Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Hanover Finance co-owner Mark Hotchin is selling his Parnell mansion (below), which has a rateable value of more than $5 million.
The exclusive Bridgewater Rd property has 2832sq m of land – close to three-quarters of an acre – and a five-bedroom house with a tennis court, pool, spa and gymnasium.
It is being marketed by Kellands.
“With Parnell land at a premium it is hard to believe a property of this magnitude remains intact and is now available on the open market,” the marketing material says.
“Hidden from view, behind iron gates set in 2832m2 (more or less) of established park-like grounds, with areas for quiet reflection that create an environment for a calm leisurely laid back lifestyle.”
The property has a rateable value of $5.3 million. Mr Hotchin bought it in 1999, according to land registry records, for $2.3 million.
The $30 million Hotchin family mansion being built on Paritai Drive (below) is still not complete.
Hanover Finance is paying back $465 million of investors’ principal at a rate of 2c a quarter for the rest of 2009. It has made one of these payments so far, with another 2c due at the end of June.
The repayment rate then slowly increases – 10c in 2010, and 12c in 2011 – with the biggest hurdles of 35c per year in 2012 and 2013.