Mad Butcher owners' Orakei, Waiheke Island homes for sale

Property Editor·NZ Herald·

15 Aug, 2019 06:17 AM2 mins to read

The 52 Paritai Dr, Orakei, property in 2014, pre-renovations. Photo / Supplied

Business couple Michael Morton and Julie Leitch, of The Mad Butcher, are selling their Orakei home after undertaking extensive renovations, and their large rural Waiheke Island place.

The two properties are collectively valued at $14.5 million.

Morton said he had bought the house at 52 Paritai Dr after it was sold to another party by Michael Boulgaris in 2015. He declined to discuss reasons for the sale.

The home, which has a council valuation of $8.2m, features a 12-seat outdoor dining table overlooking the waterfront, outdoor pool and separate spa, according to listing agents Graham and Ollie Wall.

Morton and Leitch are also selling 118 Cowes Bay Rd on Waiheke Island, which has a council valuation of $6.3m.

The Mad Butcher franchise, which was previously owned by NZX-listed Veritas, is co-owned by Morton and Leitch who bought back the business from Veritas for $8m in July last year for a quarter of the $40m the company purchased it for in 2013.

But the business continues to have difficulties. In April, Mad Butcher Albany went into liquidation, joining a long list of others including the Glenn Innes branch which was placed into liquidation at the beginning of April.

Mad Butcher store numbers have dramatically decreased; there have been about 16 store closures in the past few years. In its heyday, the chain had 40 stores; now only about 20 stores remain in the chain.

The only Mad Butcher store in Whangārei closed its doors in January and in March the former owner was in the Auckland High Court defending an injunction order by Mad Butcher Holdings after the end of his franchise agreement.