Rent arrears owed by two tenants in Oamaru's historic precinct are being recovered by the Oamaru Whitestone Civic Trust, according to the latest annual report by its chairman, Phil Hope.
In February last year, the trust cancelled the lease for the Whisky Cafe and Bar, on part of the ground floor of the Loan and Mercantile Building on the corner of Wansbeck and Harbour Sts, over unpaid rent and other money.
In his 2010-11 annual report to the trust's annual meeting on Wednesday night, Mr Hope said litigation over unpaid rent - estimated to have been about $70,000 - had been resolved by an out-of-court settlement between the tenant, receiver and the trust.
The settlement had the trust taking over a suite of significant improvements and chattels at a price considered "very favourable".
That allowed the trust to undertake a major redevelopment of the kitchen and negotiate a long-term lease with restaurateur Fleur Sullivan, who has established the Loan and Mercantile restaurant in the building.
The trust had another significant tenant in arrears, but Mr Hope did not name them.
Although that situation was not yet fully resolved, the trust had been paid $30,000, covering outstanding rental for 2009 and some of 2010.
Although money still remained unpaid, the trust's position was more secure because the company's receiver was personally liable for the arrears.
