ONE Port Macquarie development has overcome its initial hurdles and is ready to make a comeback.
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Icon Apartments will soon release 24 luxury three-bedroom apartments to the market.
Hastings investors may remember the property from its original name, Aston Hills Apartments.
The original construction was started by companies associated with property developer David Bloomfield.
Administrators were appointed to three company’s Mr Bloomfield was a director of in April 2007.
Finvest, Shores Australia and Scorpion Securities were placed in the hands of Worrells Solvency and Forensic Accountants.
Sources at the time said individuals were owed $5 million for investments in three apartment projects in Port Macquarie, including Aston Hills.
The construction of the property will be completed by Wellington Capital Limited and Brisbane-based Geocal Constructions.
Wellington Capital is a merchant bank who has owned the site for more than 12 months.
It is the bank’s first foray in the local real estate market.
Wellington’s general manager, funds management, Anthony Stanton believed Port Macquarie’s real estate market would remain strong.
“Port Macquarie has a lot of potential and we believe it has a strong future.”
He said local contractors had been paid over $1 million by the new owners for work done before construction stopped in 2007.
Mr Stanton said the sale of the units would allow local investors a chance to recoup funds tied up since administrators were appointed.
The property will be marketed jointly by Port Macquarie real estate agents Mark Carter and Greg Laws.
The agents said the “house-sized” apartments, which would start at $650,000, were coming on to the market at just the right time.
Mr Laws said there has been more activity recently in this segment of the market.
“There have been commitments given on seven of the apartments already.” he said.
The sale of the apartments will be launched on Friday from 2.30pm at Mort St.