Bust Rolleston subdivision on track again
Liquidators have sold a residential subdivision property at Rolleston for $14.5 million.
Sean Rota, owner of the failed FCL Holdings, commissioned public relations spokeswoman Michelle Boag to issue a media release saying: ‘‘Rota had placed the company into voluntary liquidation to enforce the contracts for sale and purchase with the vendors.
‘‘The appointment of Waterstone as liquidator had enabled a compromise to be negotiated with settlement of the $13m purchase now achieved.’’
The Waterstone liquidators said they dealt with the matter in the usual way by seeking expressions of interest for the sale of the rural block at 614 Selwyn Rd – achieving a higher price than the $13m owed to the main creditor when penalty interest was included.
The new owner of the potential 900-section block is Long Vision Property Development, whose ultimate owner is Keen Power International based in Hong Kong.
The directors of Long Vision are William Guo, based in Auckland, and Yuehua Tan from Guangzhou, China.
Guo is also director of Avanda Group, which has several property developments in Auckland under way, including some designated as special housing areas under government criteria requiring a percentage of houses to be so-called affordable homes.
The Rolleston block is also designated a special housing area.
Boag said the deposits of home buyers were held in a lawyer’s trust account.
‘‘Their money is still safe and they will hear from the new owners. No-one has lost any money,’’ she said.
An aerial view of Rolleston.