Property Solutions’ companies in liquidation owing millions
An award-winning development group behind some of the city’s most iconic urban renewal projects is being wound up owing millions of dollars.
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The development group behind some of Brisbane’s renowned inner city projects has gone into voluntary liquidation owing millions of dollars.
Property Solutions Holdings and a string of related companies are being wound up by liquidator Nick Combis, of Vincents, after one of its landmark project on the Gold Coast went belly up last year.
Founded in 1990, Property Solutions masterminded such successful redevelopments as Centro on James Street in Fortitude Valley and The Barracks on Petrie Terrace before struggling in recent years amid funding problems and the impact of the pandemic on the building industry.
One of the group’s companies Nerang Street Pty Ltd last year called in administrators with its $500m masterplanned Queen St Village project on the Gold Coast leaving creditors including some of Queensland’s biggest builders owed about $80m.
Hutchinson Builders last month put the riverfront home of Property Solutions director David Blanck to auction, activating a claim on the property the company has as financier of the Queen St project. Comment has been sought from Mr Blanck and Mr Combis.
In a report to ASIC, Nerang Street Pty Ltd disclosed the main reasons for “the company’s financial circumstances included a change in property market valuations, inability to meet funding arrangements and prior to that the general impact of the Covid-19 pandemic.”
According to reports filed by Mr Combis to ASIC, various other companies in the group now owe in excess of $2.4m to the Australian Taxation Office.
One company Ormeau Properties owes the ATO $887,528 while another Nundah Village Shopping Centre Pty Ltd owes $1.526m. Property Solutions in its heyday was a renowned urban renewal specialist involved in more than 150 projects.
Nundah Village Shopping Centre Pty Ltd and Property Solutions is unrelated to ISPT, the current owners and managers of the centre in Brisbane’s northside.
According to the ASIC reports filed Mr Combis, Property Solutions Holding is owed in excess of $12m by other companies in the group and in turn owes millions to related entities.
As well as Centro on James and The Barracks its other major developments include SW1 – a mixed-use commercial and retail development at Melbourne St, South Brisbane, Circa Nundah and Citygate in Fortitude Valley.
It won multiple awards for its developments and in later years it started moving further afield with the development of industrial estates in the Yatala Enterprise Area, halfway between Brisbane and the Gold Coast.
As well as property development the company also covered property investment, funds management, asset management and property management.
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