New 'city' in Albany delayed by paperwork

Malaysian-owned Neil Group was due to get $250 million at the end of last month after entering an unconditional deal to sell a 50ha block of land behind the North Harbour Stadium to Rick Martin’s Cornerstone Group.

But Neil Group managing director Dick White said the sale, due to go through last week, had been delayed slightly, mainly by the transfer of titles to the properties.

"That time has been put back. Settlement is as at March 31 but payable at the end of May," he said.

Martin has hired Rob Hutchison - a former valuer-general, former chief executive of North Shore City Council and former chief executive of waterfront landowner Viaduct Harbour Holdings - to head the project.

Hutchison said the deal would go through next month and Cornerstone was buying the company that owned the land, Neil International.

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