Melbourne and Sydney showrooms."
At its peak in early 2017, Mossgreen had 55 staff, almost double Sotheby’s which auctioned three times as much.
The paper suggested Mossgreen had some blockbuster auctions, that "raised only a few hundred thousand dollars, well below the $1 million that industry veterans say is needed for an auction to make money."
“It can cost you as much to auction off a $600 piece of Royal Doulton as it does to sell a $10,000 painting,” noted Mark Fraser, who suggested Mossgreen had spent too much on its premises.
“If you’ve got good stuff to sell, you can sell it in a tin shed, you don’t need fabulous auction rooms,” the former chairman of auction house Bonhams, Fraser, and now an independent art consultant said.
Sumner started Mossgreen in 2004 by briefly selling artworks from the walls of his rented Macleay Regis, Potts Point apartment, the same building as the Sydney society family, the Copplesons’ who were among his final auction content vendors.
Mossgreen contractually paid clients after 60 days, double the standard 30 days.
It used money in its client account as a spare line of credit with the shortfall, according to two of the AFR sources, growing.
An ownership change inside Mossgreen’s business in July meant the shortfall became a big problem, it noted.
It was when Jack Gringlas sought to stop funding its losses. By 2017 he had lent $6 million to Mossgreen.
In 2013 he invested $1.6 million into Mossgreen in return for 40 per cent equity. Charles Leski bought 20 per cent, leaving Sumner with the rest.
Last July Gringlas and Leski sold their combined 60 per cent to Sumner for $2.4 million, the same price they had paid.
Gringlas agreed he could pay in four years’ time and reportedly also gave Sumner two years to find new backers so Mossgreen could pay back the $6 million.
Documents obtained by Property Observer indicated Paul Sumner's auction house owes its auction vendors $6.8 million, which is $1 million more than administrators calculated ahead of the first creditors' meeting last month.
Toorak businessman Jack Gringlas​ remains the biggest secured creditor, being owed $6 million. 
The administration came December 21 following failed fundraising attempts.
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Sumner, who did not attend the first meeting, blamed the current circumstance on growing "a little bit fast."
There were 330 creditors initially identified at the meeting who were told no law required trust accounts for the auction proceeds.
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The names of the creditors are a who's who from across Australia, ranging from passionate collectors, socialites, low key business tycoons to deceased estates.
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The biggest unsecured creditor stemmed from the auction of a book collection.
Some $1.75 million is owed to the family of <a href="http://www.mossgreen.com.au/content/event/the-collection-of-martin-copley-am/" target="_blank">the late wealthy insurance underwriter Martin Copley</a> who auctioned off the books in October.
His auction items included John Gould's monumental The Birds of Australia, a large folio in eight volumes with 681 hand-coloured lithographed plates, bound in dark green morocco by Riviere, an original subscriber's set, which sold at $446,400 including premium.
The second biggest client was another deceased estate, that of the late South Australian building industry icon Alan Hickinbotham and his late wife Margaret. 
It was billed as the highest value collection ever to be sold in Adelaide when auctioned in May by Mossgreen's chief, Paul Sumner.
Sydney's society Coppleson family were listed as owed $465,000, the third highest-owed creditor.
It followed the sale of the contents of the Macleay Regis penthouse, home of the late esteemed gynaecologist Professor Malcolm Coppleson and his late wife, Patricia, who was Vogue Living’s editor-at-large.
The 172 <a href="http://www.mossgreen.com.au/content/event/the-malcolm-and-patricia-coppleson-collection/" target="_blank">lots included </a>the sale of a $192,200 Ian Fairweather work which had an $80,000 to $120,000 price guidance. A Tim Maguire fetched $117,800.
Mossgreen's last auction on December 7 last year was the contents of the Sheehy family with just 274 of the 438 lots being sold. The family, who are owed $45,000, inquired at the meeting whether Sumner's passport would be surrendered.
</div>
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jchancellor-FAypfDUnLy

