Two Parramatta development sites purchased for $50 million in 2017 in a joint venture involving the Camillo family have been put on the market by receivers following claims of a loan default.
Minutes of a first meeting of creditors held at the end of September for the three companies placed in administration – 295 Church Street Pty Ltd, 295 Church Street Pty Ltd and Nahcam Pty Ltd – include proof of debt submissions by Ms Camillo totalling $124.6 million.
Title deeds show that the 295 Church Street site is owned by 295 Church Street Pty Ltd while 263-265 Church Street is owned by Nahcam Pty Ltd. However, since late 2018, after “it was agreed that the Camillos would take sole economic ownership of the project companies”the joint venture ended and “all financial and non-financial requirements of Coronation were fully satisfied”.