435 Devon Ltd, directed by and part-owned by David Bruce Crow of Inglewood and part-owned by his brother Steve Crow (50%) and wife Carolyn Rose Crow (40%), has lost control of the former New Plymouth RSA Strandon property it purchased for $1.9 Million in 2008. (David Crow who owns 10% of 435 Devon Ltd is also director of Buildwise Ltd (In Liq) that was put into liquidation last year owing creditors hundreds of thousands of dollars).

Following two defaults by 435 Devon Ltd on its monthly mortgage interest payments on 6 July and 6 August 2010, PMIT Nominees Ltd, which holds the first mortgage ($375,000) over the property, has put it up for mortgagee auction (on site) at 1.30 pm on 15th September 2010. Advertised as a “Rare Iconic Property” by First National Real Estate, it can be viewed on line at:

http://www.firstnational.co.nz/property.cfm?propertyID=1419791

http://www.firstnational.co.nz/res_brochure.cfm?propertyId=1419791 [Read more…]