This article is from the Australian Property Journal archive
FAILED Gold Coast finance and property investment company Asset Loans has been put on the market by its administrators.
Asset Loans was put into administration less than a fortnight ago yesterday Deloitte’s John Greig and Richard Hughes said they were placing the business and assets of Asset Loans Group up for sale.
“As well as a mortgage-backed loan book and real property holdings, there is an opportunity for an interested party to recapitalise and potentially re-list the ASX-listed shell,” Greig said.
Asset Loans’ development properties include;
- the Sea Development in Hervey Bay (including plans for 43 luxury apartments)
- the Miriwinni development (plans for 102 villa eco resort) in North Queensland
- a townhouse development (plans for 6 villas) in Port Kembla
- Motel development (plans for a 100 unit motel, to be branded as Days Inn) in Hervey Bay, and
- an interest in the Bowen Marina.
Greig said prior to advertising the assets, the administrators have already received a number of unsolicited expressions of interest and negotiations will continue with these parties.
“We believe that the opportunity to recapitalise the group will be of interest to a range of trade and financial buyers. We anticipate strong levels of enquiry.
“We are advertising the assets of the group to ensure that all interested parties have the opportunity to express interest and commence negotiations. Expressions of interest are due by September 25,” he continued.
The outcome of the sale will determine the eventual dividend to Asset Loans creditors.
Australian Property Journal
