Buyers snap up $14m in Ravenswood sections

LIZ MCDONALD
Last updated 09:11 09/07/2014

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The Ravenswood subdivision has made more than $14 million worth of section pre-sales.

The developers of the Ravenswood subdivision north of Christchurch say they are pleased to have sold around half the sections offered in a novel sales campaign.

In a launch designed to attract attention, Ravenswood Developments ran a one-day online auction of their first stage of 197 sections.

Reserve prices were set at a cost-plus level, starting at $99,000.

Spokesman Paul Croft says the result of the launch was 94 pre-sales, which he describes as "pleasing" in the competitive section market.

Ten extra pre-sales have been made since, and they expect more sales in the coming weeks, he says.

"The level of interest we've seen in our launch has underscored how popular that approach has been."

Most of the sales so far have been to house-building companies.

There were six section sales at the entry-level price of $99,000, with a top price of $199,000. The average price paid was $136,000. The total value of the pre-sold sections is $14.1 million.

The 1500-section subdivision will be built just north of Woodend and opposite Pegasus. Earthworks will start when enough sections are pre-sold.

Section sizes will range from 310 square metres to 700sqm.

Croft says 13 local home builders have committed to being part of a showhome village in the subdivision, due to open in 2015. Ravenswood's 10-hectare commercial area is "rapidly taking shape", he says.

"We've already had strong interest from potential anchor tenants and are getting plenty of inquiry from the commercial sector."

The subdivision will have more than 70 shops and services, including large- format retailers, a supermarket and a petrol station.

Ravenswood Developments is an arm of developer Bob Robertson's company Infinity Investment Group, which created Pegasus before losing control of it in 2012 over a financing crisis.

The auction day was not the first novel sales marketing scheme from Infinity.

In 2006, the company sold $122 million worth of Pegasus sections in a silent auction day, after spending $1m on a giant scale model of the town.

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- The Press

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