Sales continue at The Lakes

A "handful" of section sales have taken place at The Lakes subdivision on the southwest outskirts of Tauranga since the big residential development went into receivership in February.
"We are making sales, without price discounting. They involve individual lots and there's been no bulk sales," said the Auckland-based receiver, Grant Graham.
He wouldn't put a number on the sales.
"The interest is reasonable and it's good to see the market is not paralysed down there," he said.
Receivers Korda Mentha are also moving ahead with plans for a neighbourhood shopping centre in the heart of the 254ha subdivision.
Mr Graham added: "We are working towards a deal. It's important to have convenience stores so residents can pop down for a pint of milk and newspaper. It would be a big enhancement for the development."
Developer Grasshopper Farms, which was put into receivership by its funder Bank of Scotland International (Australia), had planned a shopping centre the size of Cherrywood on a 3.5ha site including a community centre.
Mr Graham indicated he would be able to outline the future direction of the overall subdivision in a fortnight.
He said one of the alternatives is to sell it lock, stock and barrel but the bank had a significant part to play in this decision.
"It may not be a palatable situation. It's a quick way to get out but it may not represent the best opportunity.
"The Lakes needs considerably more funding to develop it fully," Mr Graham said.
The uncompleted subdivision, a model for new urban design in Western Bay, was recently valued at about $30 million - a third of the amount owing to the bank.
The Lakes, which started in 2005, was planned for 2100 sections along the Kopurererua Valley and would house about 6000 people. It has parks, reserves, sculptural features, a 10km network of cycle/walkways and a 8ha man-made lake called Taurikura.
Stage one of 370 sections was sold and stage two of 250 sections is being marketed, with prices ranging from $155,000 to $390,000 depending on size and location. About of a third of those sections have sold, and stage three had not been developed.
In its first report, the receivers said the bank was owed $94.5 million at the date of receivership, and Grasshopper Farms defaulted under its banking arrangements.
The report said Grasshopper Farms' primary asset was the unsold freehold land. Inland Revenue had made a claim for $570,000, employee preferential claims were estimated to total $39,000, and unsecured creditors were due $150,000.
The Lakes is one of the biggest residential developments in the country, costing about $400 million to build and having a completed value of more than $1 billion.