Beaumont Investments

[natmarie73]

Hi all,

I am wondering if anyone out there knows anything about a mob called Beaumont Investments. They are currently offering no deposit finance thru St George Bank for a new development in Gladstone QLD. I remember a year or so ago that St George got caught doing naughty things in a property development out at Minden QLD (ie providing finance on overvalued house and land packages) and I was wondering if this could be a similar scam.

I have done a thorough search on the web but have not come up with anything as yet. I may be jumping to conclusions, but I guess mud tends to stick.

Any leads or info would be appreciated.

Thanks

Nat.

 

[Sunstone]

Dear Natmarie,

Quick search shows that there are two companies with exactly the same names but different ACN numbers. Very unusual. ASIC does not approve two different names of the same company so I am puzzled as to why this has taken place.

Having said that why the interest in Beaumont? Are you looking to buy from them?

Also another couples of links with some info:
http://www.sustainablegladstone.com/indicators/app5_stakeholders.pdf (Beaumont Investments are a supporter in the list)

http://www.whs.qld.gov.au/safetyzone/szoneaug00.pdf
(Beaumont Investments page 11 -fined $7,500 by workplace health and safety with $4,282 in costs after a six year old boy suffered severe burns to his feet when he stepped on smoldering ashes at a development site.)

Cheers,

Sunstone.

Extracted from ASIC's database at 22:02:13 on 17/03/2003
Name BEAUMONT INVESTMENTS PTY. LTD. (First one)
ACN 010 100 357

Type Australian Proprietary Company, Limited By Shares
Registration Date 12/10/1979
Status Registered
Locality of Registered Office Clinton QLD 4680

Jurisdiction Australian Securities & Investments Commission
Previous State QLD
Previous Number 79B04176J

These are the documents most recently received by ASIC from this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Received Number Pages Description
24/09/2002 0E7690715 3 316L (AR 2002) Annual Return - Proprietary Company

06/09/2002 018064385 1 312C Notification of Release of Property

26/03/2002 018055026 1 312C Notification of Release of Property

29/01/2002 017970982 1 312C Notification of Release of Property

11/10/2001 016767794 3 316L (AR 2001) Annual Return - Proprietary Company

08/11/2000 0E5032649 3 316L (AR 2000) Annual Return - Proprietary Company

24/07/2000 016537614 1 312C Notification of Release of Property

07/07/2000 0E4593626 1 304C Notification of Change of Name or Address of Officeholder

29/06/2000 0E4571080 1 304A Notification of Change to Officeholders of Australian Company

17/01/2000 015886233 1 312C Notification of Release of Property

05/11/1999 0E3661213 3 316L (AR 1999) Annual Return - Proprietary Company

27/10/1999 015883096 1 312C Notification of Release of Property

27/10/1999 015883095 1 312C Notification of Release of Property

27/07/1999 015232507 1 312C Notification of Release of Property

03/03/1999 014794118 1 312C Notification of Release of Property

25/02/1999 014786867 1 312C Notification of Release of Property

31/07/1998 0E2155252 4 316L (AR 1998) Annual Return - Proprietary Company

09/02/1998 013275795 1 312C Notification of Release of Property

09/12/1997 0E1594363 4 316L (AR 1997) Annual Return - Proprietary Company

03/10/1997 013587216 1 312C Notification of Release of Property

19/06/1997 012564013 1 304A Notification of Change to Officeholders of Australian Company

03/06/1997 010992806 1 312C Notification of Release of Property

06/01/1997 011961649 1 312C Notification of Release of Property

10/12/1996 012042019 1 902 Supplementary Document

25/11/1996 0E0750154 5 316 (AR 1996) Annual Return Change of Name or Address of Officeholder

316L Annual Return - Proprietary Company
27/08/1996 011174698 1 312C Notification of Release of Property

06/11/1995 010115328 1 312C Notification of Release of Property

04/09/1995 01010035F 5 316L (AR 1995) Annual Return

20/06/1995 009376062 2 304A Notification of Change to Officeholders of Australian Company

