No bidders turned up for the sale by auction of the Millennia Complex in Aldo Moro Street, Marsa, which went under the hammer at the law courts yesterday.

The complex is valued at close to €9 million. According to established procedure, bids start at 60 per cent of the valued price, in this case, €5.36 million.

Since no one turned up for the sale, the file will return to the presiding judge who will set a new date for a fresh attempt.

The building, covering nearly 1,400 square metres over four floors, plus a basement, is being sold at the request of HSBC Bank Malta, which is seeking to recover monies owed by Mizzi Group Ltd. The sale was ordered by the First Hall of the Civil Court.

According to court documents, the issue dates back to 2008, when HSBC argued that a constitution of debt agreement had never been honoured by its debtors.

Government entities occupy several offices

The tenement consists of a rectangular plot with a depth of around 50 metres and a frontage of around 27 metres.

The frontage is on the service road abutting Aldo Moro Road while the back façade is on Triq Troubridge.

The building currently has tenants. The ground floor has two offices, one being used by the Malta Resources Authority and the other office by a religious centre.

The first floor is occupied by the Economy, Investment and Small Business Ministry, the second by the Environment and Resources Authority and the third by the Home Affairs and National Security Ministry.

A court-appointed expert valued the complex at €8,939,681.50.

Mizzi Group Ltd is distinct from the Mizzi Organisation.

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