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The Levin Mall, which failed to sell when it was put up for tender last year, is being sold by Hawke’s Bay-based property investor Ray Durney, who said recently he needed to sell about half the $19 million worth of property owned by his company.
The company had to restructure after some of its mortgages were called in following finance company collapses.
Mr Durney’s daughter Karen Durney, who is now executive director of the Durney Group, described the sale as a strategic sell-down to put liquidity back into the company.
It was related to the impact of the recession and the market was lifting ‘‘and we feel comfortable with that’’, Ms Durney said.
In times when liquidity was tight companies were cash strapped and asset rich and it was a matter of working through the situation.
Last year it sold its Mid City Plaza shopping centre in Napier and another shopping centre in Flaxmere. Levin Mall was also put up for tender in March last year but it failed to sell. Farmers department store holds the anchor tenancy in the 7748-square-metre, mall which fronts on to Oxford St and runs through to the Salisbury St public car park.
Colliers International agent Nick Leggett said the 1970s mall had a 2007 rating value of $7.9 million and was bringing in an annual net rental return of $489,000.
‘‘It would ideally suit a passive investor who is committed to an ongoing maintenance programme and continual attraction of quality tenants.’’
Fellow agent Ty Dallas said the number of tenants spread the owner’s risk.
Mr Leggett said local and nation al buyers had shown interest in the mall, which is being sold by dead line private treaty closing on November 12.

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