24/05/1995 009222395 1 203A Notification of Change of Address

22/11/1994 008010876 1 312C Notification of Release of Property

08/11/1994 01010035E 5 316L (AR 1994) Annual Return

04/08/1994 007749647 1 312C Notification of Release of Property

28/10/1993 005665387 Not Imaged 312C Notification of Release of Property


Name BEAUMONT INVESTMENTS PTY. LTD. (Second one)
ACN 006 991 822

Type Australian Proprietary Company, Limited By Shares
Registration Date 02/06/1988
Status Registered
Locality of Registered Office Heidelberg VIC 3084
Jurisdiction Australian Securities & Investments Commission

Previous State VIC
Previous Number C0300679E

These are the documents most recently received by ASIC from this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Received Number Pages Description
20/01/2003 00699182M Not Imaged 316L (AR 2002) Annual Return - Proprietary Company

14/01/2002 00699182L 3 316L (AR 2001) Annual Return - Proprietary Company

16/02/2001 017104951 1 203 Notification of Change of Address

203G Change of Address - Principal Place of Business
03/01/2001 00699182K 3 316L (AR 2000) Annual Return - Proprietary Company

30/12/1999 00699182J 3 316L (AR 1999) Annual Return - Proprietary Company

25/01/1999 00699182I 3 316L (AR 1998) Annual Return - Proprietary Company

23/12/1997 00699182H 4 316L (AR 1997) Annual Return - Proprietary Company

03/12/1996 00699182G 4 316L (AR 1996) Annual Return - Proprietary Company

12/02/1996 010387168 2 304C Notification of Change of Name or Address of Officeholder

12/02/1996 010387169 2 304C Notification of Change of Name or Address of Officeholder

12/01/1996 00699182F 4 316L (AR 1995) Annual Return - Proprietary Company

17/01/1995 00699182E 4 316L (AR 1994) Annual Return

17/01/1994 00699182D 4 316 (AR 1993) Annual Return Change of Registered Office Address

316L Annual Return
01/06/1993 004654286 2 304A Notification of Change to Officeholders of Australian Company

01/06/1993 006089369 1 203A Notification of Change of Address

28/01/1993 00699182C 4 316L (AR 1992) Annual Return

21/12/1992 003660629 2 304A Notification of Change to Officeholders of Australian Company

04/06/1992 00699182B 4 316 (AR 1991) Annual Return Corrections

316L Annual Return
30/01/1992 000928294 2 304A Notification of Change to Officeholders of Australian Company

21/06/1991 001370563 3 207B Notification of Allotment of Shares Regarding Subsequent Allotment

21/06/1991 001370562 2 304A Notification of Change to Officeholders of Australian Company

30/01/1991 000557221 2 203A Notification of Change of Address

01/01/1991 0699182A 4 316 (AR 1990) Annual Return Annual Return

316E Corrections

 

[natmarie73]

Thanks Sunstone,

Beaumont Investments are currently selling house and land packages in Gladstone for around $200000 with a guaranteed lease available to investors of $300 to $350 a week rental.

Seems OK on paper but I have some suspicions...

Nat.

 

[Ross Sneddon]

Hi Nat

Remember the old adage. "If in doubt, keep out".

Do your searches and satisfy yourself before acting but if you can't feel quite comfortable then don't proceed.

Sunstone has provided some excellent research on the two companies with similar names, so I don't need to comment further.

There has been quite a lot of newspaper comment lately, mostly in QLD newspapers, reporting on matters before the Courts where it is alleged that some banks knew about valuations coming in much lower than the sale price and these bank failed to pass this information on to the client.

Now these matters are before the Courts at the present so we should all be cautious. I don't not know if St George is involved or not. Lawyers seem to be arguing both ways of course, one saying the bank in question should inform clients of the valuation, the other saying that banks aren't obligated to do so.

Whatever the Court outcome, the alleged events occured in the past and I feel any bank, including the St George Bank, would be aware of the court matters and would be very cautious about doing anything "naughty" as you put it, now or in the future.

