Owner of prime Takapuna site owes $78m

The 2.2ha site on the shores of Lake Pupuke has a CV of $74m.

Tue, 12 Nov 2024

The owner of a 2.2-hectare empty site on the shores of Lake Pupuke owes an estimated $78.5 million, the liquidators’ first report on the company shows.Lakefront Investments was put into liquidation on Oct 3 by the Inland Revenue Department (IRD).Three weeks earlier, receivers were appointed by Lakeside Nominees, an entity controlled by the wealthy Smale family.The prime piece of Takapuna real estate is adjacent to North Shore Hospital and has a council valuation of $74m. It is currently home to the North Shore Canoe Club.The Smale family...

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