John McInerney and Cameron Crichton of Grant Thornton were appointed Administrators of the following entities on 20 November 2019:
- Tike Property Pty Ltd
- 13 George Street Pty Ltd
- 20 Nannygai Pty Ltd
- Private Capital Pty Ltd
(Collectively referred to as “Tike Property Group”)
Tike Property Group built luxury homes for customers in the South East Queensland residential property market.
The appointment was made by resolution of the Directors of the Tike Property Group (Tim McGarry and Kevin Perry).
On appointment we took control of 6 properties located in the Noosaville region on the Sunshine Coast, which consist of a number of 2-3 bedroom detached dwellings and development site (with original dwelling) on Noosa Hill. All but one of the 6 sites are complete and we are currently working with financiers and builder to ensure building works are completed in the coming weeks prior to the holiday period.
With a view to maximising the return available to all affected stakeholders we are working with financiers, building contractors and other key parties to allow an orderly “on-market” sale of the entire portfolio of dwellings over the coming weeks.
Due to insufficient available cash, the entities ceased trade as of 20 November 2019. Our preliminary investigations indicate that the Tike Property Group did not employ any staff and hence no jobs have been affected by the Administration.
We are yet to conduct any substantive investigations into the cause of the failure of the Tike Property Group, but understand that creditor claims across the group total circa $15 million.
A meeting of creditors is scheduled to be held at 10am (AEST) on Monday 2 December 2019, at which time creditors will be provided with an update on the status of the Administration. Creditors of the Tike Property Group should contact Grant Thornton should they wish to attend the meeting.