Raptis Properties take failed $58.6 million property sale in Adelaide to court

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The sale of the Raptis family’s 63 Pirie St property in the Adelaide CBD has gone to court, The Australian has reported.

Raptis Properties has taken the case to court as the buyer, Capital Property Funds (CPF), appear to have pulled out of a $58.6 million purchase at the last minute.

The property company is now seeking to enforce the deal, claiming to be owed the sale amount plus costs.

In a statement of claim filed with the Supreme Court in Adelaide, Raptis alleged One Managed Investment – a CPF vehicle – pulled out of the sale at the last minute.

The sale was said to be agreed for the property on November 25 with a $1.1 million deposit paid at the time. Raptis Properties claimed that by December 7, the Sydney-based CPF had obtained finance.

The property.

“On 7 December, 2022, the lawyer for the respondent wrote… advising that… special condition 30 of the contract… had been satisfied by the respondents having obtained a loan for the purpose of it completing the acquisition of the property pursuant to the contract,” the statement of claim said.

“As a consequence… the respondent’s obligation pursuant to the contract… were unconditional.”

According to The Australian, the settlement was due on February 24 but due to issues with their bank at the time, Raptis Properties rescheduled the settlement for February 27. On that day, Raptis Properties was informed “the applicant… could not complete the contract at all on its current terms.”

Raptis said the contract was not honoured and the property is yet to be sold. They said CPF is now in breach of its contract and are claiming “loss and damage.”

CPF is yet to file a defence in the matter.

Source: The advertiser

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