Mortgagee sells another Lion project
A mortgagee has sold another incomplete Lion Development Group project – this time in Melbourne’s south east.
With six townhouses, the Noble Park property, 10 Romsey Street, is speculated to be trading for c$2.25 million.
Marketed off the plan four years ago as Royalty on Romsey, promising to be of a premium grade quality, each unit is designed with three bedrooms and two car parks.
Lion picked up the 734 square metre site, at the south west corner of Henry St, December, 2017, for $1.06m.
Stonebridge Property Group’s Andrew Milligan, Lucas Duffy and Chao Zhang brokered the on sale for the receiver.
The deal comes a day since we reported Griffin Group bought a site in Perth’s exclusive Como, part with foundations and plumbing infrastructure for 10 townhouses.
Another Lion sale
The Supreme Court wound up Lion in August following various examples of financial misappropriation by its founders, Garry Pesohinsky and John Sader, who were accused of running a Ponzi-like scheme.
By that stage, mortgage holders moved to sell several Lion sites where apartments and townhouses were planned.
Amongst them was 1-17 Adams St, South Yarra, picked up by developer Colin Drake in July for $6.1m.
Lion paid $8m for that 774 sqm site, with six Art Deco apartments, in early 2023 – but never razed the building.
In Hawthorn East meanwhile, a site planned for townhouses, a project called Verda, traded in April for $4.31m – a loss on the $5m Mr Pesohinsky and Mr Sader outlaid in 2021.
Two Brighton properties also sold – in Hall and Lynch streets.
After the Supreme Court judgment, another receiver sold a Camberwell site with incomplete townhouses – a project called Eminence.
Blocks in Beaconsfield Parade, Albert Park, and Alexandra Avenue, South Yarra, also formed part of Lion’s portfolio.
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