9 Feb 2009

Coastal sections going cheap at mortgagee sale

12:06 pm on 9 February 2009

A liquidation sale of a coastal development project in the Northland has produced bargain buys.

Sixteen sections at Cable Bay were sold by auction at the weekend, after an apartment developer went into receivership.

Bayleys Real Estate says one section with a rateable value of $179,000, was sold for $89,000.

The company says it is now negotiating with top bidders for about a dozen other sections.

Auckland developer Chris Hook has blamed a downturn in the property market for the insolvency of his Cable Bay company, Crystal Waters.