McGrathNicol have been appointed to oversee eight residential development sites and partially completed apartment blocks developed by Dyldam in western Sydney and Brisbane, following the appointment of receivers to parts of Group this week.
One asset which the receivers may pay special attention to is the Modena apartment complex in Baulkham Hills, NSW.
A 5,000sqm commercial component in the mixed use complex was transferred for $15m on the day prior to the appointment of receivers. It is not known yet whether that asset was previously held by a company which is under administration or was sold with the proceeds retained by creditors.
According to the Australian, McGrathNicol partners were appointed receivers at the behest of the offshore lenders, following the decision by Dyldam directors to appoint voluntary administrators HLB Mann Judd on New Year’s Eve.
The purchaser of the Baulkham Hills asset was an entity also established on the 31st December.
In a statement issued on Friday, McGrathNicol said it was urgently assessing the assets and expected additional funding from several of the lenders to secure the best possible outcome for apartment purchasers and creditors.
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