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Home arrow Human Interest arrow Local arrow Oceans Hotel a buyer's bargain
Oceans Hotel a buyer's bargain PDF Print
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Human Interest - Local
Written by Mike Dinsdale, The Northern Advocate   
Saturday, 10 January 2009

Oceans should have a new owner very soon.

The troubled Oceans Hotel and Apartments at Tutukaka could be sold within the next few weeks, but the receiver of the luxury complex admits it won't go for anything like the $20million plus it cost to build.

The owner of Oceans, Tutukaka Holdings Ltd, went into receivership in early August and the property is on the market as a mortgagee sale with real estate agents Colliers International, in Whangarei.

Russell Churchill, a director of receivers PricewaterhouseCoopers, said several parties were doing due diligence on the hotel complex, but at this stage no agreements had been signed.

He hoped there would be "something to report" in relation to a sale in the next few weeks. "I'm positive we will find a buyer," he said.

However, Mr Churchill conceded that any sale price was likely to be substantially less than the more than $20million it cost to build the complex in 2004 and 2005.

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Last Updated ( Saturday, 10 January 2009 )
 
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