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Housing project rescue bid stalls

Buyers of houses in a Sockburn development have to wait until the end of the week to find out if they get to keep their homes after a bid to rescue the project failed.

Sunday, September 26th 2004

The Epsom Road development was created by Permanent Homes.

Two weeks ago the nine people who had bought homes in the development were shocked to receive letters from Permanent Homes' lawyers, which said the company's mortgagee, Bridgecorp Finance, had served Property Law Act notices against it and the purchasers were probably unsecured creditors.

Local property developer Matthew Faid, of Pegasus Property Ltd, attempted to pull together a rescue package for the development, setting a deadline of Tuesday for a deal to be confirmed with Bridgecorp.

Faid said yesterday that negotiations had failed because it was too early for the finance company to make a decision.

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