Argyle Gardens.
Argyle Gardens. Scottie Simmonds

Argyle Gardens to be sold

THE future of retirement village Argyle Gardens is uncertain after owners Prime Retirement and Aged Care Property Trust (Prime Trust) was placed in receivership late last week.

But residents have been assured nothing will change with the day-to-day running of the centre which is handled by a separate company, Lend Lease Prime Life.

“At the moment we are focused on making sure the residents are looked after in the same manner and standard they have been previously,” Lend Lease Prime Life spokesperson Iwona Polski said.

Finance firm Ernst & Young was appointed as receiver for the property by Suncorp.

Partner Justin Walsh said while nothing would change in the short term, Argyle Gardens would be sold.

“I don't know the answer as to when just yet,” he said.

“It could be something which is done in the short term but it might not be until 2011 until something happens.”

“I can say that there's certainly an interest in the property from a few different entities.”

Prime Trust chairman Michael Wooldridge said in a statement released on Friday that the company was “extremely disappointed” they had been placed into receivership.

“The board was expecting to receive an offer that would have resulted in a return to all creditors, including unit holders. The actions of Suncorp have severely prejudiced that,” he said.

“There were two serious parties interested in a price range well in excess of secured debt and we were working towards entering into a transaction to achieve that outcome.”

In the statement Dr Wooldridge said they were expecting to appoint PricewaterhouseCoopers as administrators yesterday.

The NewsMail attempted to call Prime Trust yesterday but the number we were told to call only had a message saying it was “not receiving incoming calls”.

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