Investors in Emperor Living apartment project at Mawson Lakes have been refunded their deposits, according to Ray White agent
A troubled $30 million apartment project in Adelaide’s north now appears even less likely to go ahead.
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The developer of a stalled $30 million apartment and office complex in Adelaide’s north is refunding investors their deposits, according to his real estate agent, raising new doubts about the project’s future.
Ray White Craigmore principal Joseph Cirillo told The Advertiser that builder and developer Frank Barbaro instructed him to remove apartments in the Emperor Living project — an eight-storey housing, office and retail development in Mawson Lakes — from the market.
“He told me he has got issues to get through and the project was on hold,” he said.
“I believe that some purchasers have been refunded their deposits.
“I had some buyers I was working with, I’ve had to advise them the project is on hold until further notice.”
Mr Cirilo, who is at least the third agent appointed to the project which was approved in June 2016, said about 38 of the 64 apartments were unsold.
The development comes after the paper reported that Barbaro Builders was hit with a $1.262 million legal claim, and was under investigation for potential breaches of its builders’ licence.
SA Formwork is suing Barbaro Builders seeking payment of $1.168m in material hire fees and $94,200 for building work on the project on the corner of Metro Parade and Main Street.
But in its defence Barbaro Builders has claimed that SA Formwork’s invoices had no legal standing and that it had issued invoices when it knew that work on the project had been suspended in April last year until further notice.
SA Formwork has also lodged a lien against the property.
A Consumer and Business Services spokeswoman said the licensing matters were “still under consideration”.
Salisbury Council last December granted Barbaro Builders a 12-month extension to its development approval.
Mr Cirilo said he did not know if Barbaro Builders had secured finance to build the project.
A property title search shows that WA-based NJS Investments lodged a caveat on the Emperor Living site on November 27 but removed the caveat on January 14.
The paper has sought comment from Mr Barbaro and NJS Investments.
Last week the $40 million apartment and townhouse development The Standard at Bowden was shelved and buyers told their contracts had been terminated.
The eight-storey project was to feature 68 apartments and five townhouses on the northwestern corner of Gibson St and Fourth Ave.
Developer Arcadian Property did not explain at the time why the project would not proceed but said all investors would be refunded their deposits.
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