Turnstone Nominees, a joint venture between Perth developer Saville Australia and investment bank Babcock & Brown, was developing the $1.3 billion Capital Square project, on the Perth’s former Emy Brewery site. The Australian Financial Review reports the development was to include two commercial towers.
The consortium paid failed receivers for property developer Westpoint, $48.8 million for the site in 2006.
The receivers for the property this time – Taylor Woodings – was appointed on Monday March 23rd. It is expected to sell the site on behalf of the projects financier St George Bank.
Other Saville Australia properties including an as-yet-undeveloped Safety Bay, about 55 kilometres south of Perth, and another development in South Perth, are also now in the hands of receivers, the AFR reports.
The development consortium for Capital Square had been trying to sell the commercial component of its project for about $50 million since September. It had failed to attract a major commercial tenant to lease space in the building before it listed the asset for sale. It also failed to find a builder to construct the luxury apartment building.
More than 250 of the 274 apartments had presold.