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The sale price was $5m less than the building’s 2009 rating value of $38m.

Last year receiver Alan Isaac said he believed there would be more than enough money from the sale of all Petherick’s four Wellington properties to cover its $65m debt.

As three buildings sold have now raised just $55m, that could now be in doubt.

But fellow receiver Kerryn Downey said yesterday he was still confident debts would be covered, although that was dependent on the outcome of the last property, Clayton Ford House on The Terrace.

Morrison Kent House was the company’s most valuable asset. It was seized and put up for sale by mortgage holder Equitable Finance.

Equitable marketing manager Andrew Mexted-Bragg said the sale price met its expectations and ‘‘it doesn’t result in any negative consequences for Equitable’’.

But he could not give any indication as to whether any money would be available to other creditors after Equitable Finance recovered all the money it was owed.

Equitable Finance was still considering what it would do with Clayton Ford House, Mr Mexted-Bragg said.

Two other former Petherick Properties were sold by the receiver. Guardian Trust House in Willeston St sold for $13.75m – a huge discount on the $25m Petherick paid for it just three years ago – and Petherick Tower in Waring-Taylor St sold for $9m.