16/05/2019 - 14:54

Proposed estate worth $75m in doubt after liquidation

16/05/2019 - 14:54

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An entity related to a developer with plans for a 146 block-estate in the suburb of Southern River has been placed into liquidation.

Proposed estate worth $75m in doubt after liquidation
The proposed estate is located on a lot between Passmore Street and Holmes Street in Southern River.,

An entity related to a developer with plans for a 146 block-estate in the suburb of Southern River has been placed into liquidation.

RSM partner Neil Cribb was appointed liquidator of 53/53 Pty Ltd on Tuesday, after a winding up order was submitted in November.

Hillsfar Investments is the parent company behind the Southbank Estate and its subsidiaries include 52/52 Pty Ltd and 53/53 Pty Ltd.

According to Hillsfar, which has offices in Melbourne and Perth, 52/52 Pty Ltd and 53/53 Pty Ltd have been involved in residential land developments over the last seven years in Perth.

The proposed development for Southbank Estate encompasses at least 146 blocks on a lot between Passmore Street and Holmes Street, with prices starting at $126,000 for a 322 square meter block.

Construction was expected to commence in early 2018 and the expected end value of land and homes was $75 million, according to Hillsfar.

It also said it was involved in development the Daylesford Place estate in South Hedland, which was due to be completed in 2018 with an estimated value of $18 million.

It said it has completed at least $32.6 million worth of estate developments in Perth, including Domain in Success, Amber Springs in Success, and Sapphire Gardens in Beckenham.

Hillsfar is led by Craig Turnbull, who received a degree in property and finance from Curtin University in 2004, according to his Linkedin.

The phone number listed on Hillsfar’s website is currently disconnected.

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