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Canterbury’s Rolleston subdivision on backburner after liquidation
The $13 million failure of property company FCL Holdings means a planned 900-section housing subdivision at Rolleston is unlikely to proceed in the near future.
FCL entered a purchase agreement in mid-2016 to buy the rural block from interests associated with Dryden Trust and Dean and Barbara Geddes.
The special housing status would have allowed for 10 percent of the house and land packages to be sold as affordable housing.
Trust representative Ryan Geddes said his family had owned the block for about 20 years and was taking stock of the situation.
Geddes, who manages Savills in Christchurch, said they had taken the property, which had the capacity for nearly 900 sections, off the market.
Read the full article by Chris Hutching > Business Day - stuff.co.nz