Over 200 investors in the premises of the collapsed super-store Nido may be left $23.4 million out of pocket after the site’s mortgagee sale, Stuff reveals. Nido, a 27,000 square metre furniture store dubbed to be potentially the largest retail store in New Zealand, opened in May 2020 but went into receivership six months later and closed in March. Nido’s $59m purpose-built building and land in west Auckland was bought by an unknown investor for $46.3 million in a mortgagee sale. But after repaying a mezzanine lender, the 229 small investors are left with less than a third of the near-$35m they sank into it.
Recent Comments