Mr Pettengell out of Merivale project

Press, 11 February 1986, Page 9

Mr Pettengell out of Merivale project

A change in management of the Merivale Village and mews project has left the man who started it out of a job. Mr Kim Pettengell, chairman of the Merivale Precinct Society, gave up his job with the Health Department last October to be full-time manager of the project Now he is looking for another job. Yesterday Mr Pettengell confirmed that both he and the precinct society would no longer take an active part in the project in which 20 townhouses, a community centre, a village green and a lake would be built at the corner of Office Road and Papanui Road. Early in January an Auckland company, Commercial Pacific Corporation, signed a contract with the precinct society to manage the project for

the society. The corporation first became involved through Mr Kevin Ryall, who coowns with his wife one of the two blocks of land intended for the project, through their company, Visage Nominees, Ltd.

The other block is owned by the G.U.S. group. Mr Ryall also has a 20 per cent shareholding in Commercial Pacific. It is believed that Commercial Pacific now intends to manage the project in partnership with several Merivale businessmen, who are considering taking shares in the project.

A Merivale business owner said this week that he and other Merivale businessmen were considering investing in the project.

Mr Pettengell said he

was disappointed that the people of Merivale and the society had been unable to carry the project through, although he was pleased it looked likely to go ahead. He encouraged the busi-ness-men of Merivale to get behind the project for the community’s sake. The society would do everything it could to make sure the project went ahead, he said. Mr Pettengell said he had been told that those taking over the project would also take over the debts incurred by Merivale Precinct Developments, Ltd, the company set up last year by the society to manage the village project.

A balance-sheet for the company was being drawn up by the society’s lawyer. Merivale Precinct Developments, Ltd, would

not be wound up in case it was needed for another project in Merivale, he said.

It is believed that Mr Ryall and Commercial Pacific have secured loan finance for the purchase of the land subject to conditions, and have paid a deposit on the G.U.S. block.

G.U.S.’s chief executive, Mr Ken Daldorf, confirmed yesterday that Commercial Pacific was negotiating for the land. He would not comment further.

The price of the land to the precinct society before Christmas was $518,200. The price for the corner site was $1,016,000. Yesterday Mr Ryall would only say that no contract existed at present for the Merivale village project.