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Todd Property Group has bought Pegasus Town, which is in receivership, for an undisclosed sum.
A recent receiver’s report says the debt owed to New Zealand Property Finance Partners – which acquired the debt from BOS – is $142 million.
The development 25km north of Christchurch was founded by Wanaka businessman Bob Robertson, who told NBR ONLINE recently he was still seeking a rescue package. Mr Robertson’s family farm, Fovoran Deer Park, is currently on the market.
The Pegasus Town land was unaffected by the recent earthquakes but, as on other subdivisions in Canterbury, builders must conform to new foundation construction rules.
When completed, Pegasus has potential to house 5000 to 7000 people in 1700 dwellings.
All civil infrastructure for the area has been completed. More than 600 people are already living in the township, with 420 houses either completed, under construction or in the consenting phase.
The acquisition is Todd Property Group’s only current land holding in the South Island and represents confidence in the strength of the residential market in Christchurch.
Todd Property Group recently showcased its Long Bay development in Auckland. The 162ha development will eventually cater for about 2500 dwellings.
New Zealand-owned Todd Property Group is a subsidiary of Todd Corporation, which specialises in large subdivisions.
Current projects include:
- The 110ha residential community, Stonefields, in Auckland.
- The 160ha Long Bay development on Auckland’s North Shore.
- Ownership of 113ha adjacent to Long Bay at Okura.
- Ownership of 60ha at Ngunguru, north of Whangarei.
- Development of the former Napier Hospital site.
- Ownership of a 75% stake in the Kapiti Landing development, which includes the Paraparaumu Airport and surrounding land.