‘KordaMentha was appointed Receivers and Managers in September 2008 to various entities associated with The Raptis Group’s three tower $700m Southport Central development on the Gold Coast.
Critically, KordaMentha was required to complete construction on the 39 level third tower which, at appointment, had only been constructed to level 30 and had an estimated cost to complete of $65m. Upon completion, KordaMentha was then required to transact the substantial property assets of the tower which included 258 residential apartments, of which 96 were presold, 171 commercial strata units (17,500sqm) and 20 retail lots (1,500sqm). In addition, KordaMentha was also required to transact residual stock in the completed 38 level second tower which included 83 residential apartments, 6 commercial strata units and 20 retail lots (1,400sqm).
Following KordaMentha’s appointment, a robust but flexible three phase plan was immediately implemented to protect, maximise and expedite returns to the client. This plan involved: