03/10/2016 - 14:33

Stonam joins Pilbara casualties

03/10/2016 - 14:33

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A Karratha-focused property developer that was jointly established by Boom Logistics director Terence (Jack) Hebiton has been placed into voluntary administration.

Stonam joins Pilbara casualties
Stonam was the developer of the Karratha Dunes Apartments, and still owns 28 of the 44 units.

A Karratha-focused property developer that was jointly established by Boom Logistics director Terence (Jack) Hebiton has been placed into voluntary administration.

Stonam was the developer of the Karratha Dunes Apartments, and still owns 28 of the 44 units.

The directors appointed KordaMentha as voluntary administrators last week.

Lead partner John Bumbak said the 28 apartments represented high-quality accommodation in Karratha, with high occupancy and consistent cash flow.

Therefore, he expected strong buyer interest when the apartments came to market.

Mr Bumbak said the other 16 units were not affected.

Stonam joins several other Pilbara-focused property groups to hit financial problems as a result of falling demand and collapsing property values.

Notable recent failures include Veronica Macpherson’s MACRO Realty Developments, which was developing land in Newman, and the Collinson family’s Tribute Group, which operated two accommodation facilities in Newman.

Stonam was established in Perth in 2010 but has been based in Melbourne March 2015.

Its directors include Mr Hebiton, who is generally known as ‘Jack’, but is listed in Stonam’s return to the Australian Securities and Investments Commission as ‘Terrance Alexander’.

Boom Logistics’ website uses the same spelling of his name, though its 2016 annual report and the 2016 notice of annual general meeting list the spelling as ‘Terence Alexander’.

Mr Hebiton was one of the driving forces behind Boom’s formation in 2003, after he sold Alpha Crane Hire into the national company.

Stonam’s other directors include his brother, Colin Hebiton, and Melbourne-based Mark Carlson and Ian Braham.

Shire of Roebourne records show Stonam was the owner of the property on Walcott Way where the Karratha Dunes Apartments were developed.

Town planning firm Whelans, acting on behalf of Stonam, successfully applied for a town planning scheme amendment in 2010 to allow development of single-bed medium density units.

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