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NewQuay fees dispute settled

05 Jun 2014

NewQuay fees dispute settled Image

The long-running dispute between NewQuay traders and MAB Corporation over alleged excessive precinct management fees was settled last month.

The case was scheduled for hearing at VCAT on July 14 but the parties settled the matter privately.

The traders’ lawyer, Frank Guastelegname, told Docklands News the parties were pleased that the matter had been resolved.

Confidentiality clauses agreed to under the terms of the settlement prevented him from speaking further.

Docklands News understands that the parties agreed not to pursue claims against each other and each would handle their own costs.

The traders originally launched the action against MAB (as Metro Real Estate) in 2011, claiming they had received little value from the millions of dollars levied from them in precinct management fees.

NewQuay retail owners signed up for 10 years of precinct management fees and promotional levies when they purchased their properties.

The traders’ involved in the VCAT action had sought a refund of these fees, which they believed had been misspent and for their contracts to be revoked.

It has previously been estimated that the combined claim of the owners could top
$5 million.

The traders contracts were also cancelled ahead of the settlement, with MAB giving up on precinct management fees in last year after a number of owners stopped paying their levies.

The business contracted to manage the precinct, Jones Lang La Salle ceased operation on September 30.

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