Fletcher puts proposal for Crammer Courts

Press, 27 June 1983, Page 9

Fletcher puts proposal for Crammer Courts

Fletcher Development and Construction, Ltd, has put up a proposal to take over Cranmer Courts. The company’s development manager, Mr D. Turner, confirmed yesterday that it had submitted a “project management” deal for stage one of the $4.5 million luxury townhouse development. If the proposal was accepted, the company would have the right to buy stages two and three. Mr Turner said the proposal to take over the construction of the complex from Berryman Properties, Ltd, would have to be approved by a majority of the company’s creditors and by the High Court. Stage one of the development, which is on the site of the old Normal School, included an office and 12 apartments in various stages of completion. It would cost about $400,000 to finish and the work would take about six months once the proposal was agreed to, said Mr Turner.

Stages two and three of the project, which the company was likely to continue, involved the building of new units on the site. Mr Turner said that no price for the proposal had been finalised yet and he had no idea how the creditors would react to it. The proposal certainly would be in the best interests of the creditors. Being a large company, Fletcher should get the units selling again, he said. The developer, Mr Chris Berryman, had experienced difficulties which had led to a lack of confidence in the project. Last week, Mr Berryman applied to the High Court to have his debts converted into a fifth mortgage. He said he had between 130 a ■ 150 creditors, although iw would not disclose the amount he owed them. Some of the creditors have lodged a petition in the High Court to wind up the company, in which Mr Berryman owns most of the shares.