A penthouse is an apartment on the top floor of a building.
It seems self-evident doesn’t it?
That’s why we have the Aussie saying from the penthouse to the shithouse. It means from the gutter to the top, and everyone knows it.
Why then are the Brisbane Racing Club and its ‘joint venture partner’ Mirvac offering a penthouse on Level 7 of the Stage 1 Ascot Green apartment building, and another on Level 9 of the same tower?
How does one have a top-level apartment on 2 stories separated by another?
Because it’s bullshit, that’s why.
Level 7 is not a penthouse. It is an apartment 2 levels down from one of the real penthouses, which are located on Level 9.
Notice that I said ‘are’ not ‘is’.
Usually the penthouse apartment takes up the whole top floor of a building.
Not here though.
Your penthouse on the 9th floor is just one of many of the 91 apartments that have been on sale in stage 1 of the proposed 8 tower development at Eagle Farm.
There is a slight problem however.
The first stage of the development that has been selling for almost 2 years features 219 units in twin towers named Ascot House and Tulloch House.
Ascot House is nine stories high and has the 91 apartments,
Tulloch House is 12 stories high and houses the other 128.
Not one unit has been sold in Tulloch House.
Nil. Zip. Nada.
Only 85 of the 91 units in Ascot House have been sold, or so they say, but that figure isn’t real either because a number of the units have been hocked off the plan to BRC Directors or Managers on a ‘buy now, pay later’ basis, with the plan (plot or scheme) being that the apartments will be grabbed now and sold later at an inflated cost.
There is a huge problem however.
The arse has fallen out of the Vegas property market.
Mirvac and the BRC can’t even sell the units in the first block, let alone those in the 2nd tower at Tulloch House.
That’s actually more than a huge problem, it’s a goddamn catastrophe, for the BRC ‘Master Plan’ relies on 1000 units in 8 towers being sold.
If you can’t sell 91 units in 2 years, you aren’t going to be able to sell 1000 in a hurry are you?
In fact the other 800 odd in the other 6 towers aren’t even going to be built unless the 219 in the first 2 sell. And the BRC have only sold 85, and that’s a made up number.
They are fucked sportsfans.
The Master Plan is a Master Blast.
The BRC Directors have hocked the club and all its land to Mirvac on the premise that they are going to sell the whole 1000 units, and all the projections and financial plans are based on that number, but it isn’t going to happen and it can’t.
Mirvac has a charge – essentially a mortgage – over the whole two racecourses.
If 900 units can’t be sold in the next 3 years the club is rooted.
They haven’t even been able to sell a tenth of that in 2 years.
Bye bye Eagle Farm, it was nice to know you.
I’ve been trying to tell you this for a year now.
Nifty Nev and Little Dickie are con men.
Real Estate agent spivs.
They don’t give a fuck about racing and they don’t give a fuck about you.
You have about 5 minutes to act to stop this scam or we’re rooted.
This is the truth.
Herein endeth the lesson.
Over to you members.
What ya gunna do?