If the proposal to you is that the vendor, or a Bank or an agent or someone else is paying the deposit for you, then that matter must be clearly declared in writing on your contract.

Lets be realistic, if some one else is paying the contract deposit for you, say the vendor, then in reality the price has been increased to cover the shortfall which means YOU are really paying the deposit. There are no free lunches.

Or have you been told that you don't have to pay a deposit or is it that you don't have to pay a fee with the lodgement of the application for finance? If it is for bank fees, this is OK as bank fees are often paid later at the time of settlement or less often the fee is included in the overall cost of the finance. Once again, you pay in the end.

Regards

Ross

 

[Jamie]

Hi Nat,

Can you arrange your own independent valuation?

Jamie

 

[Ross Sneddon]

Good one Jamie

You should always obtain an independant valuation preferably paid for and provided in writing from a registered valuer.

Also check:
Real Estate assessment from a local RE Agent
Look in REA's windows
Talk with the agents. Look at recent sales
Read the local newspapers
Search the web
Drive around and compare for yourself
All these things

Good one Jamie

Regards

Ross

 

[natmarie73]

Thanks guys - I have done all these things and the valuation seems consistent for the area. The house is not built yet though and is a house and land package - I think the completed houses are selling for more than the advertised package price.

Maybe I am just suspicious that no deposit finance can only be arranged through St George Bank as they were involved in the scams that Ross mentioned above (apparently they are pleading not guilty or something?) Of course I can arrange my own finance but I do like the thought of no deposit with a different lender than my current one - no equity needed!

A few houses have been advertised available for rent on the intranet as well through reputable re agencies for the price quoted in the package. I will definately check it out more thoroughly before making any further committment.

Nat.

 

[agent007]

natmarie73,

Gladstone has experimented a big property growth for the past year and half or so. This is because there is a lot of investment in the construction and/or expansion of the current QAL refinery and others factories. There is a lot of contractors (thousands of them) that have been brought to the place for these constructions (this explains currently property boom). At the end of the project, -a couple of years or so-, they will leave. It is my understanding that at the end of the project there will remain only a couple of hundreds of them (required for the running of the refinery). In other words, there will be a lot of property for sale and/or rent and to choose from (as it was a couple of years ago). So the time to buy was 2 years ago or in 2 years or so time.
Hope this is of help.
Regards, James.

 

[agent007]

Just some corrections:

The company that is building the refinery is Comalco. The 1st phase of the project should last 18 month and the 2nd phase has just been approved. Comalco is leasing properties with contracts for 2 years.
Regards, James

 

[natmarie73]

Another project has just been given the go-ahead - Aldoga. don't think it has been made public yet but the news is all around town, not sure what it is either but it involves building yet another refinery. Predictions are that the accommodation shortage will last for another 2 to 3 years as there are not enough builders to keep up with demand. Of course, this could just be gossip.

Nat.

 

[natmarie73]

P.S - to highlight the boom and bust nature of Gladstone, when my parents moved there in the mid 70's they could not afford to buy a house there despite selling their house in sydney. Houses were more expensive in Gladstone than Western Sydney at the time.

Food for thought.

 

[Ross Sneddon]

Hi Nat

Why does anyone, this bank, the vendor or whoever, want to pay your deposit. Bluntly, what do they see they get in return? Most banks, if not all are not so desperate as to give away money. If the vendor is "paying the deposit" for you then it must be stated in the contract and obviously the price is elevated to cover the shortfall. They are effectively offering 100% finance. There has to be a reason.

No vendor is permitted in law to demand that you use their financier. If the sales person is saying or implying that you must, then he/she is telling porkies. If you want to arrange your own finance and a deposit is then required, you can demand a discount from the vendor for NOT using their financier.

Are sales slow, is it the long term valuations which 007 has raised, will there be a drop in tenants in two years time.

I do not know any of the details other than those raised in this thread but I would be looking hard at the deal.

Regards

Ross