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Damelian car yards up for sale

Later attempts to sell the business failed when no suitable offers were received.

The properties have been put up for sale with price expectations of up to $30 million. 

Chesterton International is marketing the assets. The properties involved are two former car dealerships close to each other in Leichhardt and Petersham, situated on Parramatta Road, Sydney.

National Australia Bank tipped the Sydney car dealership into receivership last September over an outstanding $53 million loan. 

Gates were padlocked at the nine Damelian dealerships after receivers Ferrier Hodgson were appointed to the business by the National Australia Bank. Early efforts to sell the business and property after the closure had been unsuccessful.

"Unfortunately there was not sufficient cash flow to sustain the business long enough to complete a more extensive sale process,'' a spokesperson for Ferrier Hodgson said via a statement at the time. "The receivers have been left with no alternative but to close the business.''

A thorough investigation of the Damelian group's financial position and performance had found that it was impossible to continue operation. Later attempts to sell the business failed when no suitable offers were received. 

The collapse was a major blow to the founder and flamboyant frontman of the business, Rick Damelian.

The company's demise has been attributed both to the global economic crisis and the departure from the company about four years ago of Rick's brother Robert, who is said to have been a driving force behind its success.

Hundreds of cars were repossessed and the major Parramatta Rd dealerships were closed, including Australia's largest Honda outlet.

The Damelian dealerships were once a glittering array of premium car yards boasting enviable facilities, including a business centre for VIP customers, which was akin to a frequent flyers airport lounge, along with a small restaurant.