Apartment complex $15m in red

Twenty-nine of the 43 apartments in the George St Quayside apartment complex in Whakatane remain unsold. Photo / Filephoto

The developers of the luxury Quayside apartment complex in Whakatane have left a debt of almost $15 million, according to receivers. Quayside Trustee's debts exceed $14.7 million - too much to be offset by the sale of unsold apartments which have been marked down substantially in a saturated property market. Twenty-nine of the 43 apartments in the George St complex remain unsold. They are being offered at an average price of $380,000, or $11 million for the lot. Secured creditors are the ANZ Bank and Fidelity Finance, which were owed $10.8 million and $4 million respectively when receivers were appointed on September 8.