Prime $ 15m block for sale after divorce battle
A $ 15 million property in St Heliers is on the market as a long- running legal dispute over its sale draws to a close.
The 8945sq m Waimarie St block, made up of nine sections, has been listed for sale under instructions by KPMG liquidators.
The properties, which have a combined rating valuation of $ 15.64m, have been at the centre of several legal battles over four years.
The disputes began after former owners Sarah Sparks and Greg Olliver separated in 2012. They divorced in 2014.
Olliver bought the Waimarie properties in 2007 with plans of developing luxury apartments. Apart from some initial ground excavations, this vision was never fulfilled.
In 2009 the property developer’s large debt saw him narrowly dodge insolvency. During this time he sold the property to the current owners CIT Holdings, of which he is the sole director.
In March 2016 the company was put into liquidation after the Inland Revenue Department made a successful claim in the High Court at Auckland over unpaid taxes.
A KPMG liquidators’ report in 2016 showed CIT Holdings owed the IRD $ 383,630.
A June 2017 receivers’ report undertaken by Insolvency Management showed the company owed the Bank of New Zealand $ 13,523,622.07 — more than double the initial 2009 mortgage of $ 6.75m.
BNZ had earlier sought to sell the property as a mortgagee sale to get what it was owed.
Sparks fought this in the courts as she wanted the properties sold at market value.
The latest court judgment granted the liquidators the sale rights. The properties have been put up for sale through an international tender process. Tenders close on November 8. Sparks, who is renting a house in Titirangi, was relieved the court battles appeared to finally be over. “I have been in the courts since 2012, it hasn’t been easy,” she said. “It’s been challenging, but I haven’t been facing a health crisis, so we have got to put it in perspective.” Once the property was sold her understanding was the debts would be paid off and the distribution of any remaining assets would be determined by the liquidators. Despite the fallout over the properties Sparks said there were still good memories from their time there as a family. She recalled Easter egg hunts and many “special whanau moments” on the St Heliers’ properties, which she described as “magic”.
Mike Adams, from the real estate firm Bayleys, said it was most likely residential property developers would submit tenders for the unified block.
“Very rarely does a landholding of this size in such a commanding and prominent position come on to the market for sale.”
Adams said it was difficult to put a price on what the properties combined could reach, due to the sheer size and scale, combined with the residential development potentials.
The land is in a zoned residential and mixed housing suburban area which allows for the building of one or two- storey standalone homes in various densities, dependent on the section sizes.
Olliver did not reply to messages from the Weekend Herald.
The nine sections — outlined in red — in Waimairie St are being sold by liquidators, and used to be owned by Greg Olliver and his ex- wife Sarah Sparks.
Sarah Sparks is relieved the court battles appear to be over.