Infinity adds Yaldhurst subdivision to portfolio
Wanaka-based Infinity Investments has bought a Christchurch subdivision in a mortgagee sale.
The deal may help Dunedin City Council-owned Delta Utilities recover $13 million it is owed on roading and other infrastructure at the Yaldhurst development.
Infinity’s subsidiary Pegasus Town Limited was the developer of Pegasus Town 20 kilometres north of Christchurch until it was placed in receivership in early 2015 owing more than $100m to a consortium of Australian financiers.
Infinity is also working on another 1300-lot subdivision called Ravenswood opposite Pegasus Town where it has sold some sections and signed up supermarket, petrol and restaurant outlets.
Infinity expects 250 sections will become available at the Yaldhurst development, according to managing director Paul Croft who has taken over running the company after founder Bob Robertson died last year.
The Yaldhurst subdivision was begun several years ago by interests associated with Noble Investments and Apple Fields but stalled over legal challenges from neighbours alleging failure to honour various obligations.
Gold Band Finance exercised its mortgagee rights supported by Delta which also owns some of the mortgage.
Delta’s role has proved highly contentious in Dunedin because it has lost money on other subdivisions it invested in and was the subject of a critical Auditor General report.
The Apple Fields/Noble representatives Justin Prain and Mark Schroeder are reviewing their legal options after receiving the news about the sale yesterday.