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A syndicate of British blue-bloods has snaffled more property belonging to Invercargill City Council - this time closing a multi-million deal on an inner-city carpark.
Yesterday the council announced it had sold several of its city properties, including the Tay St carpark.
The properties were bought by the same syndicate that bought two Invercargill commercial buildings, the Cambridge Place Arcade and the RadioWorks building, in October.
The investors include the Dowager Duchess of Bedford, Henrietta Tiarks, her son the 15th Duke of Bedford, Andrew Russell, Lord David Wolfson of Sunningdale, and English property tycoon Nigel Ross.
The Southland Times reported the latest sale was for more than $7 million and was believed to be one of the largest commercial property deals in Invercargill's history.
The syndicate's New Zealand agent, Richard Innes, would not comment yesterday and the council would not disclose its profit.
Invercargill Mayor Tim Shadbolt said it was "certainly" more than double what the council had originally paid.
- NZPA
