The fallout from troubled office development Raine Square continues, after receivers seized control of a nine storey office tower on St Georges Terrace and the New Esplanade Hotel.

Ferrier Hodgson partners Martin Jones, Andrew Saker and Darren Weaver were jointly appointed receivers by the Commonwealth Bank to the office building, located at 251 St Georges Terrace and owned by developer Hossean Pourzand on February 18.