Pegasus acquired by Todd Property Group06/12/2012 - Development
Todd Property Group has purchased the Pegasus town development, 25 kilometres north of Christchurch in the Waimakariri district.
The town is built around a 14-hectare lake and adjoins the 18-hole Pegasus Golf and Sports Club. Its environmentally sensitive design includes 100 hectares of wetlands crossed by boardwalks, trails and waterways.
“Todd Property Group is pleased to have a stake in the development of the Canterbury region. We recognise the need for quality residential housing options in and around Christchurch and expect there will be strong demand for new homes in Pegasus,” says Todd Property Group Managing Director Evan Davies.
“The Pegasus development is a highly attractive offering close to the city, which presents residents with a unique lifestyle in a truly desirable setting.”
The land was unaffected by the recent earthquakes and the requirement for housing in the region is high with people looking to move in from red-zoned homes and other areas around Christchurch.
The development stretches to Pegasus Bay and when completed it will house 5,000-7,000 people in approximately 1,700 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 town is expected to provide job opportunities for 1,400 people and many of the town’s key features are being established in the early stages of the development to ensure Pegasus grows as a fully functioning community.
Major earthworks and site contouring began in mid-2006, with the first residents having moved into the town in September 2008. The full development is expected to be completed in 2015.
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 specialises in producing quality master-planned developments that house strong and thriving communities. We look forward to working with our building partners to bring new options to market,” says Mr Davies.
“Pegasus is one of the most appealing residential developments in the country and we think people will be proud to call it home.”