A $25.3 million deal to buy 23 Auckland apartments and three commercial properties from a Singaporean investor should be back on again next month, says the head of listed residential investor Blue Chip (NZ).
Managing director Mark Bryers said the deal with Mike Panjwani of Empress Leisure had not gone conditional within the timeframe set in November last year.
But that did not mean it would not go unconditional soon, once paperwork was sorted out.
The main holdup was a long investigation of leases on properties.
"There are a lot of properties involved, but we still hope to buy them," said Bryers yesterday. "All that's happened is that the deal has not gone unconditional."
Asked why this information had not been included in Blue Chip's release this week to clarify why the company had failed to go ahead, he blamed technical issues in the wording of the notice.
Blue Chip was to go unconditional on Landmark House on Queen St, levels one and 10 of Wollongong University College House on Queen St and unit F on the former Robbie Burns liquor outlet site at 51-57 Hobson St.
Blue Chip's marketing and communications manager, Jo Kelly, said the company hoped to make another announcement about the properties by the end of April.
The just-released inaugural annual report shows Bryers is paid $154,000 a year while director Jim Bracknell is paid $160,800. Bracknell was previously executive vice-president and general manager of InterDigital Communications.
Blue Chip buy going ahead
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