I go chop your dollar, Ctd

Terry Serepisos is going down hard:

Terry Serepisos has lost his plum Wellington city headquarters in the latest blow to his business empire.

The Companies Office website shows Barry Jordan and David Vance from Deloitte were appointed receivers of Century City Investments on Friday.

The company’s major asset is the ASB Tower on Hunter St, which is home to Century City’s own offices.
Mr Serepisos paid $23.5 million for the building in 2006.

It had a 2009 rating value of $34.2m and is close to fully leased, but reportedly needs extensive and costly earthquake strengthening.

C B Richard Ellis Ltd, who were already property managers for the building, have been appointed to stay on in that role, Wellington managing director Ryan Johnson said.

Deloitte spokesman Pete van Schaardenburg said no decisions about what to do with the property had been made yet.

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