Friday, November 14, 2008

Gabba Central Apartments Bowled Out

"Gabba Central's 270 luxury apartments, retail space and 300 underground carparks were slow to sell and value plunged as a result of Brisbane's stagnant property market and the global credit crunch."
"The Brisbane property is now in the hands of financiers UCIS, which is responsible for selling the remaining space at Gabba Central for market rate in order to recover the $31 million.

If the sales fail to cover the total debt, PKW is liable to hand over up to $10 million in cash or assets. Potentially this will involve Taranaki land and buildings held by the dairy giant."

Full story is here.

My view was that this was a poor property.

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