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LWR’s receivership properties on market
The receivers of LWR Durham Properties are selling two high-profile "as is where is" industrial properties on the city fringe in Sydenham, Christchurch.
LWR Industries and several subsidiaries were placed into receivership in 2010 owing more than $50 million to the secured lender Westpac.
Director and shareholder Ken Anderson was sentenced to six year's jail for fraud and released on parole in 2015 after serving two years.
The secured creditor of LWR Durham Properties is BNZ, owed $14.4m. Its owner is a company associated with Anderson.
Receivers BDO are offering the two properties at 8 Orbell St on the corner with Brougham St of 7482 square metres, and 48 Orbell St opposite Burke St of 1098 sqm.
Read the full article by Chris Hutching > Business Day - stuff.co.nz