{"id":69626,"date":"2026-08-11T11:43:07","date_gmt":"2026-08-11T11:43:07","guid":{"rendered":"https:\/\/www.europesays.com\/australia\/69626\/"},"modified":"2026-08-11T11:43:07","modified_gmt":"2026-08-11T11:43:07","slug":"bathla-group-sells-bella-vista-land-as-3-5bn-debt-crisis-deepens","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/australia\/69626\/","title":{"rendered":"Bathla Group sells Bella Vista land as $3.5bn debt crisis deepens"},"content":{"rendered":"

The beleaguered Bathla Group is liquidating some of its land in response to pressure from lenders to realise some cash, despite depressed property market conditions. <\/p>\n

A campaign to sell an 11,750 square metre site in Sydney\u2019s Western suburbs calls time on the developer\u2019s expansion strategy, where it snapped up blocks across the growth belt for apartments and town houses.<\/p>\n

Bathla Group is seeking to sell a block in Bella Vista acquired in October 2021 for $15.7m. <\/p>\n

But despite holding the land for nearly five years and securing approvals for 109 apartments across three buildings on the irregular shaped site that abuts a creek, Bathla Group will likely dust millions on the deal, such is the state of the land market in Western Sydney. <\/p>\n

Documents seen by The Australian show Bathla Group was hunting new finance for the land last year, touting its prospects to a number of lenders. It wanted a loan of almost $17m.<\/p>\n

Bathla Group told its lenders this loan would represent 75 per cent of the value of the Bella Vista site, implying $22.7m. The land at Balmoral Road was previously owned by Dyldam, the failed Sydney property developer run by Joe Khattar and Sam Fayad. Dyldam collapsed owing $1.8bn. Bathla Group owes lenders at least $3.5bn.<\/p>\n

Bathla Group has separately taken over a former Dyldam site in Pendle Hill, previously home to a Bonds factory. Dyldam had planned up to 1500 apartments for the site. <\/p>\n

In the end, private credit player Wingate backed the Balmoral Road, Bella Vista deal, one of at least two facilities extended to the Bathla Group. But that facility will come due within months, with Bathla Group facing the prospect of a sale or new funding. <\/p>\n

Wingate\u2019s biggest exposure was previously Bathla Group\u2019s Kellyville site at 1A Hillview Road, which the developer told its backers was worth $91.8m. Wingate said this site was divested in March, however documents continue to show that the private lender has lodged security against the Bathla Group company controlling the site.<\/p>\n

For weeks, Bathla Group\u2019s lenders have been funding its partially built projects, bankrolling staff and suppliers after some walked off the job amid anger over payments drying up. <\/p>\n

But documents seen by The Australian show several lenders to Bathla Group are themselves facing a squeeze, with many loans extended to the developer fully drawn. <\/p>\n

Wingate had lent Bathla Group $81.8m, with the developer already pulling down $80.1m as of a few weeks ago. <\/p>\n

A spokesman for Wingate Andy Ridings told The Australian he took issue with reports of details of Wingate\u2019s exposure to the Bathla Group. <\/p>\n

He said there were \u201cinaccurate statements of fact\u201d warning they would \u201cmislead readers and cause unnecessary concern for investors and other stakeholders\u201d.<\/p>\n

\u201cWe are continuing our review of the article and expect to identify additional factual inaccuracies,\u201d Mr Ridings said. <\/p>\n

\u201cWe have been reducing our exposure to the entire group progressively over the past 12 months. There have been no significant draw downs since September last year and our overall exposure has dropped by approximately 25 per cent. The figure of $81.8m is incorrect.\u201d<\/p>\n

Another Bathla Group site shopped around is in Northwest Sydney\u2019s Oakville, valued at $41m in internal documents seen by The Australian. The heavily wooded block is being touted as ready for a prospective developer, with 99 approved lots. Bathla Group only acquired the block in 2025 for $37.5m. <\/p>\n

Wingate also has a loan on the site. <\/p>\n

But the Oakville site is also heavily indebted, with the NSW State Government placing a caveat against it over an unpaid tax bill. Several sources have remarked upon the prices paid by Mr Bhushan\u2019s Bathla Group over his acquisition spree. <\/p>\n

Lenders meanwhile have been at pains to reassure investors over their exposure to Mr Bhushan\u2019s developer. <\/p>\n

Recently, 360 Capital told investors in its ASX-listed Mortgage Trust it had attempted to restructure its two junior loans to Bathla Group to an improved seniority position in the pecking order. <\/p>\n

But this sees 360 Capital double down on Bathla Group, upsizing its $20.8m in loans to a new $48.6m facility over a string of completed homes in a Box Hill project. This project is reportedly worth about $58.7m, according to 360 Capital, with the fund noting $23.8m \u201cdue to settle shortly\u201d.<\/p>\n

Bathla Group spokesman Tim Allerton confirmed the developer had taken the decision to divest the Bella Vista site funded by Wingate. <\/p>\n

\u201cDecisions to acquire and to divest sites are our responsibility and they are taken after considerable research, including input from trusted sources.\u201d<\/p>\n

Sources noted Mr Bhushan privately criticising media reporting of the developer\u2019s troubles. <\/p>\n

Several lenders say they have heard reassurances Bathla Group is working to secure a refinance, to stop lenders formally enforcing on their debts. <\/p>\n

If any lender enforced and appointed receivers to Bathla Group it could bring the entire developer undone, and its array of personal and company-wide guarantees. <\/p>\n

As previously revealed in The Australian, Mr Bhushan has just $35,000 in cash available to his backers.<\/p>\n

Several lenders are already effectively in control of chunks of his empire, using their \u201cstep-in\u201d rights to force the sale of land. <\/p>\n

\"David<\/a><\/p>\n

David Ross is a Sydney-based journalist at The Australian. He previously worked at the European Parliament and as a freelance journalist, writing for many publications including Myanmar Business Today where he was an Australian correspondent. He has a Masters in Journalism from The University of Melbourne.<\/p>\n","protected":false},"excerpt":{"rendered":"The beleaguered Bathla Group is liquidating some of its land in response to pressure from lenders to 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