This article is from the Australian Property Journal archive
THE Glen Centre retail complex in Hawthorn has been sold as part of the wind up of property schemes associated with Melbourne accountant Mark Letten.
The property sold for in excess of $15 million on a passing yield of just 5.08%. The deal was negotiated by CB Richard Ellis.
The 673-681 Glenferrie Road centre comprises 20 ground floor shops,
So far receivers have also recouped $13.31 million from the sale of 167 – 173 Flinders Lane.
Last Friday, the Australian Securities and Investments Commission appointed receivers to a further five unregistered property ventures linked to Mark Letten.
ASIC’s action follows an investigation into a number of unregistered schemes run by Letten on behalf of 1000 individuals who invested about $80 million.
Australian Property Journal
