ISG Securities in legal bid to wind up Linzen Dakabin over $60m Dakabin Crossing Precinct Project
The legal stoush between a Brisbane fund manager and a property developer over $60m master planned community has intensified.
QLD Business
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A Brisbane funds manager has launched legal action this week against a property developer active in the city’s northern suburbs.
Ben Godfrey’s ISG Securities hopes to wind up Linzen Dakabin Pty Ltd, an arm of the Linzen Property Group founded and overseen by Susan Lindeque.
At issue is a $60m development with 135 lots known as the Dakabin Crossing Precinct Project, near North Lakes north of Brisbane, which kicked off in stages starting in 2016 but has stalled recently.
Among ISG’s investments is a fully-subscribed $6.6m real estate equity fund focused on the Dakabin development.
ISG subsidiary Lindak Investment Holdings Pty Ltd sued Linzen Dakabin last month in the Brisbane Supreme Court over a contractual dispute stemming from the project. A defence has been lodged in that matter.
Now Lindak has escalated the battle, hoping to have court-appointed liquidators seize control of Linzen Dakabin. A defence has also been filed in this dispute too.
Godfrey, who co-founded the funds business in 2014, told us that he has spent months trying to sort out the drama but it could not be resolved outside court.
“ISG’s responsibility is to our investors and we take that responsibility very seriously,’’ he said.
“We are focused on completing the project to ultimately achieve the best result for the community and all parties involved.
Lindeque, who first started developing property in South Africa about 25 years ago, did not respond to requests for comment on Wednesday.
The legal clash comes just five months after Linzen Developments Pty Ltd shelled out $6m to buy a commercial complex at Noosa Heads.
