Receivers sell former LWR properties

The receivers of LWR Durham Properties are selling two highprofile ‘‘as is where is’’ industrial properties on the city fringe in Sydenham, Christchurch.

LWR Industries and several subsidiaries were placed into receivership in 2010 owing more than $50 million to the secured lender Westpac.

Director and shareholder Ken Anderson was sentenced to six years’ jail for fraud and released on parole in 2015 after serving two years.

The secured creditor of LWR Durham Properties is BNZ, owed

14.4m. Its owner is a company associated with Anderson.

Receivers BDO are offering the two properties at 8 Orbell St on the corner with Brougham St of 7482 square metres, and 48 Orbell St opposite Burke St of 1098 sqm. They have a combined rateable value of $6.4m.

Sam Staite, director of industrial leasing and sales with Colliers International in Christchurch, said Sydenham was a high growth location.

‘‘Tenanted investments, or vacant buildings rarely become available for sale in this location. We think there will be significant interest from investors and owner occupiers. Sydenham remains a key industrial and commercial area in Christchurch because it’s so close to the city centre and main arterials.’’

The largest site at 8 Orbell St has a frontage onto the Brougham St motorway and has two warehouses. A net annual holding income of $135,000 comes from month by month leases to a fashion clearance retailer and Kitchen Things.

The smaller property of

1098sqm, at 48 Orbell St is a fenced bare parcel of gravelled land.

The freehold properties are for sale by deadline private treaty, closing 4pm, December 6.

In its heyday in the 1960s LWR employed about 4000 people but by the time of its collapse was down to about 100 employees.