Du Val receivers PwC still trying to sell three properties: Land, partly finished units remain for sale

• Du Val properties in South and West Auckland are still up for sale by receivers PwC.
• PwC aims to recover $237.6 million owed by the many failed Du Val businesses.
• In October, Colliers marketed two blocks of undeveloped land and a partly built block.
• So far, buyers are yet to emerge because all three remain for sale four months later.

Du Val properties in Waitākere, Henderson and Māngere are still being marketed by receivers PwC, despite an expressions-of-interest campaign which opened in October and closed toward the end of November.

Nearly 1ha of land planned to serve as the site for many new homes and a partly built apartment block were put up for sale on October 25.

PwC is trying to sell the properties in this tough market in an attempt to recover the $237.6 million it says the many failed Du Val businesses owe.

The Clarkes' Remuera rental was raided last August. Photo / Alex Burton

Colliers said it had been “exclusively appointed by the Government-appointed statutory managers of various entities associated with Du Val Property Group” to sell the three properties.

It sought offers by the end of November, yet all three properties are still being advertised on Trade Me.

The three projects are:

1. 101-103 Awaroa Rd, Sunnyvale, Waitākere

This is a 4832sq m piece of undeveloped land in six titles zoned as residential mixed housing units. The site was cleared and consent is in place, advertising says.

This land outlined in blue is being sold by PwC, receivers for Du Val. It is at 64-74 Edmonton Rd, Henderson. Photo / Colliers

Colliers said a resource consent has been approved for the development of 46 terraced housing units, each with a single car park.

“This property offers a unique opportunity for acquisition, with a motivated seller.”

Auckland Council has 101 Awaroa Rd valued at $1.5m and 103 valued at $1.4m.

Various Du Val entities including companies and limited partnerships own the many properties being sold.

Title records show, for example, Sunnyvale Terraces Limited Partnership owns these Awaroa Rd properties.

2. 64-74 Edmonton Rd, Henderson, six separate titles

This is a 5537sq m site in four titles zoned for housing.

Colliers says the land is largely flat with dual access from Awaroa Ave and Sunhill Rd. Du Val had planned to develop homes there but failed financially and was put into statutory management before it could complete the works.

This land in Sunnyvale is being sold by PwC. Du Val was to develop it. Photo / Colliers

3. Partly built apartments, Mountain Vista Estate, 35-37 Walmsley Road, Māngere

This is a partly built multi-level apartment block in the larger master-planned Mountain View community with 160 terraced units.

Du Val went under before it could finish this block and now PwC wants buyers to finish it.

It wants to sell the remaining portion of the site, along with the contract for the completion of what is called Block 23.

Colliers says 19 of the 35 units in the block have had deposits paid on them.

Blue lines indicate the building for sale in the larger apartment scheme at 35-37 Walmsley Rd, Māngere. Photo / Colliers

A resource consent variation has been lodged to include a further 13 ground-floor units to compliment the 22 apartments already under construction on levels one and two, Colliers said.

Significant progress has been made in the development, with 19 units already pre-sold.

On October 25, PwC issued a statement about its role with all three properties, saying at the time of its appointment on August 21, there were a number of partially completed development sites.

It named the three which were subsequently placed in Colliers’ hands to try to sell.

Receivers are trying to recover $237.6m owed by the many failed Du Val businesses.

“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,” the statement said.

Purchasers with agreements in place regarding 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 are completed, PwC said.

Du Val's Mountain Vista Estate on Walmsley Rd between Māngere Bridge and Māngere township as of last July. Photo / Jason Dorday

“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,” the receivers said.

It would engage and provide updates and information to stakeholders of the group, including staff, secured and unsecured creditors, home buyers, investors and regulatory authorities, it said.

Kenyon and Charlotte Clarke of Du Val Group, which is in statutory management.

Meanwhile, BusinessDesk this week reported court action against Du Val’s Charlotte and Kenyon Clarke.

Insurance policy and valuation details found at the home of Du Val founders Charlotte and Kenyon Clarke indicated nine valuable jewellery items had yet to be located, receivers PwC told the High Court in December.

Details of the December 18 hearing can now be made public as suppression orders have lapsed, although further information about the individual jewellery pieces remained under wraps.

Seventy Du Val property development group entities are in statutory management, owing an estimated $240m, while the Clarkes, their trusts, and four other companies are in receivership.

In December, the Herald reported on timetabling for court dates this year. Those were:

• February 14: Update on the Clarkes’ legal aid position due;
• March 7: Receiver PwC to provide an update to court;
• March 21: Financial Markets Authority (FMA) to file any updated affidavit evidence in support of its application;
• April 16: Clarkes to file notice of opposition and affidavits;
• May 9: FMA to file any evidence in reply;
• May 30: Clarkes to file submissions in response;
• June 16: Three-day hearing to commence.

Comment has been sought from PwC and Colliers about the three property sales.

Blair Peterken of Colliers said negotiations were underway with buyers but nothing was completed yet.

Anne Gibson has been the Herald’s property editor for 25 years, written books and covered property extensively here and overseas.