Falcon receivers take major hit on Richmond site sale
EXCLUSIVE
A receiver for Falcon Capital has sold a major Richmond development site for about $13 million – some $5.4m less than the 2021 sale price including GST.
National Storage bought 175 Burnley Street, with 1975 square metres zoned Industrial 1 at the north west corner of Murphy, following an expressions of interest campaign launched July.
For years accommodating an office/warehouse headquartered to Associated Retailers Limited, it was offered permit-ready for a nine level, c10,000 sqm office.
An alternate scheme for 19 strata titled offices was also before council.
Falcon acquired 175 Burnley St for $16.7m from Peregrine Projects.
That group, led by Joseph Chahin, outlaid $10.75m in late 2016 then obtained the permit.
Falcon sell-down
Falcon was the responsible entity for the First Guardian Master Fund, which the federal court wound up in April following an ASIC application citing alleged concerns regarding the misuse of investor funds, including co-mingling of trusts, and extravagant director personal spending.
FTI Consulting is the liquidator.
Affected are some 6000 investors.
The mortgage holder took over control of the Burnley St site.
Teska Carson’s Luke Bisset and Matthew Feld were the agents.
Another self-storage operator backs inner east
The deal comes 10 months since Salta sold the Rogerseller showroom, on 3015 sqm at Burnley, to Singapore based self storage group StoreHub for a new project.
Also last year, Kennards expanded a major self storage facility it has operated for years, in inner east Abbotsford, snapping up three sites on 712 sqm for $5.3m.
The long-time former Kodak headquarters in that suburb, for years occupied by CUB, is also set for self-storage after selling to local operator Carl Sachs just over two years ago.
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