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Home / Business

Hubbard's wife named in Canterbury land sale

Anne Gibson
By Anne Gibson
Property Editor·NZ Herald·
31 Jul, 2016 10:40 PMQuick Read

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Jean Hubbard (r) shown with a supporter in 2010. Photo / NZME.

Jean Hubbard (r) shown with a supporter in 2010. Photo / NZME.

Jean Hubbard, the Timaru widow of Allan Hubbard who founded the now-failed South Canterbury Finance empire, has appeared as part of a land sale just approved by the Overseas Investment Office.

Retrospective consent has been granted for the $6.2 million sale of a block of Canterbury land in 2012, in a deal with British and New Zealand interests.

Margaret Jane Hubbard, also known as Jean, was married to Hubbard, late founder of South Canterbury Finance.

The firm's 2011 collapse led to a $1.5 billion taxpayer bail-out. Her name has now appeared - along with the Ashburton District Council and British man Andrew Phillip Turney - as the vendors of two blocks of Canterbury land.

Assets involved were a stake in Balrath Partnership, listed as owning 780ha of land in the Canterbury rural area of Mayfair and a further 14ha at Arundel Rakaia Gorge Rd near Ashburton. Consent was given for assets to be sold to British and local interests - including Turney - for $6.2 million.

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"The applicant is a partnership that owns Balrath Farm, which is used for dairy farming. Two transactions have been granted consent retrospectively," the OIO said.

Discover more

Business

Panama Papers: Allan Hubbard named

09 May 07:49 PM
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South Canterbury lawyer suspended, censured

18 May 10:40 PM
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