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ATO faces $1.9m hit on Park Avenue apartments seizure from Psaros

Headshot of Neale Prior
Neale PriorThe West Australian
West Perth accountants have taken control of the $61 million Park Avenue apartment complex developed by Psaros.
Camera IconWest Perth accountants have taken control of the $61 million Park Avenue apartment complex developed by Psaros. Credit: supplied by Psaros

The Australian Taxation Office faces a $1.9 million-plus loss in Psaros’ troubled Park Avenue project company after West Perth accountants seized control of the 35 remaining Churchlands units.

Parmelia Partners accountants Brett Purkiss and Alan Crawford would not discuss their plans in the wake of their private company becoming mortgagee in possession.

The project was hit by slow sales after completion mid last year, shortly after former major financier Bankwest consented to Mr Purkiss’ and Mr Crawford’s company Sancterra Pty Ltd taking a mortgage.

Psaros managing director Mike Enslin said this month he “remained hopeful” his group’s investment in Park Avenue would be returned when the remaining units, valued by directors at $20 million, were sold.

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But a report filed with the Australian Securities and Investments Commission by the liquidator of Park Avenue project company Selby St Pty Ltd is not so hopeful.

Liquidator Malcolm Field warned that after Sancterra was paid out on its $14 million secured claim, there might only be $40,730 to pay out unsecured creditor claims totalling $4.01 million.

The Federal Court appointed Mr Field six weeks ago.

The tax office claims $1.99 million, making it the biggest creditor ahead of related parties.

Mr Field told ASIC he was also trying to determined the size of a claim by the self-managed superannuation fund of retired mining contractor Peter Langford and his wife Pauline, who lodged caveats over the units.

Selby St Pty Ltd is wholly owned by Psaros Developments Pty Ltd.

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