Perth office buildings in receivership as state’s property sector struggles

Receivers have taken control of two office properties in Perth worth tens of millions and associated with the wealthy Caratti family, in what has become the latest collapse in the troubled West Australian property market.

The state’s property market has suffered a decline in sales and values, with assets owned by developers Luke Saraceni and his business partner, Hossean Pourzand, also placed in receivership in the past year.

Challenger Financial Services Group has called in Taylor Woodings as receivers for two Perth properties owned by the Caratti family – 1110 Hay Street and 218 St Georges Terrace.

According to the Australian Financial Review, a Taylor Woodings spokesperson said the appointment was confirmed and that “Taylor Woodings is currently working on realising the assets of the companies”.

SmartCompany contacted both Taylor Woodings and Challenger Financial Services this morning, but neither was available to comment prior to publication.

The reclusive Caratti family, which owns a number of agricultural and urban land assets, was said to be worth hundreds of millions of dollars before recent financial turmoil.

Western Australia has suffered economic turmoil more severe than on the east coast, with figures from ASIC showing corporate insolvencies up 130% in the past three years.

This turmoil has centred on property. Last year, assets related to developer Luke Saraceni were placed in receivership, including several office properties worth hundreds of millions of dollars.

Receivers also took control of assets associated with his associate, Hossean Pourzand.