Mossgreen was losing money for five years before collapse

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"Bank accounts are frozen and there are no funds," was the blunt message to staff at a leading Australian estate agency today.
McGrath Nicol has been appointed joint managers by the NSW Department of Fair Trading over the national boutique estate agency, Unique Estates. 
Staff got an email from its founder informing them of the agency collapse.
"It is with great sadness that I inform you that Unique Estates is going into liquidation today and you are to stop work straight away," founder, Nicolette van Wijngaarden emailed staff.
"Wages can not be paid tomorrow," she told the staff, telling them to contact McGrath Nicol senior accountant Jordan Trovato, who has yet to confirm the official status of the estate agency.
"I am very sorry it has come to this," she wrote.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/15/nic_new.jpg" alt="">
The website ceased operating today, with listings from Hamilton Island to Cressy in Tasmania disappearing.
Staff, its 32 vendors, recent sellers and their solicitors were dismayed at the move, although had fears of its deteriorating situation for some time. The agency was showing signs of eratic decision making along with heightened staff departures.
The estate agency was founded in Byron Bay. Unique Estates operated seven offices including Albert Park, Double Bay, the Gold Coast, Melbourne and Hong Kong.
Unique Estates was founded in 2009 as a specialized company for dealing with VIP clients and luxury properties.
Van Wijngaarden also ran rentals ranging a night to $NZ20,000 a night for one property in New Zealand’s Queenstown.
She recently launched a yacht and jet charter division.
The agency published the glossy Unique Luxury Magazine, <a href="https://issuu.com/nickyvw/docs/ul17_-_issuu_final" target="_blank">a quarterly property and lifestyle publication</a> distributed to Qantas Airways Chairman's, First Class &amp; Business Class Lounges both nationally and internationally. Ads cost $4500 per page.
Its previously indefatigable founder Nicolette van Wijngaarden only entered the real estate game to help her partner, who had spent some frustrating time with established estate agents trying to sell his own Byron Bay hinterland property.
"Thankyou all so much for your tireless efforts to build our brand," she told the team of up to 42 staff today.
"Please know that I did everything I could to prevent it," she concluded her email.
<div>The agency won a string of awards over the years including the Best Real Estate Agency Website for Asia Pacific 2017-2018 at the International Property Awards Grand Final Ceremony held in London recently. It had previously won awards in the categories of Best Real Estate Agency Website, Best Real Estate Agency Marketing and Real Estate Agency in the International Property Awards.</div>
No reason was given for the collapse, but the sale of trophy home properties have slowed to a crawl across Australia, amid low vendor listings.
The Domain website indicated the team at Unique Estates had sold 19 properties in the last 12 months, with an average sale price of $2.6 million. 
The team sold 17 houses and 2 blocks of land and rural properties by private treaty.
These properties were on the market for an average of 341 days.
Last September van Wijngaarden noted the biggest challenge facing her market was government restrictions on foreign buyers.
The highest recorded sale price was $4.3 million for 12 Brownell Drive, Byron Bay, a 2-bedroom house which sold by private treaty on last November having been on the market for 230 days.
Their longest and dearest offering was the <a href="https://uniqueestates.com.au/listings/residential_sale-276324-nanarup/" target="_blank">south WA coast property</a>, Maitraya set on the picturesque coastline of Nanarup, near Albany.
It is on 263 hectares fronting three ocean beaches.
The farmland property comfortably sleeps 30 people across an eight-bedroom sandstone manor, five-bedroom fisherman’s lodge and two-bedroom pilot cottage.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/8/nand2.jpg" alt="">
Rick Fenny, the Perth businessman, had been seeking to sell his holiday retreat for $25 million. It had been listed since May 2015 with agent Nicolette van Wijngaarden, from Unique Estates.
Van Wijngaarden splits her time between a home in Sydney’s eastern suburbs near the harbour, a city apartment on the Yarra River in Melbourne and an apartment on the Gold Coast beach.
 
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Nicolette van Wijngaarden "very sorry" Unique Estates placed into liquidation

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The car racing property developer, Ash Samadi allegedly owes 19 tradies and businesses more than $900,000 from work on his Surry Hills residential/hotel project, Botanik.

Samadi, who races a $680,000 Audi, <a href="https://www.9news.com.au/national/2018/01/23/18/32/high-flying-developer-owes-nearly-one-million-dollars-tradies-claim" target="_blank">was exposed on last night's A Current Affair</a>, who spotted him coming out of Bunnings Clovelly wheeling a wheel barrow needed for one of his latest projects.

Builders, carpenters, electricians, and pavers are among those who say Samadi owes them collectively a $911,200 at Surry Hills.

