Troubled Pegasus development sold

Last updated 16:21 04/12/2012
Pegasus
JOHN KIRK-ANDERSON/FAIRFAX NZ
NEW OWNER: The Pegasus development has been bought by Todd Property Group.

Relevant offers

Industries

Blue Sky Meats and Duncan to share processing for fee Mainfreight hauls record full-year profit and $2b revenue Kiwi dollar slips amid US economy improvements Dunedin bar owner speaks out over student drinking Fishermen leave 'slave boats', fight for payment Scott Technology lays off 13 employees in Christchurch 'Whittall should have his day in court' - Pike River widow Lilly Cooper ordered to pay family over $500,000 Christchurch red zone compensation plan delayed Chorus hopes to connect homes to UFB on Saturdays

The Todd Property Group has bought the financially troubled Pegasus town development for an undisclosed sum.

The development, 25km north of Christchurch, was placed into receivership last August.

In a statement this afternoon, the Todd Property Group confirmed the transaction.

Managing director Evan Davies said the group expected strong demand for new homes in Pegasus.

The land was unaffected by the recent earthquakes, and requirement for housing in the region was high with people looking to move in from red-zoned homes and other areas around Christchurch, he said.

The development stretches to Pegasus Bay and, when completed, will house 5000-7000 people in about 1700 dwellings.

More than 600 people already live there in 420 houses either completed, under construction or in the consenting phase.

The town is built around a 14-hectare lake and adjoins the 18-hole Pegasus Golf and Sports Club.

It includes 100 hectares of wetlands crossed by boardwalks, trails and waterways.

The acquisition is Todd Property Group's only current land holding in the South Island.

Ad Feedback

- The Press

Comments

Special offers

Featured Promotions

Sponsored Content