Swell Cafe and Bar at St Clair will see no immediate rebranding or redevelopment following its more than $1 million purchase from receivers last week.
Thai chain restaurant owner Murray Macarthy said yesterday it "would be business as usual with the existing staff" at Swell, as negotiations to purchase the restaurant had been protracted over several weeks, and the deal only went unconditional last Friday.
Swell is one of two commercial interests within the Esplanade block which was owned by St Clair developer Stephen Chittock, who put them up for sale in June, plus three separate residential homes. But then his three development companies were put into receivership by South Canterbury Finance's receivers, over a $1.5 million debt.
Proceeds from the Swell sale and one $400,000 house sale go to receivers Insolvency Management for distribution to secured creditors.
Mr Macarthy said because it had taken "weeks and weeks to close the deal", he would now turn his attention to deciding shortly if Swell would be rebranded or redeveloped.
He is still holding the property he purchased within the same block at St Clair a decade ago, with intentions to build a commercial building, including a Thai restaurant.
Thai chain restaurants
Invercargill - 2
Dunedin - 4 (plus Swell)
Christchurch - 3 (two others lost to quake)
Nelson - 1
Wellington - 2 (includes one opening this week)
