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Mountain Scene
By PHILIP CHANDLER
flogging luxury apartments through a new company.
Lachlan Francis’ company was to build a 16-unit apartment complex, Freshwater, on the corner of Hallenstein and York Streets.
His company, CFS Trustees Ltd, was placed in liquidation on May 4 last year at the request of out-of-pocket contractor, Amalgamated Builders Ltd.
Liquidators say the company owes 16 unsecured creditors $1,021,474.94.
Seventeen days later, Francis formed a new company, The Mont Blanc Ltd, which in January this year applied for consent for a similar-looking 23-unit complex on the same site.
Six apartments have already sold off the plans for about $2 million or above, Invest Queenstown agent Simon Green says.
Developer who owes $1m to contractors selling luxury apartments through another company
1 Apr, 2021 07:57 PM
3 minutes to read
An artist s impression of Lachlan Francis newest proposed apartment complex, The Mont Blanc. Image / Supplied
An artist s impression of Lachlan Francis newest proposed apartment complex, The Mont Blanc. Image / Supplied
Otago Daily Times
By Philip Chandler of Mountain Scene
A Queenstown resident whose former development company is in hock to creditors for $1 million is selling luxury apartments through a new company.
Lachlan Francis company was to build a 16-unit apartment complex, Freshwater, on the corner of Hallenstein and York streets.
His company, CFS Trustees Ltd, was placed in liquidation on May 4 last year at the request of an out-of-pocket contractor, Amalgamated Builders Ltd.