Auckland property developer Tim Edney is reported to be farming a new acquisition - two hilly pieces of land in the Gibbston valley he bought for $4.5m from Dave Henderson's The Cadrona Cattle Company.
It's probably a good place to escape after a court battle with his former business partner, Neville Mahon.
The legal stoush is the latest dispute between the two property veterans, who have been working on projects together since the 1990s. Court records show their interests have also battled in court over a Mangere home and also over a hotel in Auckland’s Beach Road.
This latest bout saw Mr Mahon lose his bid against Edney over five prime Queenstown properties.
Edney’s larger property portfolio is estimated to be worth at least $200 million.
The most valuable single asset is a 3.5ha warehouse in Penrose leased to Hansells and valued at $56m. There is also a $16m warehouse in Penrose and two $11m warehouses in Onehunga and Avondale.
In March 2016 Edney’s Tamaki Village Ltd bought the University of Auckland’s 12ha Tamaki campus for $80m. Edney then resigned from the company four months later and transferred his shareholding to his Chinese partners, Shundi Group Investment Ltd, which now owns the campus in partnership with another Chinese entity.
Outside Auckland, Edney owns a mix of properties including vineyards in the Gibbston Valley, a handful of residential properties in Queenstown and almost 6000ha of pastoral land in the surrounding Lakes District.
In 2016, Tim and his wife Cathie donated $250,000 to the University of Auckland’s Liggins Institute for ground-breaking “gut bugs” research to help identify the causes of teenage obesity.
Photo: NewsPixNZ
2018: $150 million