31/03/2010 - 11:08

Aspen reveiwing Perth CBD site

31/03/2010 - 11:08

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Property developer Aspen Group says it is reviewing a Perth CBD commercial development site, but stopped short on confirming whether the property has links to embattled WA tycoon Rick Stowe.

Aspen reveiwing Perth CBD site

Property developer Aspen Group says it is reviewing a Perth CBD commercial development site, but stopped short on confirming whether the property has links to embattled WA tycoon Rick Stowe.

Aspen's comment this morning comes after The West Australian Newspaper reported that it Mr Stowe is believed to have sold his vacant block on the City Square site facing Mounts Bay Road.

"Aspen advises that it regularly assesses opportunities to maximize shareholder value," the company said in a statement today.

"Recent activity has included exclusive due diligence on a commercial development site in the Perth CBD.

"This process is ongoing and there is no certainty that any transaction will be completed."

The newspaper reported that Mr Stowe had planned to build a $350 million, 14-storey tower on the site.

Over the past few months, Mr Stowe has put some of his key property assets on the market after his company, Griffin Coal, collapsed earlier this year after missing payments to US bondholders and the Australian Taxation Office.

Earlier this year Mr Stowe appointed prestige real estate agent Willie Porteous to sell his Devereaux Farm for $70 million and had sold his Swanbourne property for $7.8 million.

Mr Stowe has also put his prized Studleigh beef property near Moora on the market for $15 million.

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