An investment company has sued the developers of One Richardson for alleged loss and damage, two years after the parties settled a court dispute over the $80 million project.
An investment company has sued the developers of One Richardson for alleged loss and damage, two years after the parties settled a court dispute over the $80 million project.
Singapore-based Cresco Investments has lodged a writ in the District Court of Western Australia, naming Devwest Group directors Damon Ferguson and Chad Ferguson and founder Antony Hatta as defendants.
In the writ obtained by Business News, Cresco claimed it suffered loss and damage after the defendants failed to transfer ownership of a commercial unit at the One Richardson development in South Perth.
Cresco claimed, in the writ, a loss of of $364,631 or alternatively, damages.
The writ, which was lodged yesterday, marks an update to the ongoing tension between Cresco and Devwest over the $80 million office and apartment complex at the corner of Richardson Street and Melville Parade.
Chad Ferguson has responded to the District Court action.
"We’ve had a very difficult relationship with this particular firm over the years and we are confident it will be resolved in the short term," he told Business News.
"We are looking forward ceasing our relationship with them now that the project has been completed."
In early 2021, Cresco sued Damon, Chad, and Mr Hatt in the Supreme Court of Western Australia, claiming the trio failed to pay about $1.02 million.
Cresco was Devwest’s funding partner for the One Richardson project.
The parties settled the matter after Cresco withdrew its demands and discontinued its Supreme Court action in April 2022.
According to the District Court writ, the parties entered a deed whereby the defendants agreed to pay Cresco in instalments, and to transfer the title of a commercial unit at the Richardson Street project after the development reached practical completion.
Cresco alleged, in the writ, that the defendants failed or refused to transfer the unit even after practical completion occurred in December 2024.
In the writ, Cresco said it issued a notice of demand, informing the defendants that it has rejected the unit and instead sought an amount owed to it under the terms of the settlement deed.
The defendants made payments in instalments after Cresco’s notice of demand and acknowledged that they owed a sum, according to the writ.
However, Cresco alleged the defendants continued to be in default of the settlement deed despite the payments.
The construction of One Richardson project was marred with issues since Devwest received approval to build the apartment complex in 2013.
Construction started in 2014 but only lasted six months after market conditions brought the project to a halt in 2015.
In 2018, Devwest settled a long-running commercial dispute with another Singaporean funding partner Sincap Group.
