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.

Kings Park. Fashion retailer reports plunge

Fashion retailer Noni B has , at Kings Park, has reported a 58 per cent plunge in first-half net profit to $1.5 million in conditions executives described as the toughest in 20 years. Joint MD, David Kindl, blamed volatile consumer confidence, the prospect of higher energy costs and the federal government's flood levy for making shoppers reluctant to spend on discretionary apparel purchases. He said the second half would continue to be uncertain as consumer confidence remained volatile. He said it was too early to tell if the company would turn in a reasonable profit for the full year. This was the worst retail condition he had experienced since the recession of 1991-92, he said.

Parramatta. Service to be funded by state

Parramatta City Council’s free Loop bus service around the CBD will be funded by the state government from March 14, and will run seven days a week. “Council has been funding the cost of this popular commuter service since it was introduced in August 2008, so it’s pleasing that the state government has finally come on board and recognised the value of this important transport connection in the CBD,” said Lord Mayor, John Chedid. Around 4000 commuters use the 10-minute service daily. The colour of the buses will change from blue to green.

Parramatta. Service to be funded by government

Parramatta City Council’s free Loop bus service around the CBD will be funded by the state government from March 14, and will run seven days a week. “Council has been funding the cost of this popular commuter service since it was introduced in August 2008, so it’s pleasing that the state government has finally come on board and recognised the value of this important transport connection in the CBD,” said Lord Mayor, John Chedid. Around 4000 commuters use the 10-minute service daily. The colour of the buses will change from blue to green.