Projects - Distressed Assets

SOHO Rockdale (NSW) Pty Limited

Receivership of distressed mixed-use development


  • High-density residential
  • Sydney metropolitan
  • Receiver for senior financier
  • Senior debt ($40m)
  • Mezzanine debt ($5m)


  • Mixed-use development of two residential towers with 103 units above six retail shops
  • JV partner had misappropriated funds
  • Developer and builder were in dispute and mezzanine financier had commenced litigation. Builder had abandoned the site with works ceased at c65% complete
  • Construction was five months behind schedule and AU$35m in pre-sales were at risk
  • Planning approval included a requirement to purchase Council land running though the development before completion (price was never agreed and in dispute)


  • Mediated with JV parties and negotiated with builder to return to complete works within budget (replacement builders’ prices were 40% higher)
  • Negotiated an agreement with Council to purchase the laneway
  • Negotiated with the mezzanine financier to compromise debt


  • Completed construction, achieved OC and strata subdivision within seven months
  • Facilitated full repayment of the senior debt plus penalty interest and fees
  • Project came out of receivership and residual units were refinanced

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