30 Nov 2010

Council to reassess buy-back option for buildings

1:01 pm on 30 November 2010

Christchurch City Council says it will re-assess whether high profile developer Dave Henderson is able to exercise his right to buy back a group of central city properties, in light of his bankruptcy.

The council made a controversial decision to buy five of Mr Henderson's inner city properties in 2008 for $17 million and give the developer the right to buy the properties back.

The deadline to buy back the first of the five expired on Monday.

The council's general manager of corporate services, Paul Anderson, says options on the remaining properties will be re-examined next year, in light of Mr Henderson's bankruptcy, declared on Monday.

Mr Anderson says the council stands by its original decision to buy the properties to help promote inner city revitalisation.