Nido investors fail in attempt to convert shop into smaller tenancies, mortgagee sale proceeds
28 Apr, 2021 08:50 PM
4 minutes to read
Nido furniture and homewares store in Henderson, now shut for weeks. Photo / Hayden Woodward
Mortgagee PearlFisher Capital has refused an offer to convert west Auckland s failed Nido shop into multiple tenancies to generate money for investors in the $62 million property investment scheme which owns the land and building.
Jodi Tuffin, investor relations manager at Maat Group, which sold sales in Nido landlord Central Park Property Investment, told investors the latest rescue plans did not succeed.
The building was to be leased to smaller operators but the lender had not agreed, she said.
Nido receiver approached 50-plus would-be buyers - but not Ikea
24 Feb, 2021 03:00 AM
5 minutes to read
A receiver of New Zealand s biggest homeware store has revealed how hard her firm tried to sell the business as a going concern, including approaching more than 50 would-be buyers. But in the end, attempts to sell the 100-showroom Nido came to nothing and yesterday it was announced that all stock in Henderson s store would be sold in the next two to three weeks and the shop shut.
Kare Johnstone of McGrathNicoll said her practice had approached more than 50 parties in a last-ditch attempt to sell the business, whose name is Italian for nest.