This article is from the Australian Property Journal archive
INTERNATIONAL Equities Corporation has sold an Adelaide landmark building at 2 King William St for a discounted price of $6.45 million.
The property was on the market with a price tag in excess of $8 million.
IEQ will book a $2 million loss on its books for FY2012 from the sale.
IEQ said the sale is part of its strategy to dispose of non-core assets.
IEQ bought the seven storey building in September 2006 for $6.7 million and had plans to redevelop the property into a 129-room serviced apartment hotel. However it was unable to secure bank funding for the project.
Funds from the sale will be used to repay all borrowings associated with the property. Settlement will take place on 28 June 2012.
Property Review
