Last of Westpoint’s Assets Sell

The deal involves properties formerly known as R1 and R2 of 60 Market Street in the CBD. Included are two fully fitted restaurants with new 10-year leases to Oaks Hotels and Resorts.

CB Richard Ellis selling agent Simon Dal Zotto declined to comment on the identity of the buyer when contacted by Capital Gain. Mr Chua also declined to comment.

The Market Street property is the second recent property purchase for Mr Chua. Last month he bought the Aquarius Backpacker Centre in Byron Bay, in a deal reported to be worth around $11 million.

The $300 million collapse of Westoint in late 2005 was the start of a string of high profile, private investor-funded developer collapses. In was followed by Australian Capital Reserve went into voluntary administration leaving around $330 million in debts. Fincorp and Bridgecorp also collapsed earlier this year, leaving around $225 million in Australian debts.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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