Receivership unwinds rental for commercial property

A property owned by several investors is likely to be devalued following receivership of the tenant.

Christchurch Yarns, which leases the commercial property at 15 Sheffield Crescent, Christchurch, was placed in receivership last week with the loss of 85 jobs.

The uncertain position of the property owners highlights the risks of single-tenant properties.

Christchurch Yarns has been struggling for a couple of years – about the same time the property was unsuccessfully placed on the market for sale.

 

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