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'Good range' of bids for Serepisos' former HQ

Wednesday 7th December 2011

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Receivers for the collapsed property empire of Terry Serepisos report they received a “good range of competitive tenders” for the Wellington property developer’s former headquarters, the ASB Tower in central Wellington.

Deloitte receiver Barry Jordan issued a short statement saying the firm would be “working through the various options with the parties and ANZ National over the next few days,” with further comment at that time.

ANZ National Bank is seeking the sale in an effort to recover $25.2 million owed to the bank by Serepisos’ Century City Investments company. The receivership followed Serepisos’ bankruptcy in October.

The building was valued at $34.2 million in 2009, although an unpublished more recent valuation has been conducted.

The bank holds a first mortgage over the building, and is the first ranked creditor. Allied Farmers Investments, the vehicle which absorbed the toxic Hanover Finance loan book, held a second mortgage over the property and is owed $4.3 million.

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