Sydney’s booming property market has seen developers pay up to $8 million in fees to the government for a property development company to build and lease the properties they’re developing.
Butler Property Development Group (BPDG) has just one property to show for its $8.3 million (AU$9.8 million) investment.BPDg is an Australian property development firm based in Brisbane.
It has been running a leasing operation for about 10 years, and in that time, it has spent $7.8m on properties.
The firm’s leasing portfolio has included properties in the Central West, North Coast, and North East.
It also owns a property in Sydney’s CBD, the North Shore, and has built the Sydney Town Centre, which is currently undergoing construction.
Butlers managing director Paul Butler said BPDg’s property portfolio was very different to other leasing firms in Sydney.
He said the company had worked with some of the top developers in the industry, and that their experience in the market was not just good, but highly regarded.”BPD is a unique company because we are in a very unique industry,” he said.
“We have an extremely high level of experience, our customers are highly regarded by the industry and we are very confident in our services.”
Mr Butler said he wanted to be careful about making comparisons between the BPDG lease and other leasing companies, but that he had never heard of the company before.
“It was a really big mistake.
I don’t know where this money came from, and I can’t understand how we got into this situation,” he told ABC Radio Sydney.”
I’ve heard of a couple of other companies and they’ve all got their own reasons, but BPD is not one of those.”
And that’s why we’ve got to be very careful because you can’t compare the two.
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