Pialligo Estate owner John Russell has extensive property interests

Liquidators have submitted a report about the collapse of Pialligo Estate Operations to the Australian Securities and Investments Commission.

ASIC documents and title searches reveal the embattled Pialligo director John Anthony Russell holds a considerable amount of property in Canberra.

Mr Russell sold his Braddon home for $2.35 million in late August.

He may have assets not mentioned in this article.

Mr Russell and his wife Melissa have a 50 per cent financial stake in 18 Kallaroo Road Pialligo, which is being sold for an estimated $30 million.

But Mr Russell's personal assets, including commercial interests, cannot be liquidated for creditors without action by ASIC resulting in him being found personally liable in some way for the debts of the company.

Liquidators RSM Australia said in a report to creditors it believes "further and additional investigations are required" into the collapse but that they had insufficient funds to "satisfactorily progress ... investigations".

John Russell owns a third of 150 Northbourne Avenue, Braddon, which houses Canberra Rex Hotel and rooftop bar The Howling Moon.

The one-hectare block was sold in 2006 for $14.39 million, according to AllHomes.

Ownership is split evenly between Mr Russell and Canberra developers Wayne Gregory and Tom Trevillian, ASIC documents and a title search show.

Mr Gregory and Mr Trevillian are co-founders of Canberra Sand and Gravel. There is no suggestion they have had any involvement with Pialligo Estate Operations.

Mr Russell also has a third share in a Dickson office building slated for a built-to-rent development.

Located at 496 Northbourne Avenue, on the corner of Antill Street, it sold for $11 million in 2006, according to AllHomes.

It has only been owned by Mr Russell and his business partners, Mr Gregory and Mr Trevillian, since 2015, a title search shows.

The ACT Planning Authority granted the businessmen conditional approval to develop the building into 435 build-to-rent apartments, The Canberra Times reported in July 2022.

"The end value of the project is understood to be in excess of $200 million," the article stated.

They were reportedly trying to sell the land at the time, but the property never passed hands.

Ray White Commercial Canberra is advertising the bottom floors of the four-storey office building for a short-term lease.

Mr Russell owns a third of a building and car park at 44-46 Mort Street, Braddon.

The ACT Planning Authority has approved the lots to be developed as student accommodation, The Canberra Times previously reported.

Mr Russell, Mr Gregory and Mr Trevillian were seeking a buyer in July 2022, and a commercial real estate agent advertised the land for sale in March this year on LinkedIn.

The agent also advertised the Dickson build-to-rent project at the same time, suggesting the two could be purchased as a pair.

The Canberra Times reported that the Braddon redevelopment would cost $24 million and include six storeys, a ground-level retail space and a 73-car basement parking lot.

A title search shows ownership transferring in October 2006, but 46 Mort Street is listed by realestate.com.au as selling for $8.25 million in July 2005.

Mr Russell owns land in Pialligo, where multiple businesses under the Pialligo Estate Group operated.

Lot 4 of Kallaroo Road, Pialligo, is expected to be sold for $30 million, a Savills real estate agent previously told The Canberra Times.

It is listed on the Savills' website as being under offer.

As was the case with Mr Russell's personal home, the ACT Revenue Office has first dibs on the sale proceeds, a title search shows.

Mr Russell also owns nearly three quarters of a 5.2 hectare parcel at 20 Kallaroo Road, Pialligo, purchased in 2011.

This land has a charge in favour of Commissioner of ACT Revenue and both Pialligo parcels have caveats from March.

A caveat is a declared interest in land, according to Access Canberra. Any person or corporation can claim they have an interest in land.

Mr Russell is also reportedly behind well-known Canberra development projects such as the Braddon "hole in the ground", Arte Apartments, and the Astin apartment complex on Northbourne Avenue in Braddon.

The Arte project was victim to the collapse of a building company, Ply ACT, run by Ian Carter. Mr Carter is behind PBS Building, which was taken over by liquidators in March, owing 500 creditors $169 million.

Liquidators have sent a confidential report about the collapse of Pialligo Estate Operations to ASIC.

This is required if a company may be unable to pay creditors more than 50 cents in the dollar, there has potentially been alleged misconduct or for statistical purposes.

READ MORE:

The liquidators said ASIC had not responded to the report. ASIC would not comment on the case.

In 2021-22, ASIC commenced 107 investigations, leading to 37 cases of criminal litigation and the conviction of 33 companies or individuals, the agencies annual report shows.

We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. Find out how to register so you can enjoy civil, friendly and engaging discussions. See our moderation policy here.