An angle grinder, a portaloo, three wheelbarrows, a water blaster, drop saw, two small concrete skips, and dead man moulds and blocks. This is what a $2 billion property project has been reduced to.
The items were some of the equipment listed in a receivers' report on thefailure of the Five Mile project.
A 40ft container converted into an office with an under-bench fridge, microwave, and a phone/fax and photocopier were also listed by creditor Smith Crane & Construction of Harewood as goods supplied for the country's biggest new residential building job.
Creditor March Construction of Belfast claimed it had supplied 360,000 cu m of construction fill "being earth, rock, soil and other material removed by the secured party from the debtors' property at Frankton Flats". Creditor Crane Distribution of Addington, supplied "electrical, plumbing, pipeline irrigation products and parts".
Christchurch developer Dave Henderson planned to develop Five Mile over 15 years for 10,000 people near Queenstown.
Five Mile Holdings owes $79.2 million, says receivers Rod Pardington and David Vance of accountants Deloitte Touche Tohmatsu. Claims received so far were $76.63 million from secured creditors and $2.98 million from unsecured creditors.
Five Mile Holdings is in receivership at the behest of FMH Nominees, acting for Hanover Finance and financier NZ Castle. The receivers said Dominion Finance was yet to advise the amount of its debt on Five Mile and more claims were expected.
Late interest payments on the large Hanover loan sparked the financier to call in the receivers.
Receivers were appointed on July 9 but they cannot yet say whether funds might be available for creditors.
