Rhubarb Lane developer calls it quits
The developer of Aucklans's Rhubarb Lane has given up and is selling the site.
Bayleys Real Estate is about to advertise the sale of Auckland's Rhubard Lane and the old city depot site.
The owner is RL Investments No 2, associated with Sydney-based Doug Rikard-Bell.
Mr Bell has reportedly lost the previous support he had for the development by Brookfield Multiplex.
He spent about six years trying to put a redevelopment plan together including purchasing the freehold interest in the land for $43 million in 2008 to satisfy market sentiment.
The property is 2.9ha and includes the balance of the former city depot on Nelson Street.
The entire site is about 148,000sq m of floor area and building may be built up to 15 levels according to the district plan.
Chris Hutching
Fri, 04 Nov 2011
Fri, 04 Nov 2011
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Rhubarb Lane developer calls it quits
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