WOW in “good condition” as parent company SSI Group sells assets to pay banks

By Keri Algar

SYDNEY, NSW: Despite sharing a parent company and directors in the form of the SSI Group, it is business as usual for WOW Sight & Sound while the defunct Zone commercial property business is sold by receivers.

The Zone property at Oxley, Queensland, which includes a WOW store, is the first of the five Zone properties to be settled by receivers appointed by the Bank of Queensland earlier this year.

There have been many expressions of interest for the Oxley property sale, which will close on 25 November 2010, according to Bruce Baker, Queensland managing director at CB Richard Ellis.

“Even though the SSI Group owns WOW and the Zone they run as very separate operations. The WOW business itself is in very good condition and trading strongly,” said Baker.

The remaining four Zone properties located in Underwood, Rothwell, Maroochydore and Darwin will also eventually be listed, some as soon as February, sources suggest. Current.com.au understands that all the properties are 100 per cent leased and are expected to sell without difficulty. According to SSI Group, the WOW business has not been affected at all.