Parramatta. Auction of office space

The office and car space of the failed, Parramatta-based Premier Parking Group, in a building at 85 George Street, in the CBD, will be auctioned on December 8. The company, the third-largest parking operator at the time, bought the space for $4.8 million in 2008. It went into administration in 2009 owing more than $8 million to St George Bank. S&K Car Park Management acquired the company’s portfolio in 2010.

Parramatta. EOI in CBD strata floor

Expressions of interest in a whole floor strata suite of approximately 654 square metres, on the second floor of 85 George Street, in the corporate precinct of the Parramatta CBD, have been called under instructions from John Lord & Atle Crowe-Maxwell as receivers and managers appointed Premier Parking (NSW) Pty Ltd (in liquidation). Income is available from car parking spaces: 54 leased, 33 managed and seven owned.

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

Parramatta. Premier Parking contracts

Secure Parking has first rights to negotiate management contracts of Parramatta-based Premier Parking, Australia’s third largest car parking provider. Premier Parking, which has some 50 car parks around Australia, fell into receivership in August because of the economic downturn and speculative plays on residential property development, according to The Australian Financial Review.

Parramatta. EOI in Premier Parking

Wilson Parking, the largest car parking business in Australia, has confirmed it has put in an official expression of interest in the Parramatta-based Premier Parking NSW and Victoria, which is in receivership, putting its 51 assets on the market. Premier Parking, director, Scott Thomas was working closely with administrator, PPB Partners, to restructure the business. “It is our hope that this process will recapitalise Premier and continue to provide the marketplace with a competitive offering,” Mr Thomas said in The Australian Financial Review.

Parramatta. Premier Parking for sale

The business and assets of the Parramatta-based Premier Parking, regarded as the third largest parking operators in Australia, are for sale, following receivers being appointed. The business commenced in 1984, manages and operates 51 car parks in NSW and Victoria, and employs in excess of 250 people. Gross annual turnover is approximately $29 million. The business is positioned to take advantage of the increasing trend of the automation of car parks, through its state-of-the-art control room facility. EOI close on August 25, with PKF Chartered Accountants.

Parramatta. Premier Parking in administration

Premier Parking (NSW), Australia’s third-largest car parking operator has entered into voluntary administration. The 25-year-old family-owned company operates about 50 car parks around Australia. PPB’s Steve Parbery and Andrew Smith are the administrators. Premier Parking (Victoria) also entered voluntary administration. “Our view is to sell down non-core assets to repay various facilities and recapitalise the business,” Premier MD. Scott Thomas, told The Australian Financial Review.

Parramatta. Application to wind up firm

Abacus Property Group has applied to wind up Premier Parking (NSW) because of outstanding payments for the Italian Forum car park, in Leichhardt, and Stockland and the Commonwealth Property Office Fund have also joined the move, replacing Premier as the operator of 110 Walker Streets and 201 Miller Street, in North Sydney, according to The Australian Financial Review. The family-owned company, based in the Parramatta CBD, commenced operations in the city in 1984. It is one of the largest car-parking businesses in Australia.