Du Val Lakewood venture now on the hook for $16.2m

The troubled Lakewood Plaza. (Image: Du Val)

Thu, 19 Oct 2023

Claims against Du Val Group’s Lakewood General Partner, the development vehicle for its 151-apartment Lakewood Plaza in Manukau, have blown out by $5.96 million to $16.2m.That’s almost $1m per month since the liquidator, BDO’s Iain Shephard and Jessica Kellow issued their first report in April, when unsecured creditors were owed a combined $10.2m.Lakewood GP, in which Du Val and Hamilton-based construction firm Downey Management each hold a 40% stake, moved into liquidation on March 13 after an application by Du Val...

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