The receiver for The Lakes developer Grasshopper Developments says it will be some time yet before a way forward is found.

The Bank of Scotland called in receivers Korda Mentha on Friday.

The Lakes.

'It's pretty early days for us,” says receiver Grant Graham.

'I've only had three days there, so what we are really trying to do now is just understand all the issues pertaining to the development and work out how best to proceed from here.

'We appreciate that it's a strategic development in the Tauranga area both for its size and for its location.

'So that's very important for everyone.

'We'll be liaising with council and directors and just working out what the best way forward is to ensure that the development has its best chance to ensure it maximises is potential.”

It is expected to take a couple of weeks to work out a way forward.

'It's not like a little 10 section development where you can very quickly say ‘this is what we will be doing'.

'So there's some real grunt work required to make sure that this thing is put forward in its best light, whatever that might mean.

'On something this size you don't just hop in there and stick a sign up – there's 4.8 hectares from the front gate to the back gate,” says Grant.

'It's a very big site. That's what we will be spending the next period of time working through.”

Grasshopper Developments is a private company and the amount involved is between the bank and the developer, says Grant.

He hasn't any history with the site and doesn't yet have any knowledge on the background to the receivership.

'The economy has had a major impact on all developments like this,” says Grant. 'There's no way that these guys would be immune, that's a common thread up and down New Zealand.”