53/53 Pty Ltd Liquidation - Southbank Estate, Southern River, Perth

Anyone else affected?

53/53 Pty Ltd were offering a 50% developer discount by pre-purchasing a block in the Southbank Estate in Southern River - Developer Discount Deal

There was an old Somersoft thread discussing this - Landbanking Perth @ 50% Discount

I pre-bought a block in the Southbank Estate from 53/53 Pty Ltd in 2016 through my SMSF, and just received news that the bank had called in the loan and forcibly sold the estate for 50% of it's value, and 53/53 Pty Ltd has been placed into liquidation

 

Oh ****. As saw as I saw the thread title I wondered if it was that landbanking deal.

Was it really 50% of it's value it was sold at? Do you know the details? 50% of what they bought it at??

 

No, I don't have much details unfortunately. 50% is what was stated in an email from the director of the company. According to the liquidator's Statutory Report, the sale of the land by the bank is expected to settle at the end of the month.

 

I had a look online and couldn't see a settled sale so I was curious.

Lot 1792, Holmes Street, Southern River, WA 6110

Doesn't look like much has happened since advertised as Southbank. I can't see an approved structure plan for it so not much has been achieved since the deal first got off the ground. It was listed for sale October last year so they've been trying to sell it for awhile.

I suspect that more information will slowly trickle your way but I'm not sure you'll get any money back.

 

A 50% discount would have been first indication of concern. And indicates the the land was probably only worth 50% of the asking price. I will guess and say they targetted smsfs and others with cash as valuation issues can be disguised. as an independent valuation isnt then obtained. That how the gold coast scams all originated. Any advisers involved ? They may have PI involvement.

Where is the deposit ? On trust account or in the developers hands ? Rule one is leave proceeds on trust until land is transferred for this reason. Depending upon the lenders (if any), land tax, rates and other issues you may even have a secured interest / preferential claim but may just rank equally with other creditors and get cents / $$$ after liquidator costs are discharged.

Not sure what an smsf investment strategy would be for vacant land. Is the auditor going to qualify their audit opinion ?

 

ASIC show the company is under administration, not yet a liquidation although the court seems to have approved that in May. Maybe.

You should search ASIC for the insolvency firm and Partner and contact them and seek to make a claim. Sometimes they will have poor records and be wanting parties to contact them. ie Public Notices in paper, gazette etc. There appears a preliminary report to creditors. Get cracking to make a claim.

Neil Cribb or Ashlyn Stevens of RSM Perth is (was) the insolvency practitioner to contact

 

I suspect there were more than 3 people out there who went in on this even though they only had 3 such opportunities.

 

In liquidation
https://insolvencynotices.asic.gov....28659807/617422d2-0d7b-4bbe-bb3c-464376912d95

 

The site has now settled but the price is "not disclosed" on rpdata.

 

Yes so many persons get messages ..i know so far 23 people bought this land and loose all money ....

 

i loose money as well

 

I recall this thread on SS, many red flags at the time

 

23 people!! I recall at the time I guessed they would sell more than the 3 limited opportunities but 23 takes the cake.
Marketers like make people feel the pressure of a limited number but the reality is that they would take and take and take as many as they could.

The block sold for $5,766,200 to the new owners which still seems like a lot of money for a block that might not get it's structure plan approved.

 

Is anyone else in this group loss money !!

 

If anybody is gagging for information and not getting much luck with RSM in Perth let me know. If the money is large, and your grievance is reasonable, I can follow up. I know the RSM Perth leadership team and the tax guys. They are all good people there. They will help me out if it is a legitimate request. If it is just "I am sad I lost money" I probably can't help.

Neil Cribb has a good reputation. I have no idea who Ashley Cribb is - doesn't mean he (or she) is bad. I just don't know him/her. I tend to use James Thackray for liquidations - he is based in Cottesloe but does a lot of work in the city.

 

Hi Ross...
Thanks for your comment...
If you pass your information than i will forward in group who look after trust account

 

Pls share details on my email [email protected].... we really like to get our fund back...

 

Well the last amendment to the subdivision plan was approved by WAPC 12mths ago and the title at that time had 11 caveats on it which I assume are some of the victims of this project

Craig Turnbull got a very gentle slap from ASIC for his involvement in the landbanking/funding of the project 23-137MR ASIC disqualifies property development director for five years | ASIC I'm sure he's not crying in his cornflakes over being disqualified for 5yrs.

I hope there are still legal proceedings in the works to bring further justice.