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Todd Property buys Pegasus Town

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.

c.hutch@clear.net.nz

More by Chris Hutching

Comments and questions

It's just a pity the Pegasus land is all TC2 and TC3, needing extra strong foundations.

Not sure why you've made a comment about it being a "pity" that the new houses to be built need "extra strong foundations"? Why is that a pity? After I lost my house in Kaiapoi due to low grade house foundations on faulty land, I was very pleased to get a new replacement house built in Pegasus with extra strong foundations. Wouldn't anyone feel safer with better foundations? Your comment is bizarre, uninformed and idiotic!

The only part of ChCh that's not TC2 Or TC3 is on gravels near the airport. A TC2 raft foundation is suitable for almost all sites at Pegasus and is barely more expensive than TC1 foundations.

These guys will make it work. This is a great result.

You missed out the land for approx 200 residential lots in Whitby, Porirua, that they bought a few weeks back.

Well, I am very disappointed that Bob Robertson was not able to raise the finance to buy back Pegasus. He was doing a fantastic job. I don't think Todd will be able to do better. The receivers are already messing things up - they lost the women's golf and they won't be able to get it back.

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