2013

  • 2013. 1-12 February. More discussion about costs statements in the Mount Cathay / Lend Lease cases. Two "Notices of Refusal" are issued by the Registrar. See case 1670/12 and case 3506/12.
  • 2013. 17 February. Walton's tops the "Reader Picks" of ugliest buildings in Brisbane [dead link] in a survey in the Sunday Mail.
  • 2013. 26 February. Mount Cathay's application to the High Court of Australia is summarily dismissed. This is reported in the "Queensland Law Reporter" of 8 March 2013 and the case was discussed in an article by David Topp in the "Proctor" of March 2013.
  • 2013. 12 April. Costs statements for the two cases are published - see above links.
  • 2013. 10 May. An application is made for an order for costs in the two cases; refused on 14 May.
  • 2013. 31 May. Terry Sweetman in the Courier-Mail writes "the old ABC site will haunt us like the disgraceful Waltons building in the Valley, a magnet for the sad, the sorry and the downright scary.".
  • 2013. 30 July. A costs assessor is appointed for two of the respondents in the court cases.
  • 2013. 6 August - 16 October. Costs orders are made by the deputy registrar.
  • 2013. 7 November. The Mocs apply to the Supreme Court to have Mount Cathay wound up.
  • 2013. 8 November. A "Notification of Application to Wind Up Company" is lodged with ASIC.
  • 2013. 13 November. Liquidators' consent is obtained in the winding up of Mount Cathay.
  • 2013. December. Various affidavits and applications in the cases 1670/12, 3506/12, and 10544/13. Next hearings on 6 January and 15 January 2014.

2014

  • 2014. 20 January. Final Order for case 10544/13 (insolvency) made.
  • 2014. 6 March. Queensland Civil and Administrative Tribunal refuses the application to stay a decision against Mount Cathay by the Queensland Fire and Rescue Service.
  • 2014. 29 April. ASIC Notification of Dismissal of Application For Winding Up (519C) lodged for Mount Cathay.

2015

  • 2015. 6 January. Expressions of interest for joint project opportunity on realcommercial.com.au etcetera. Timing is similar to the selling of the Wakils' properties in Sydney.
  • 2015. 11 June. Where to now for Waltons eyesore? The Independent writes about an architectural plan for the site noting that Lord Mayor Graham Quirk had not yet provided a response to how defects were being remedied.

2017

  • 2017. 6 July. The latest round of wannabe politicians comment in Brisbane Times in the run-up to the state election (Brisbane Times) ... Rod Bligh and Jamie Forster of the LNP call for compulsory acquisition. Political football game begins again with Grace Grace.
  • 2017. 7 July. Fortitude Valley: the de-gentrification, from high street to struggle street (Brisbane Times).
  • 2017. 1 September. Knight Frank puts the buildings up for sale (Brisbane Times)
  • 2017. 1 September. ABC House Detective (Marianne Taylor) discusses the building and the history of shopping on local radio with Emma Griffiths. A recording of the segment was later posted to YouTube by The House Detective on 30 January 2020.
  • 2017. 2 September. 7 News Brisbane has a "primed for development" segment on Waltons.
  • 2017. 7 November. Decaying real estate article on Domain. "And plans are finally underway to give one of Fortitude Valley’s most run-down precincts a new lease on life, with the historic Walton’s building now up for sale. It’s the first time in 33 years the heritage-listed building has been on the market and hopes are high it will be revitalised by a new owner. Knight Frank’s Christian Sandstrom said a tender had recently closed and the vendors were currently in negotiations. The buildings date back to the early 1900s, when Fortitude Valley grew to become a retail heartland for Brisbane, including institutional Brisbane retailers TC Beirne, McWhirters and Waltons. The buildings could now be transformed into a retail, residential or commercial centre, or a mixed-use development, or linked to an arts facility or theatre."
  • 2017. 13 November. Buyers expected to be known by Christmas (Fairfax)
  • 2017. Dec 2017-Jan 2018. REIQ Journal. "The former Walton’s building at 240 Brunswick Street in Fortitude Valley dates back to the early 1900s and went to market for the first time in 30 years in October 2017. Recognised as one of the Valley’s most significant land holdings, the former Walton’s building has a site area of 3489sqm with frontages to both Wickham and Brunswick Streets plus 598sqm lease area for access behind the property which allows for four street access. The site also features an entry to the Fortitude Valley train station and adjoins the proposed $500 million redevelopment of the Valley Metro Centre. An international EOI campaign with Knight Frank closed at the end of October with the property receiving interest from both local and offshore investors. While mixed use including retail, residential or commercial of the site is allowable most of the interest is in underlying value in the existing building and it is expected a heads of agreement will be signed before the end of the year."

