Parramatta. Over-supplied unit market

Scott Thomas, owner of the failed Premier Parking company, based in Parramatta, and his business partner, Frank Iemma, have been caught out in the over-supplied apartment market on the North Shore. The pair developed a block of upmarket apartments, near Lindfield railway station, but the speculative development was hit by construction delays, leaving secured creditor, Macquarie Bank, only just able to recover the $50 million that it lent to the project., according to The Australian Financial Review. Premier Parking, Australia’s third largest car parking provider, which had some 50 car parks around Australia, fell into receivership in August