AT least 70hectares of the troubled Hunter Economic Zone site near Kurri Kurri has been sold to a company registered in Parramatta, fetching $5.5million.
The land, owned by former Hardie Holdings company HEZ, was sold in late November to Hunter Investment Corporation, a company registered just a day before the sale was finalised. Sales records show the land changed hands on November 30.
The Supreme Court ordered late last month that HEZ and associated company HEZ Nominees be wound up, following applications from receivers appointed in February 2010.
The two companies owned a significant amount of the 870-hectare site, which was once intended to be the state’s biggest employment development site.
Australian Securities and Investments Commission records show Hunter Investment Corporation is in turn owned by the company Grandreams, which is registered to the same address at Parramatta.
The director of both, Frank Cavasinni, did not return calls from the Newcastle Herald.
In making the wind-up orders, Justice David Hammerschlag noted HEZ Nominees owed a consortium of lenders more than $98million.
As well, both were indebted about $800,000 to unsecured creditors, who were unlikely to receive payment.
Cessnock City Council is believed to be among the creditors.
Kurri Kurri District Business Chamber president Rod Doherty said news of a sale was welcome as plans for the site had stagnated while the HEZ land was in the hands of receivers.
The site has a controversial history as a source of conflict between the council and the former Labor government over planning controls for the site.
It is also said to have subsidence problems.