FISH ASSET SELL-OFF TO CONTINUE
Written on the 13 May 2010
DEVELOPER John Fish (pictured) has not ruled out selling off the Marina Quays Town Centre as he squares off debts with lenders Suncorp and Capital Finance.
When asked if he was planning to sell the town centre, a key component of the $1 billion Marina Quays vision, Fish replied, “It’s the first I’ve heard of it.”
But further pressed on the matter, he conceded that it was part of a strategy moving ahead.
“At some stage it’s going to be put on the market, but nothing has been confirmed.”
More assets are expected to go under the hammer as the developer races to complete projects, while staving off the banks.
An $8.6 million debt with Westpac has reportedly been cleared following auctions by Ray White on apartments in the Marina Quays project. Receivers Grant Thornton was appointed to the Fish-owned Rothmans Projects.
Fish’s company is noticeably absent from the jersey of the Gold Coast Titans NRL franchise. Fish was a major sponsor of the team. The Titans have problems of their own and are locked in a legal battle with creditor Simcorp for build costs at its Titans Centre of Excellence at Robina.
Amid the turmoil, Fish is confident his company will remain part of the future of the Gold Coast despite the effects of the GFC and restricted lending criteria by the banks.
This despite another bitter blow yesterday with the toppling of Fish Constructions, which has been placed into liquidation.