The Sydney Opera House car park has fallen into receivership, reportedly after lower numbers of executives in surrounding office buildings opted to use the property.
As reported by the Australian Financial Review, the car park has fallen into the hands of receivers KordaMentha. Both David Merryweather and Martin Madden were appointed to the property late last week.
Both were contacted by SmartCompany, although neither were available prior to publication.
It is understood the receivership was sparked by the Royal Bank of Scotland, which is owed $70 million and wants to make the facility profitable.
However, it is reported that various investors may not receive their money back. The facility was purchased by Mariner Financial in 2004 from Mulpha Australia for about $75 million.
However, according to a Mariner Financial report, this was sold to the Real Estate Capital Partners Property Trust in 2009 – that trust continues to claim the car park as its main asset on its website.
That deal came as Mariner Financial changed its name to Mariner Corporation and moved away from real estate investment into being a more “diversified investment company”.
Earlier this year Real Estate Capital Partners told investors that its two most viable options for the asset were to either sell it entirely, or refinance the existing debt facility. It also referenced $75 million of debt owed to the Royal Bank of Scotland.
That trust was contacted, but no reply was available prior to publication.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
