Sydney's newly redeveloped Top Ryde Shopping Centre has been placed in administration.
The centre, owned by retail developer John Beville has apparently defaulted on loan repayments and a sydicate of four banks foreclosed on the property on Wednesday.
The redevelopment had its official opening in August last year following a staged opening, a period through which retailers had struggled to make ends meet. Inside Retailing believes that many retailers within the centre were receiving reduced rents in order to make up for shortfalls in customer numbers.
According to receivers McGrathNicol, Beville owes around $700 million to lenders for the project.
The centre is anchored by Woolworths, Aldi and Franklins supermarkets, Big W, Myer and around 250 specialty stores.
Operation of the centre continues uninterrupted with new centre managers. THe most likely outcome for the centre will its sale to another retail property owner.

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