Alex Perry may have postpone his slight move away from fashion and into interior design, as investment bank Investec Australia has taken over a Sydney building site formerly owned by Ashington.
The fashion designer created the interiors for the planned Potts Points apartments and was due to fit them out. Investec will develop the site itself after it rejected offers to prospective buyers for $17m.
The bank will build a residential complex with smaller apartments instead of the glitzy10-apartment complex originally planned for the site. Ashington had purchased residential development sites at the peak of the market on behalf of investors, including superannuation funds.
The property investment company collapsed after the global financial crisis and lost control of its funds to Parissen Capital, a group linked to Melbourne businessman Sam Alter and Kevin McCabe’s Scarborough Pacific.