Allied Farmers, which now controls the former Hanover Finance loan to Five Mile Holdings in Queenstown, has announced it has placed David Henderson's Property Ventures into receivership to recover a NZ$41.5 million loan for 5 Mile that was guaranteed by Property Ventures. Grant Thornton had been appointed the receiver of Property Ventures, which is owned by Henderson and a number of investors. Property Ventures owns more than 30 subsidiaries, including those linked with Hotel So and the South Of Lichfield entertainment and retail precinct in Christchurch. Henderson's high profile is linked to his battle during the 1990s with the Inland Revenue Department, which was made into a movie titled "We're here to help" Allied Farmers Managing Director Rob Alloway said this would be the first of many such actions involving borrowers who had failed to meet their obligations, adding that the Five Mile loan was now accruing interest at a rate of NZ$23,000 a day. Allied Farmers, through subsidiary 5M No.2 Limited now owns part (23ha) of the Five Mile site in Queenstown, following a restructure of the asset by Hanover last November, which included the sale of 4ha of land to Queenstown Gateway Trustee Limited.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.