The popular Peeches Coffee Lounge, run by 19-year-olds Ben Ellevsen and his girlfriend Schapelle Nuumaalii, will continue trading as normal under new Griffith Central management. Photos: Oliver Jacques.
After years of legal battles and uncertainty over its future, Griffith Central will remain open and trade as normal under a new management team promising a “bright future” for the town’s largest retail hub.
According to newly appointed managers First Asset Management, investment and lending company GEMI 169 Pty Ltd has taken ownership of Griffith Central as mortgagee in possession following a long-running Supreme Court loan dispute involving previous owner and Griffith businessman Frank Violi.
The legal battle centred on disputed loans and mortgages allegedly secured against Griffith Central and other property interests. GEMI argued the loans were valid and enforceable, while Mr Violi maintained he was the victim of fraud and did not knowingly authorise the loan documents or mortgages. Last year, the NSW Supreme Court ruled in GEMI’s favour, finding the lender was entitled to enforce its mortgages. An appeal lodged by Mr Violi and an associated entity was declined by the NSW Court of Appeal last week.
In simple terms, mortgagee in possession means a lender steps in to take control and manage a property under its mortgage rights following a court ruling or loan default.
First Asset Management is a Brisbane-based operation that runs retail, commercial and industrial properties across Australia. Its managing director Angelo Efstathis said his company had been appointed by GEMI 169 Pty Ltd to run Griffith Central.
“My focus is to improve the operations, to have it run efficiently as a shopping centre and come up with a new marketing and leasing strategy to improve the door count and attract new tenants to fill the vacancies, as well as consolidate arrangements with the exisiting tenants,” he told Region.
“We manage 160 shopping centres across Australia; we are specialists in this area.”
The new managers have made their mark at the mall.
Mr Efstathis said there were no plans to sell or repurpose the building and he hoped to undertake some upgrades in the near future.
“They’re [GEMI 169] taking a long-term view on the asset and can see the potential in it,” he said.
“We don’t have the noise of receivership and can run it as a shopping centre. We know there’s a 100 per cent commitment behind it. I think it has a bright future.”
During the court proceedings, Griffith Central was placed under external administration under the control of Sydney-based insolvency specialist Andre Lakomy, who has now relinquished that role.
The mall houses popular cafes Amanti and Peeches Coffee Longue, as well as a food court, chemist, beauty shop, hairdresser, massage therapists, Target and other retail and clothing stores.
First Asset Management has retained longstanding onsite retail manager Larissa Panazzolo.
“She has done a sensational job over the past two years with some restraints on her and I’ll be excited to see what she does under our model,” Mr Efstathis said.
Ms Panazzolo said the transition had been positive, and she has a continued focus on supporting retailers and maintaining a welcoming environment for shoppers.
“Griffith Central is very much part of the daily routine for many locals,” she said.
“Our priority is ensuring the centre continues to operate reliably for both our retailers and the community, while also looking ahead to what’s next.”
Griffith Central opened in 2007. It was owned by Melbourne-based Israeli-Australian investors for its first 12 years of operation. Mr Violi purchased the centre in 2019 and consistently maintained throughout the proceedings that he believed the mortgages were fraudulent and continued to contest those claims through the courts.