[smartcode_project:default project_id=89193]

The liquidator's report advises that the company advised there were cost overruns on the project, "with a former director making unauthorised approval of a number of contract variations who had ignored the protocol of pre-seeking the consent to cover overruns from the Samadi Immobilier Trust."

Ash Samadi was described by the liquidator as a "shadow or de facto director."

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/24/sam0.jpg">

Confronted by A Current Affair, Samadi said the alleged complaints would have to be settled in court.

Rather than head off in his Mecedes Jeep, he alighted a bus towards the Junction, albeit without an Opal card.

One business did take on the Samadi Trust in court and won a judgement for $29,000, however, the Immobillier company where Samadi was a former director has been placed into liquidation and the money owed never paid.  

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/24/wheel.jpg">

The Samadi Group have four projects in Surry Hills, three next door to each other on Elizabeth Street, and the other nearby on Foveaux Street.

Samadi lives in a $16.5 million home in Sydney's Point Piper, which was briefly listed for sale last year. It was passed in at $16.5 million. It was bought in his mother's name.

The Samadi Immobilier company has made loans to Samadi, with a loan from his mother totalling just over $5.55 million. 

There is accordingly $5.95 million owing to creditors arising from the liquidation of the Samadi group.

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/24/bus%20samadi.jpg">

The liquidator noted the complex arrangements, suggesting that as far as he was aware, there is no formal contract between the company and the owners of the Surry Hill development properties.

"Despite this the company may have a 'quantum meruit' claim against those entities. Quantum meruit is an action for payment of the reasonable value of services performed where there is no formal contract," liquidator Gavin Morton at Morton's Solvency Accountants told creditors.

Established in 1988, the Samadi group was formed as a small family business. 

Designed by Brenchley Architects and Quattro Interiors, the Botanik building was listed last year for sale through Miron Solomons, Gus Moors and Matt Pontey of Colliers International with a price guide of over $25 million.

Last year the SMH reported Apartment Hotels had signed a 10-year lease in the new development at 533-535 Elizabeth Street, Surry Hills.

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/24/sam2.jpg">

It comprised 22 high-end apartments comprising a mix of one-, two- and three-bedroom apartments and two ground-floor retail tenancies and a rooftop terrace area with 15-metre pool and other facilities.

The operators have also committed to spending a further $1.7 million on furniture and fit out in the newly developed building, the newspaper reported.

It is next to the apartment block where the Samadi Trust cancelled its off the plan sales to prior buyers. 

Some of the apartments are currently <a href="https://www.realestate.com.au/property-apartment-nsw-surry+hills-126103530" target="_blank">for sale through BresicWhitney.</a>

 
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ACA exposes Ash Samadi allegedly owing nearly $1 million on Surry Hills project

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Revalu8, a Queensland startup that calls itself the “Uber of real estate”, has sunk into liquidation less than a year after launch.
Creditors decided to wind up the Queensland startup and appoint a liquidator at a meeting last week, with a software company that was developing its online platform owed more than $486,000 out of total debts of $687,938, according to the Business Insider.
The company also owes $13,000 to Broadband Solutions and $11,000 to the Australian Taxation Office. In addition,  OLJ Capital was listed in the creditors meeting as being $120,000 out of pocket
Revalu8 was launched last June with $1.5 million in seed funding.
Its mission was to connect buyers and vendors of residential real estate and bring transparency to the industry. The site contained comparison tools for potential buyers, as well as promising complete transparency on transactions and negotiations between the buyer and the vendor.
“The accepted practices of advertising and selling real estate in Australia favour the advertiser, agent and then the seller, while the buyer is almost forgotten – despite it being the buyer’s money,” founder and chief executive Chris Bilborough said at the time. 
“ReValu8 will bring a new level of transparency to the industry to empower purchasers – in particular first-home buyers and investors – to be able to make an informed decision… ReValu8 also gives buyers a fair share of fees that would otherwise go towards advertising costs and agent commissions.”
While the Revalu8 website is currently still running, filling in a contact form to “join the revolution” results in an error, according to the Business Insider. The company Twitter account has not been active since August.
The company’s website still says, ‘The Uber of real estate has arrived’ and says the company shares the sales commission when a property is sold.
The notice to place the company in liquidation was resolved on March 20.
There was no comment from liquidator Worrells and Revalu8.
According to CRN, a dispute between the startup’s directors and the software development firm Agile Software Services saw the developer withdraw Revalu8’s access to the programming code.
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jonathanchancellor-7SQnKwU6yx

