Sales process for three development sites within the Du Val portfolio

25 October 2024

At the time the Statutory Managers were appointed over various Du Val group entities on 21 August 2024 there were a number of partially completed development sites. These included:

• a site at 101-103 Awaroa Road and 9-11 Sunhill Road, Sunnyvale, which has a resource consent for 46 terraced housing units;

• a site at 64-74 Edmonton Road, Henderson, which has a resource consent for 57 terraced housing units; and

• an under construction apartment complex at the Mountain Vista Estate at 35-37 Walmsley Road, Māngere, which has a resource consent for 22 units and a variation pending for a further 13 units.

In relation to each of the Sunnyvale and Edmonton developments and the Māngere apartment complex, we have worked constructively with the secured lenders in our role as Statutory Managers to explore options for these development sites and have agreed that proceeding with a sale process is the appropriate step at this time.

Purchasers with agreements in place in respect of the development sites subject to the sales process will be contacted directly.

The sale process does not impact upcoming townhouse settlements for the Te Awa and Mountain Vista Estate developments, which will proceed as stages of those developments complete.

We continue to assess various options for other assets to realise them for the benefit of the creditors and other stakeholders. These assessments are commercially sensitive and confidential, and we will not be commenting further at this time.

As our work progresses, we will continue to engage, and provide updates and information, to stakeholders of the group (including staff, secured and unsecured creditors, home buyers, investors and regulatory authorities) on relevant matters.

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