Westpac receives outstanding A$8.6 million
(12 April 2010 – Australia) Gold Coast developer John Fish’s Marina Quays villas went up for auction at the end of last week, raising enough funds to pay the A$8.6 million debt owed to Westpac by Mr Fish’s Rothmont Projects.
In December, Westpac appointed receivers for the villas built by Mr Fish’s company Rothmont Projects and in February the bank filed a court action to enforce a personal guarantee signed by the developer to recover the A$8.6 million debt.
Bargain hunters last week purchased 22 out of 25 of the units, at or before the receiver’s auction, for between A$320,000 and A$380,000, bringing in A$8.8 million. The remaining three units had since received contracts, according to the Gold Coast Bulletin.
Mr Fish yesterday said his company would remain part of the Gold Coast's property scene, despite the turbulence from the receivership.
While Westpac's actions have had major ramifications in the short term, there is a bigger picture and there is a future, which the company will have a major part of, Mr Fish said.
The GFC cut a path of destruction in the development industry, but there are signs of a major recovery and the Gold Coast's appeal, its location and attraction, will shine at the end of the day, Mr Fish added.
Bargain hunters last week purchased 22 out of 25 of the units, at or before the receiver’s auction, for between A$320,000 and A$380,000, bringing in A$8.8 million. The remaining three units had since received contracts, according to the Gold Coast Bulletin.
Mr Fish yesterday said his company would remain part of the Gold Coast's property scene, despite the turbulence from the receivership.
While Westpac's actions have had major ramifications in the short term, there is a bigger picture and there is a future, which the company will have a major part of, Mr Fish said.
The GFC cut a path of destruction in the development industry, but there are signs of a major recovery and the Gold Coast's appeal, its location and attraction, will shine at the end of the day, Mr Fish added.
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