Chinese Epping developer collapse sees 61 Gondon Elysee apartments for sale

Chinese Epping developer collapse sees 61 Gondon Elysee apartments for sale
Chinese Epping developer collapse sees 61 Gondon Elysee apartments for sale
The mortgagee of 61 units in the residential complex Gondon Élysée in Sydney's Epping has listed them all for sale.
 
They will be sold in one line by receivers and managers Newpoint Advisory through Colliers.
  
The inventory sat on the Gondon company books with a $52 million valuation. 
 
 Chinese Epping developer collapse sees 61 Gondon Elysee apartments for sale

The developer has been unable to sell the combined 61 units at 1 to 5A Cliff Road, and at 6-10 Carlingford Road.

The master sales agency was J&L Global with sales achieved between $500,000 and $1,538,000, with all but six sales to buyers of Chinese descent.

The project boasts a mix of one, two and three bedroom apartments. 

Gondon Élysée Epping consists of two buildings. 151 car secure parking.

There are 57 1 bedroom 1 bathroom units , some 61 of the 2 bedroom 2 bathroom units , and 12 of the 3 bedroom 2 bathroom units.

Completed in late 2017, 1 Cliff Road has 130 apartments.

The expressions of interest close February 25.

Developer Gondon paid $26 million to aggregate the homes at the corner of Carlingford and Cliff roads. The corner block at 6 Carlingford Rd cost the highest acquisition price of $4.41 million, according to CoreLogic.

The block is within the Epping Priority Precinct, which the state government declared for concentrated housing development.

Gondon’s earlier project was at North Ryde – the 179 apartments on the block bounded by Lane Cove and Eppings Rds and Allengrove Crescent, North Ryde, known as Gondon Macquarie which was built by Arise Construction to a SJB design.

Philip Campbell-Wilson and Said Jahani were appointed liquidators in November 2018.

The appointment was referred to by Australian Select Mortgage Pty Limited which is also a shareholder of Gondon in May last year.

Pacific Alliance Group holds a registered security interest. 

Tags: 
apartment Epping

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