Falls Station sites put on market

Peninsula Road Ltd receiver Grant Thornton has put stage two and three of Kawarau Falls Station, comprising 39,966sq m of fully zoned and undeveloped land at Kelvin Heights, on the market.

The property is being sold by Jones Lang LaSalle.

Nigel McKenna's Peninsula Road Ltd, which owned land earmarked for stages two and three of the $1 billion development, was placed in receivership on March 4, 2010.

Two other McKenna companies - Melview (Kawarau Falls Station) Investments Ltd and Melview (Kawarau Falls Investments) Development Ltd, set up to develop stage one of the project, went into receivership in May 2009.

Stage one, comprising six residential apartment and hotel buildings, was completed in 2010, and included the five-star Hilton Hotel.

In March last year, the Otago Daily Times reported the latter companies owed the Bank of Scotland International (Australia) Ltd $156.2 million by December 2011.

At that time, Peninsula Road Ltd owed $126 million to secured creditors Fortress and Allied Farmers. The amount owed to Bosi (Australia) was ''unknown''.


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