Yaldhurst Debt Recovery

Dunedin (3 March 2016) –Delta is confident progress is being made to recover the debt it is owed by the Yaldhurst developer for infrastructure work it carried out inside the Yaldhurst Village subdivision more than three years ago.

The Chair of Dunedin City Holdings (DCHL), Graham Crombie says Delta is focused on recovering the $13.3m it is owed for the civil and water work it completed at Yaldhurst between 2009 – 2013, but hasn’t been paid for by the developer.

“There has been some misinformation given about our process on this matter. Delta has provided regular updates to their shareholder, Dunedin City Holdings Ltd, who have in turn informed Dunedin City Councillors in briefings throughout the project. Let me be clear, this is an overdue debt on work carried out by Delta for a client, it is not an investment in property.”

Mr Crombie says recovery of the debt has been held up by a longstanding dispute between the developer and the neighbouring properties which has delayed titles being issued for the subdivision.

“With the Yaldhurst Village subdivision on the market as part of a mortgagee sale process we are much closer to a resolution of this matter.”

ENDS

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