Farhad Moinfar’s Citadel Capital is hoping to develop the Christchurch heritage building, with $4.9m being raised via a wholesale credit offer.
Augusta Property Fund’s $89m transaction was cancelled on March 27.
Covid-19 is considered a force majeure under the agreement with central government.
The buyer isn’t yet known, as Charter Hall pockets $36.9m.
The property fund has lost deposits on two property acquisitions.
The property fund wants to get its LVR out of the low 40% range.
It expects to settle a $140m acquisition on Thursday.
The Property Council says the group's letter was “inflammatory and out of context”.
Variable rent programmes mooted as a solution to keep businesses afloat.
The pandemic has caused valuer to soften assumptions around rental growth, vacancy and trading conditions.