another pif property

This is another of the properties for sale. It went to auction yesterday by Ray White Newcastle. Don't know what the result was.

http://www.raywhitenewcastle.com.au/pol/property/search.asp?f_propertyID=1065605&xsl=3607&f_st=1&f_ct=&f_ps=2

Aston Hill is a 95% completed residential development at 20-22 Mort Street and 26B Warlters Street, Port Macquarie.

The property comprises of:
* 24 completed 3 bedroom units averaging 190 sqm of internal area and 102 sqn of terrace/balcony
* 2 townhouses due to be completed June 2008 but remain as only a slab and some form work.
* Scope for commercial use, as dual-key serviced apartments for overnight, motel style accommodation
* Significant depreciation allowances
* All units have a north aspect and due to the elevated hillcrest position, enjoy water and town views
* The property is to be sold in-one-line or in towers/levels

JH tried to sell this project last year without success.
EOI's for sale of the 24 units closed on 1/7/08 through CB Richard Ellis Metropolitan Investments Sydney.

Here is some of the history of the Project:

http://www.portnews.com.au/news/loca...ct/508724.aspx

Note that this article says that "The administrator said the company that financed Aston Hill, MFS, is owed about $15 million and Mr Bloomfield estimated the project's worth at $18 million. Individual investors (in another investment vehicle)are owed about $5 million."

In the Wellington 11 December Investor Update there is an entry for Port Macquarie for $22,825,382. Unless there is a massive interest component included in this figure, there is A VERY LARGE DISCREPANCY in the Wellington value. In August 2006 the property was said to be worth $13Million, see this article -

http://www.portnews.com.au/news/local/news/general/union-fights-for-wages/276683.aspx

To recoup $22.8M just from 24 units and a slab in Port Macquarie is overly optimistic to say the least!