Troubled property developer David "Princes Wharf" Henderson has sold his key Auckland asset in a deal that will see him redevelop it as an employee of the new owners.Mr Henderson's Kitchener Group sold it to a buyer believed to be a consortium o
Troubled property developer David "Princes Wharf" Henderson has sold his key Auckland asset in a deal that will see him redevelop it as an employee of the new owners.
Mr Henderson's Kitchener Group sold it to a buyer believed to be a consortium of four buyers led by PKF Corporate Recovery insolvency managing director Anthony McCullagh. Mr McCullagh was unavailable to comment at press time.
Mr Henderson bought the Category 1 heritage protected historic site for $14.5 million in 2005.
In the early 1900s it was the Auckland City Council's waste depot, and in 1984 it was turned into a thriving market but during the last ten years its popularity dwindled to become the tired souvenier store oriented place it is today.
As part of his proposal to creditors owed $166 million who tried to have him adjudicated bankrupt, Mr Henderson proposed he would sell the site and work as the project manager for its redevelopment.
Works are due to start in late August.
