Merivale group to decide today

Press, 18 December 1985, Page 1

Merivale group to decide today

The Merivale Precinct Society will decide today whether it can continue with its Merivale mews and village project. Yesterday was the deadline for the company set up by the society to meet the $1.6 million purchase price on two blocks of land for the project.

The land, which is owned by the G.U.S. Group and Visage Nominees, Ltd, of Auckland, has a combined price of $1,534,200. The" '. chairman of the' society and full-time project manager, Mr Kim Pettengell, said last evening that “things are proceeding.” The company had not met yesterday’s deadline but it had more tinie today to settle its financing of the project. Mr Pettengell would not comment further for fear of jeopardising today’s negotiations.

The solicitor acting for the society in the property deal, Mr Richard Burtt, said the society had a loan offer for the $1.6 million needed. Certain conditions had to be met and the society would try to meet those today. Mr Kevin Ryall, managing director of Visage Nominees, confirmed that; the Merivale group had to make a decision today. He, too, was reluctant to comment, although he said the company’s making a decision today indicated how close it was to having finance settled. Mr Pettengell is disappointed about the Christchurch City Council’s failure to put any money into the development in the form of buying the planned park area for $240,000. The group would take up the council’s offer to apply for a lesser amount, he said.