Lender Pursues Quick Exit on Almost-Complete Bathla Project

A near-complete $55-million Bathla project at Marsden Park is being campaigned under the mortgagee Credit Connect Group in possession , with as little as a month of works required before completion. Credit Connect Group chief executive Peter Benson told The Urban Developer that lot 9 in particular [ pictured at top ] was “very, very close to completion”. “I wouldn’t say basically finished, I wouldn’t say days away, but it’s extremely close to completed,” Benson said. “We have a [quantity surveyor] report that says the works are 95 per cent complete … no major construction to be done, just a lot of cosmetics and fitout.” The Bathla site, about 40km north-west of the Sydney CBD, was approved in 2020 for six residential buildings yielding 201 apartments, with a development cost of $55 million. It is one of a number of Bathla projects in north-west Sydney that have been taken over by the non-bank lenders. The project at lots 5, 9 and 11/1086 Richmond Road comprises a six-storey structure on lot 9, and two four-storey structures on lots 5 and 11. However, each of those structures represent two buildings on a single pad, comprising the six buildings in the approval. Construction work is at an advanced stage on all structures on all lots. ▲ Of the 201 apartments under construction, 43 are covered by a pre-sale agreement, according to the campaign. Typologies at the 13,137sq m site include nine studios, 21 one-bedroom, 101 two-bedroom and 70 three-bedroom apartments. Two levels of basement would yield 262 carparking spaces. Benson would not be drawn on his price expectation, and said that there were limited comparable transactions of near-complete residential flat buildings . “I am aware of other funds that have completed other towers,” Benson said. “We’re just selling it on an as-is basis. We think that’s the best way to get the best price for it, and get out of it as quickly and thoroughly as we can.” Benson said that Credit Connect had completed another Bathla project, and that banks had been willing to back the pre-sales there into settlement. However, that complete-and-sell strategy would not be pursued for the site at 1086 Richmond Road. ▲ Cattle pastures at Marsden Park are being redeveloped for residential and industrial use. “We just want to exit it as quickly as possible,” Benson said. A “significant” dataset including the QS report will be available to “qualified buyers” only, with two serious offers received within days of the campaign opening. “I say this respectfully. We’ve been approached by international hedge funds, international banks, family offices overseas,” Benson said “So there’s been a lot of interest … we really just want to deal with genuine parties on it.” Expressions of interest are being sought by Bradfield International Real Estate’s Nick Estephan and Thomas Mosca by November 26. Pre-sales contracts attached According to the campaign, 43 of the apartments have pre-sales attached, with $28.56 million in those contracts. The Urban Developer understands that the bulk of the contract values are yet to settle, but that deposits have been received. Separately, a number of apartments in the Bathla project are listed by residential agents in the area. The Urban Developer understands that Bathla held an open agency agreement on the project. Some of those listings may have pre-dated Bathla’s administration process, have since expired, and have not been removed from portals or agency websites. The Urban Developer has spoken to a number of local agents. ▲ Works at the project are nearing completion, with build quality reportedly good. An agent marketing an apartment in the project told The Urban Developer that “this one is a bit grey”. “The owner bought it from Bathla, but they haven’t got a position yet. They couldn’t settle it,” the agent said. “So now they’re not sure what they’re going to do. They’re trying to get their deposit back. They’re trying to basically withdraw. “But we are struggling with the price. We’re not able to achieve the price that they paid. “So we’re just holding right here. We’ve already started the marketing, but we just don’t know where we are [with contract settlement] to be honest.” CCG chief executive Benson said that the pre-sale contracts sit with the originating solicitor engaged by Bathla. The Urban Developer understands that that solicitor holds the deposits on those contracts, and is the current counterparty to settlement of those contracts on behalf of Bathla under the administration process. CCG as mortgagee in possession has not issued orders to alter that arrangement. ▲ The project is being campaigned in one line for lots 5, 9 and 11 and the structures on them. “I haven’t really investigated if the buyers have the ability [to exit contracts],” Benson said. “I’ve been sitting on this thing for six or eight weeks. And I certainly haven’t had a flood of buyers coming to me and saying ‘Hey, we want to get out’. “We haven’t received anything in terms of people complaining, or wanting to rescind contracts. “We’ve had communications directly with some buyers and it’s to the opposite. They just want to settle and get out of renting. “The majority of buyers that have bought there, from our investigations, will be owner-occupiers … so we haven’t had anything but encouragement, trying to get this thing finished so they can, obviously, settle their purchases.” Build quality reportedly ‘improved’ An agent told The Urban Developer that they were not aware that the project was being campaigned as a development opportunity, but that the construction work was “very, very close to finalising”. The agent said that they had been inside the structure recently. “I would say there’s not even a month left of work,” the agent said. The build quality was “not bad, you know”, according to the agent. “It’s good. [Bathla] had improved. They were known for the not-really-good quality stuff, but I think they actually had improved a lot.” "Ninety-five per cent of the work is done. It’s just a final-touch issue." Benson said that his team had inspected the build, “and gone through with certifiers and engineers”. “And everyone has said that the quality of the work is quite high.” ▲ A Tallawong to St Marys Metro extension would service the Marsden Park Growth Area. However, the lack of train or Metro infrastructure in the area could prove a drag on sales or securing development finance, according to a local agent. That agent cited nearby development sites that had transacted and received approvals as long as eight years prior, but which had yet to break ground. “The thing is that we were expecting that the [Metro] station will come soon, right? “And it never happened. So obviously, those apartments, people don't really see value. "So I think it’s not going to be easy to sell. It's going to be difficult, because it just doesn’t make sense for people to buy apartments in that particular location. “I mean, financially, [development in the area] doesn’t make any sense. There’s no train station there yet. I think that’s what’s holding everything back.” The project is adjacent to the 737ha Echo Vale cattle farm , where owners are hoping to pick up $700 million for their own, unrelated landholdings. Meanwhile, a $720-million upgrade to Richmond Road began works in February 2026, aimed at improving traffic times in the area as residential and industrial development picks up.

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Patrick Lau
Thu 29 Oct 26

Lender Pursues Quick Exit on Almost-Complete Bathla Project

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