New drama in Double Bay Ritz Carlton/Stamford project as former Ashington partners lodge caveat over site
Craig Anderson and Craig Minahan, who headed the beleaguered Ashington Property Development Group, and partner Ray Burkett have lodged a caveat over the title of the Ritz Carlton/Stamford Double Bay hotel development site.
Their company, Trioline Pty Ltd, claims an equitable interest with a claim for unpaid project development fees.
The caveat notes an equitable lien over the assets of the Project X Hotel Trust to secure payment to the Anderson company of Project X development fees.
NSW Supreme Court proceedings are underway between the Anderson trio and the property group Parissen Capital Project X, which assumed control of Ashington’s development project in 2010.
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Parissen Capital is co-directed by Sam Renauf, who has been an executive with Scarborough Pacific, which fronts the Double Bay project’s current syndicate. Another former Valad Property Group executive, Nicki Garrett, is also a director at Parissen.
There was prior disputation over the project in 2009 when Valad was involved in the development but there was a falling out over monies due by Ashington for the final instalment of a fee payable under a facilitation agreement pursuant to which Ashington was introduced to the Double Bay venture.
The failure to make a payment resulted in Valad issuing a notice of demand to Ashington in June 2009.
Superannuation funds LUCRF, Sunsuper and HESTA reportedly put $150 million in the Ashington with much of the money having been written off.
