The developers behind South Perth’s One Richardson development have settled a legal dispute with Singaporean funding partners Cresco Investments.
Cresco pursued Devwest Group directors Damon and Chad Ferguson and Devwest founder Tony Hatt for $1,015,785.33 earlier this year, over a capital agreement between the parties.
A writ was lodged in the Supreme Court over the agreement made in January 2021 between Cresco, Devwest Group and Richardson 1, the entity behind the South Perth project.
This was followed by a supplemental agreement in June of that year, whereby the three Devwest parties named personally guaranteed Richardson 1 and Devwest’s obligation to repay Cresco.
As the writ was lodged, Cresco Investments’ lawyer Bennett + Co managing principal Nathan Ebbs described the case as a “debt recovery matter”.
Devwest director Chad Ferguson told Business News today the matter had settled out of court.
“Common sense prevailed as expected,” Mr Ferguson said.
“Construction is progressing well and we look forward to delivering an outstanding project.”
Mr Ferguson said he expected construction to be complete by early 2024, with EMCO appointed as builders.
Devwest partnered with Primewest-backed Centuria Bass to fund the project earlier this year.
Devwest received approval in 2013 to build the $85 million office and apartment complex at the corner of Richardson Street and Melville Parade in South Perth.
Construction on the project started in 2014, but market conditions brought the development to a halt in 2015, after six months of construction activity.
National commercial building giant Probuild, which recently entered administration, was initially assigned to build the development.
