Infinity subdivision consent overturned

The subdivision was granted by way of a variation to its district plan.

The company sold 75 sections in the subdivision on October 4, 2003, in a bidding frenzy which netted $34 million. The sections were all sold subject to decisions on appeals to the Environment Court.

The decision was expected in March last year.

The buyers needed to put only a $1000 deposit down at the fall of the hammer and another 15 percent when the Environment Court announced its decision.

The average price for sections was $445,000, about $120,000 above reserve, with the top price of $1,006,000 being paid for a 4020 square metre block.

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