Sale rumours put to rest
Managing director of Renishaw Hills, Phil Barker stressed that no sale had taken place, nor had any offer been made to purchase the company.
THE future of Renishaw Hills has been the subject of much speculation recently.
Now, managing director, Phil Barker has put paid to stories about expropriation without compensation, low cost housing and the scheme being sold to another company.
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“Renishaw Hills is a sectional title scheme which means it belongs to the home owners, not the developer. As such, it cannot be sold by the developer, in this case, Renishaw Property Development.”
A developer does however own the rights to develop common property on site and this is done strictly in accordance with a site development plan approved by the surveyor general.
“In all likelihood, the reports of a sale have arisen due to a property development company having expressed an interest in purchasing these rights from Renishaw Property Developments and this having been reported in the Crookes Brothers annual financial report,” said Mr Barker.
“At this stage we cannot provide further details of the proposed transaction as all parties are subject to a non-disclosure agreement until a decision is made whether to sell the rights.
“Whether or not the sale of the rights is effected, Renishaw Property Developments continues to hold the rights to develop the remaining land owned by Crookes Brothers Ltd, in the Renishaw and Clansthal areas,” he added.
“In total there are approximately 250 hectares available for development, which will be facilitated over the next 20 years.
Renishaw Hills occupies just 22 hectares of this area.”
Mr Barker stressed that no sale had taken place, nor had any offer been made to purchase the company.
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