Dunn launch delayed

Martin Dunn, the principal of City Sales, has been working on a new investment company for some time, which will invest in residential properties in Auckland.

The Dunn Funds is seeking $7.5 million to buy 10 Auckland houses. After 11 years, a vote will be held on whether to sell. If 75% do not back a sale, a vote will be held every year after that until they do.

Dunn said he had been working on the property investment vehicle idea for four years.

He expected that investors would have money in more than one fund, which would cash out at different times. Each company would own a maximum of 10 properties, to provide diversification.

It had been expected to launch in February. Would-be investors had been asked to register their interest online and Dunn said the response had been good.

But yesterday marketing manager Scott Dunn sent an email to those registered: “Following feedback, we are currently making some amends to our prospectus. We will continue to keep you updated with our launch date which we believe will be within the next two months.”