STH BNK apartment buyers to get deposits back
Hundreds of buyers in Melbourne’s failed STH BNK project are set to get about $60 million deposits back.
The money had been held in trust since the collapse of the proposed Southbank towers leaving purchasers in limbo as receivers Alvarez & Marshal, appointed with KordaMentha, worked through the failed Beulah development. News of the refunds were confirmed the news today.
About 540 apartments had been contracted with deposits previously reported at about $57m.
Most of these contracts had long sunset clauses.
Site sells down
STH BNK was to have included a 365-metre 102 level tower with a second building containing more apartments as well as a hotel and multi-level shopping centre.
It collapsed into administration last February (continues below).
The news comes a week since realestatesource.com.au reported a slice of the site which was to have made way for STH BNK – 158 City Road – sold for c$26m, for a student accommodation complex.
A build to rent complex is now expected there.
Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma with Stonebridge Property Group’s Julian White and Chao Zhang brokered that deal.
The agents are also marketing the balance, the ex-BMW dealership (118 City Rd), which Beulah bought for $101m in 2017.
Subscribe to our newsletter at the bottom of this page.
