PHOTO: SUPPLIED Albany Lifestyle Centre was to have been one of the first two properties in a new fund called Augusta Property Fund.
Covid-19 looks like killing a big commercial property deal.
Property company Argosy said the buyer of its Albany shopping centre had failed to settle the $89 million purchase.
The purchaser Cook Property Group had not settled on March 30 for the Albany Lifestyle Centre in Auckland. Cook Property Group is a privately held group of companies, founded and controlled by Ben Cook.
Argosy chief executive Peter Mence said Argosy had issued a notice of settlement to Cook Property, saying the buyer had not honoured the contract and was in default and had 12 days to remedy that. If Cook did not settle in 12 days it would lose the deposit.
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