Allied Farmers sells remaining sections at Clearwater

Monday 9th May 2011

Allied Farmers is selling sections it owns at Clearwater, near Christchurch, to a single buyer for an undisclosed sum.

The sections are some of the Hanover assets acquired by Allied Farmers in December 2009. Allied had sold four villas at Clearwater previously.

Allied Farmers chief executive Rob Alloway declined to comment on the sale price or identify the buyer but he said that in total the company had realised $4.7 million from assets at Clearwater.

Alloway said the earthquake had made it more difficult to sell property in Christchurch because bank funding had become more difficult and buyers were reluctant to make a commitment.

The unconditional contract will settle later in the month, and all proceeds will be applied against term debt, fully repaying ANZ Bank, the first mortgagee on the property. The balance will be used to help pay a term loan from Allied Nationwide Finance, which is in receivership.

NZPA

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