Ryde. Banks foreclose on shopping centre

A syndicate of four banks has foreclosed on the newly renovated The Top Ryde Shopping Centre after the retail developer, John Beville, was unable to meet the repayments on loans used to give the centre a facelift. His company,which owes an estimated $700 million to its lenders, has appointed McGrathNicol as receiver. McGrathNicol partner, Joseph Hayes, said new centre managers had been appointed, but day-to-day operations of the centre would remain unchanged. The centre, which contains a Myer store, a Big W and more than 250 specialty stores, was touted to be worth $840 million three years ago, but is now believed to be worth less than $700 million. The centre, opened six months ago, was developed as an alternative to the Macquarie Shopping Centre, in North Ryde, and the Rhodes Shopping Centre.