2018

2019

  • 2019. 15 April. Millinium Capital Managers Ltd announces plans to invest in the building. Timetable: signing of transaction documents 1 May, proposed date for unitholder meeting 18 June, Date for fulfilment of conditions 30 June, Completion of contract for sale 20 September.
  • 2019. 5 August. BrisbaneDevelopment.com article confirms Millinium Capital's purchase of the Waltons building in April 2019. Preview of plans released including Torrens University campus along with mixed use, student accommodation and commercial tower.
  • 2019. 30 August. Millinium's Alternatives Fund suspended from ASX under Rule 17.3 "Suspension not at entity's request".
  • 2019. 2 September. The 2019 preliminary financial report for MAX lists $1,150,000 under "Receiveables and other current assets" for "Project Waltons Deposit" as at 30 June 2019 (page 21) - included in the Assets total on page 4 under "Statement of Financial Position".
  • 2019. 1 October. CM: "The deadline for the settlement of the purchase of the historic Waltons building in Fortitude Valley has passed putting any hopes for the start of the long-awaited redevelopment of the site on the back burner. Earlier this year Sydney-based fund manager Millinium Capital Managers announced on the ASX a proposed $180 million project on the site with settlement due September 20. However, a unit holders revolt, legal action by the Millinium Capital controlled Millinium Alternatives Fund against a number of parties and an Australian Securities Exchange investigation into the fund stymied any progress. Millinium representatives were not available for comment. But not all is lost with agents understood to be in “continuous discussion with other parties”."
  • 2019. 10 and 20 December. ASX asks MAX on 10 December many questions including: 6. The Draft Announcement disclosed that there had been “several non-refundable payments” in relation to the Waltons Project. (a) What was the dollar value of these non-refundable payments? (b) By and to whom were they due to be paid? (c) When were they due to be paid? (d) When were they in fact paid? 7.The Draft Announcement also disclosed in relation to the Waltons Project that “an extension fee over and above the contractual terms was agreed”. (a) What was the dollar value of the extension fee? (b) By and to whom was the extension fee due to be paid? (c) When was the extension fee due to be paid? (d) When was the extension fee in fact paid? MAX responds to ASX that "... [they do] not intend to provide any additional information or respond in detail to your letter."

2020

  • 2020. 29 January. Financial Review. Millinium Capital managing director Tom Wallace is making a fresh bid to acquire the historic Waltons department store building complex in Brisbane's Fortitude Valley and turn it into a $200 million education and residential hub.

Last year's plans to acquire the boarded-up site through the Millinium-managed MAX Fund ended when the listed investment company was suspended by the stock exchange at the end of August.

In the new offer through Gibraltar Capital, Mr Wallace offers investors a 10 per cent annual return in the hope of raising up to $30 million of the $50 million needed to buy the classic red brick buildings above the Fortitude Valley train station from long-term owners the Lee family.

  • 2020. 11 February. The NTAV of a MAX unit falls from $2.3648 (31 January) to $1.8156 (7 February) - a 23% drop in one week. (Back to $2.4364 on 25 February 2020 and $2.2947 on 3 March 2020).
  • 2020. 28 February. MAX report to ASX ...

    • 2 (d). Significant judgements. Waltons Development. Millinium Capital Managers Limited, as responsible entity of Millinium's Alternatives Fund (the "Trust"), entered into an implementation deed in respect of a proposed and conditional investment in a mixed use property development project for 240 Brunswick Street and 11 Overells Lane, Fortitude Valley, Brisbane, during the financial year ended 30 June 2019. The Trust's participation in the proposed transaction was subject to a number of conditions which were yet to be finalised as at 30 June 2019, and management had exercised their judgement in determining the proposed transaction was highly likely to occur. Therefore the deposits paid in respect of the acquisition were expected to be recovered as a reduction to the purchase price.

    In the six month period ending 31 December 2019 the agreement has not proceeded due to matters arising from the ASX suspension but management expect that the transaction is highly likely to complete in the coming months, but under a different structure to the original transaction. Management have exercised their judgment and consider that costs incurred to date of $2,650,000 will be recouped in full on completion of the transaction.

    Independent auditor's review report (from RSM Australia Partners - David Talbot)

    We draw your attention to note 2 (d) which describes the uncertainty related to recoverability the costs of $2,650,000 in connection with the property transaction for 240 Brunswick Street and 11 Overells Lane, Fortitude Valley, Brisbane which is contingent on the successful completion of the transaction. Our opinion is not modified in respect of this matter.

  • 2020. 2 September. MAX report to ASX
    Project Waltons deposit listed as $2,650,004 as at 30 June 2020 under "Receivables and other current assets". (page 21) Note that this is the original purchase price in 1984.
  • 2020. 22 December. ASX announcement: MAX NTAV price goes from $1.6717 on 11 December to $1.3390 on 18 December. A 20% drop in one week.