Kirks ex-chairman tied to receivership sale
An abandoned site in Wainuiomata partly owned by former Kirkcaldie & Stains chairman Falcon Clouston is up for receivership sale.
The 2.2-hectare property at 7a Waiu St is a large undeveloped piece of land that was used by Paddy Hannan Contracting as a cleanfill site before it was placed in receivership in 2014.
Since then the receiver has been working to sell the firm’s assets, including the 7a Waiu St site, to pay the $2 million it owes to creditors. It has just over $90,000 in the bank.
Clouston said he has had nothing to do with the company for about six years, and was shocked to hear the company owed so much money.
The firm – whose shareholders include Clouston, Dermot O’Connor, and Michael and Patrick Hannan – bought the land in 2003 for $180,000, when its rateable value (RV) was $21,000. It is now $95,000.
Paddy Hannan Contracting is part of a group of companies in receivership, including Drogue Construction, Big Tree Nurseries, and Resource Technologies.
The latest receivers’ report says a contract to buy 7a Waiu St did not settle. The sale of another property at 14 Waiu St also fell through.
Patrick (Paddy) Hannan did not comment on the receivership, but said 14 Waiu St was also up for sale, as was the business.
However, receiver Kevin Whitley disagreed, saying 7a Waiu St was the only asset for sale at this stage.
The other site was subject to Environment Court enforcement orders, which were still being resolved by Hutt City Council and Whitley, he said.
Bayleys Wellington salesman Paul Cudby, who is marketing the 7a Waiu St with colleague Mark Walker, described the property as the biggest undeveloped site of its type in the city.
‘‘Under council regulations, the site can operate as one mega premises or yard, or could alternatively be subdivided into sections as small as 200 square metres.’’
Walker said there were multiple options for any future owner considering subdividing the land.
‘‘Sitting as it does, behind several existing large warehousing premises, a number of sections could be easily configured to add to those existing buildings, or adding additional space to the rear of the operations. Alternatively, a commercial office park or terraced light industrial unit development could be established.’’
The Hutt City Council had expressed a ‘‘willingness to discuss’’ development options with any new buyer, with a view to encouraging commerce, he said.