Share issue for Orewa apartments cancelled

Cornerstone Group director Rick Martin said he had taken a decision to cancel the issue after a low initial response to an advertising campaign. Investors had already received their money back.

The issue offered shares in Hillary Square Orewa, a company formed to purchase properties totalling almost 8000 sq m and build a ground floor retail and cinema complex with a 37-level apartment tower above.

Mr Martin said the project and the planned property purchases would not proceed. Cornerstone Group would absorb the costs of feasibility studies and marketing.

The company's Nautilus apartments, Orewa's first high-rise development, would not be affected. Construction work had started and apartment sales were buoyant, he said.

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