Commercial Adelaide, founded by Matthew Trim and Remo Russo, investigated by Consumer and Business Services
A failed real estate agency co-founded by a former Adelaide restaurateur is being investigated over complaints made by former clients left out of pocket.
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A failed real estate agency founded by a former restaurateur-turned-commercial property agent and another prominent Adelaide businessman is being investigated by the consumer watchdog over complaints by ex-clients.
Matthew Trim and former business partner Remo Russo were founding directors of commercial real estate agency Commercial Adelaide, which fell into liquidation on May 19 amid an investigation by Consumer and Business Services.
The investigation surrounds complaints made by three former clients, who are seeking more than $580,000 in compensation via the state government’s Agents Indemnity Fund.
The fund provides compensation to people who have suffered a financial loss due to the wrongful actions of registered land agents, conveyancers or property managers, or their employees.
While the details of the claims have not been disclosed, cases where the fund is able to provide compensation include when an agent doesn’t return a deposit to a client, fails to transfer rent paid by a tenant to a landlord, and steals funds while being held on trust.
CBS is yet to determine the validity of the claims, or which Commercial Adelaide representatives were involved in the matter.
Commercial Adelaide’s current and former directors have been notified about the CBS investigation, which is seeking information about their knowledge of the claims brought against the company.
CBS declined to comment on its investigation but confirmed the matter had also been referred to SA Police.
Records show Mr Trim resigned as a director of Commercial Adelaide in July 2019. Mr Russo resigned in December 2021, with Mr Trim’s wife Olivia taking over as sole director until May 2022 when she was replaced by James Carr.
Mr Russo, a former Adelaide City Council candidate, said he was unaware of the CBS investigation, and was also unaware Commercial Adelaide had gone into liquidation.
“I haven’t been at Commercial Adelaide since probably August 2021 I reckon,” he said.
“I haven’t been there for ages so it’s news to me. I don’t know anything about it. I had no idea until you left that voice message about them going into administration two months ago and the part about Consumer and Business Services.”
Mr Trim, Ms Trim and Mr Carr declined to comment.
Commercial Adelaide liquidator Stuart Otway from SV Partners said he was undertaking his own investigations into the matter after being advised of the CBS investigation.
“In the event that CBS admit the claims and make payment from the fund, the fund will be a creditor of CA Offices Pty Ltd (Commercial Adelaide),” he said.
“We are investigating where the claimants’ funds were deposited with a view to commencing recovery actions.”
It’s not the first time Mr Trim has been embroiled in a dispute with clients.
In 2020 he sued prominent Adelaide landlords the Ginos Group for $1.65m, claiming they failed to pay him a commission as part of the $48.5m sale of the Regent Arcade. The matter was settled for an undisclosed sum.
Mr Trim previously operated restaurants including Grace The Establishment at Norwood, Farina on Hindmarsh Square and North Adelaide restaurants Sparrow and The Manse. Following their closure several years ago he joined forces with Mr Russo to establish Commercial Adelaide in 2019.
His father Russell ran the failed Trims retail business, which was later revived under new owners.
SA Police declined to provide details of the nature or subject of its investigation but a police spokesman confirmed: “Eastern District CIB are currently investigating the matter and no further comment will be made”.
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Originally published as Commercial Adelaide, founded by Matthew Trim and Remo Russo, investigated by Consumer and Business Services
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