Signs at the closed Century 21 office in Ballina.
Signs at the closed Century 21 office in Ballina.

Head office reveals why Ballina real estate agency shut

THE mystery of the sudden closure of a Ballina real estate agency is beginning to unravel.

On the vacant River Street shopfront of the former Century 21 office, there were no clues as to why the business closed suddenly in April.

On Thursday, a spokesman from Century 21 Australia revealed the national company terminated its local franchise office on March 23.

"I can confirm that Katoomba Holdings PTY LTD operating as Century 21 Coastal Living Ballina was terminated by Century 21 Australia as a franchise office," Century 21 QLD state manager Ian Carter said.

"We have received a number of inquiries and have commenced discussions with individuals who may be interested in operating a Century 21 franchise in that location.

"Existing rentals from the Ballina realty are now being managed by other real estate offices."

In early May, NSW Fair Trading revealed it was investigating Century 21 Coastal Living Ballina.

Meanwhile, a group of landlords who had their properties managed through Century 21 in Ballina are seeking tens of thousands of dollars in missing payments.

Another local agent who took on Century 21's rental portfolio at the time said their clients were owed a combined $20,500 and they have been assisting with the Fair Trading investigation.

Former owner of Century 21 in Ballina David Carney has been contacted for comment.

While he did respond to earlier inquiries about the business closure, he did not respond to questions about $20,500 in missing funds.