Property expert behind tower collapse
AN EXPERIENCED investor with more than two decades experience in the property industry is the man behind a Hamilton tower development which went into administration owing $33 million.
Hercules Northshore Pty Ltd, the company which developed the hybrid Alcyone, Hamilton's hybrid residential and hotel tower, fell into administration last month.
Its sole director is listed as Robert Pullar, the founder of Brisbane development giant Citimark Properties.
Mr Pullar is a 50 per cent shareholder of Citimark, a 30-year-old company which has developed $3 billion worth of projects, and is brother in law to its co-owner Angus Johnson.
His CV reveals a long history in development and investment in the property industry along with a professional accounting career.
Mr Pullar was previously a partner with accounting firm Douglas Heck and Burrell, specialising in property investment, taxation and corporate reorganisation and is also a non-executive director of ASX-listed funds manager, Cromwell Corporation Limited.
Mr Pullar's Hercules Northshore Pty Ltd developed the 16-level Alcyone tower at Hamilton, which is at the centre of Brisbane's largest urban development since Expo-88 went into administration owing $33 million.
The administration of Hercules Northshore Pty Ltd, the company which managed Citimark's $120 million apartment tower on Remora Rd, is at this stage unlikely to affect unit owners or the operation of the tower's hotel.
About 95 per cent of the tower's 228 units are understood to have been purchased.
There are 115 units operating as part of the luxurious Alcyone Hotel Residences.
Hercules Northshore is under the control of FTI Consulting administrators John Park and Joanne Dunn.
A report on the company's activities reveal it owes a massive $33.88 million to seven creditors.
Hercules Northshore lists 20 apartments, worth $6 million, among its assets.
Three related Citimark entities are owed a total of $12 million while four unrelated parties, including the Australian Taxation Office, are owed $21 million.
The taxman is the largest creditor, chasing $9.2 million.
Originally published as Property expert behind Hamilton tower collapse