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Ryan's empire to be sold off

BUNDABERG properties belonging to failed developer Denis Ryan will be sold next month after being placed in the hands of receivers in July.

The five properties, located on Johanna Boulevard and Stanger Court, are being sold by Sunshine Coast-based marketing agents CB Richard Ellis and Wide Bay Real Estate Bundaberg.

CB Richard Ellis senior negotiator Darrell Innes said two of the land parcels were being negotiated.

“All of the properties will be good investments because they are strategically placed,” he said.

The land on which Sam's Warehouse is built is also up for sale and will go to auction on November 12.

“I think the land would be a very good investment,” Mr Innes said.

“It is very attractive to investors.

“They (Sam's Warehouse) have just renewed their lease for another three years, which will be great for investors.”

Bundaberg councillor Ross Sommerfeld, who knew Mr Ryan when he first invested in Bundaberg 15 years ago, previously said he hoped another developer would invest in the same area.

“Mr Ryan was one of the pioneers who saw the potential in this area,” he said.

“Let's hope someone else with his vision can help keep things moving along.

“The Johanna Boulevard area is one of our little jewels.

“Mr Ryan had been instrumental in getting that area off the ground.”

The collapse of the property arm of Mr Ryan's portfolio came less than a week after his hotel group was placed in receivership.

Corporate recovery company McGrathNicol will sell the land to repay debts to Suncorp and Bankwest.

Wide Bay Real Estate principal Grae Shelton said there had been a great deal of interest since the campaign began, particularly due to the potential for three of the properties, situated at 1 Stanger Court, 3 Stanger Court and 30 Johanna Boulevard, to be bought in one line.

The two Stanger Court properties are on adjoining blocks and could be bought to form a combined land area of 1.4ha.

All five land parcels are expected to be sold by the end of November.



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