Investor interest has been good in a tranche of North Taieri industrial properties embroiled in the $57 million receivership of Southern Cross Wood Products.
Colliers International is marketing the five properties; three in North Taieri and two in Milton, which combined have a rateable value of more than $7.5 million.
Colliers manager of commercial/industrial sales and leasing Dean Collins said ''Interest from investors has been good, especially interest in the larger property.''
The largest property is 6.5ha of land, with a 14,500sq m building, of which more than 10,000sq m is already leased out, at $475,000, plus GST, annually. It has a rateable value of $5.4 million.
There are adjoining North Taieri properties at Carncross St and Dukes Rd, with respective land areas of 1.17ha and 3.3ha and rateable values of $107,500 and $170,000, which could be sold separately.
There are also industrial properties, in Lowery St and Tower St in Milton, with rateable values of respectively $1.57 million and $310,000.
Tenders close on October 3.
Southern Cross was placed in receivership by ANZ in March, with the business owing the ANZ $39 million, UDC Finance Ltd $7.2 million and unsecured creditors up to $11 million. More than 100 jobs were lost.
Joint receiver Korda Mentha had estimated assets at $57.74 million, including $26 million in property, 10 properties which are mortgaged, plus plant and equipment.
In July, the Milburn sawmill and Millstream's drymill assets were purchased by Pan Pac Forest Products; subject to approval of the Overseas Investment Office, which is expanding its operations to cater for increased demand from its export markets.
Pan Pac Forest Products is owned by Japanese corporation Oji Holdings Corporation.