Disruptor property startup in liquidation, owes $688,000

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The Pumpkin Patch receivers have begun closing the company's stores, with seven in New Zealand first to go.
The collapsed children's clothing retailer was placed in voluntary administration having debts of $NZ46 million ($43 million).
Pumpkin Patch was operating 43 stores in New Zealand before the closures in Posonby, Takapuna, Henderson, Te Rapa, Wanganui, Coastlands (branded as Charlie &amp; Me), and Hornby.
The 57 employees who lost their jobs will receive entitlements to the gross value of $NZ22,160. The stores will wind up trading by November 8.
Pumpkin Patch operates 117 stores in Australia, which are all continuing to trade on a business as usual basis.
Receiver Brendon Gibson said on Friday no stores closures in Australia have been confirmed.
Gibson previously suggested to SmartCompany the receivers will “be looking at accelerating” stores closures.
The receivers are seeking expressions of interest in the Pumpkin Patch business and its assets by November 8.
Included in the sale are the business’s trading activities, inventory, customer list, websites and intellectual property.
 
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Pumpkin Patch stores closing in New Zealand

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Bob Day, the Family First senator, has tendered his resignation effective immediately.
Day tendered his resignation to Senate President Stephen Parry this morning after his home building company went into liquidation.
“It has been an honour and a privilege to serve as a Senator for South Australia and I am sorry it has ended this way,” he said.
“I will now devote my time and energy to assisting those who have been affected by the company’s closure.”
In a statement, he said that potential investors would not be financing his Home Australia company.
"While a number of offers for various parts of the Home Australia business have been received, the major investor who has been examining the group's portfolio of assets over the past fortnight, has decided not to proceed," he said.
"Accordingly, I have today tendered my resignation to the president of the Senate effective immediately. It has been an honour and a privilege to serve as a senator for South Australia and I am sorry it has ended this way."
Day's company, Home Australia, was put into liquidation owing about $38 million to creditors. It also left around 200 homes unfurnished.
He said will now work to assist those affected by the closure of the company.
Day's former chief of staff Rikki Lambert has confirmed he will put his hand up for the vacant position.
 
 
 
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Home builder Senator Bob Day tenders his resignation effective immediately

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Liquidators have been appointed to Home Australia, with customers whose homes are under construction by any builders in the group urged to contact the insurer per the Insurance Certificate issued with their home building contract.
Construction on 207 properties around the country has been put on hold.
Home Australia is owned by Family First senator Bob Day, who has announced his resignation from Federal Parliament.
Home Australia operates in five Australian States under the brands:
<ul>
<li>Homestead Homes in South Australia (new homes presently under construction – 48); 
</li>
<li>Collier Homes in Western Australia (new homes presently under construction – 29); 
</li>
<li>Newstart Homes in Queensland (new homes presently under construction – 17); 
</li>
<li>Ashford Homes in Victoria (new homes presently under construction – 57); and 
</li>
<li>Huxley Homes in New South Wales (new homes presently under construction – 56).</li>
</ul>
Liquidators McGrathNicol said in cases where no Insurance Certificate has been issued, customers may have a claim against the relevant Home Australia entity which they contracted with.
"The Liquidators’ immediate objective is to work constructively with relevant insurers and customers in an effort to facilitate the orderly recommencement of construction of uncompleted homes by alternative builders. We will communicate with customers in writing in the coming days," McGrathNicol said.
"In accordance with the Liquidators’ duties, the financial affairs of Home Australia will also be investigated so that the Liquidators may report to creditors and to the Australian Securities and Investments Commission.
"The Liquidators’ invite parties interested in acquiring the businesses and/or assets of Home Australia in whole or in part to contact McGrathNicol on (03) 9038 3100.
"Meetings of creditors for each entity must be held within 18 days of the appointment of liquidators. The meetings of creditors will be convened for 4 November 2016 or earlier. Meeting notices setting out times and locations will be distributed to Home Australia’s creditors and customers at least seven days in advance of the meetings."
<a href="/images/2016/10/17/Annexure%20A.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/17/Annexure%20A.jpg" alt="">
Information for customers and creditors will be uploaded to the McGrathNicol website <a href="https://www.mcgrathnicol.com" target="_blank">here</a>.
 
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