Ravenswood subdivision funds all go
Wanaka-based Infinity Group has confirmed funding and a new board of directors to pursue its Christchurch subdivisions.
They include Ravenswood north of Christchurch opposite Pegasus Town, and the partially completed Noble subdivision which it recently acquired at tender from mortgagees Delta Utilities and Gold Band.
Dunedin City Council-owned Delta is owed about $13 million it has spent on roading and infrastructure – or more than $20m when penalty interest is included.
The Noble subdivision at Yaldhurst was subject to numerous legal challenges but these have been reduced to damages claims between the mortgagees and other parties.
Infinity confirmed it had secured ‘‘tier one bank funding’’ for its projects and its main development focus was on the Christchurch projects.
Communications manager Hetty Van Hale said Ravenswood would proceed as soon as the presales target was met. Infinity had 70 contracts on the first stage of 199 lots out of the total capacity of 1100 sections, she said.
The commercial area would include a New World supermarket, a McDonald’s outlet and a BP. There were also 36 light industrial sections for sale.
Infinity retains its investment in a cherry exporting operation as well as Foveran deer park, where the annual deer stud sale would take place in January.
After Infinity founder Bob Robertson died in late 2014, Paul Croft took over as managing director but he will now focus on operations as the chief executive.
Croft has resigned from the board and welcomed new members Mark Russell, Andrew Evans, and Tony Sycamore.
Russell, a commercial barrister, has been appointed chairman. He is also a director of Lifetime Group.
Evans had experience in real estate and asset management, and is a director of Argosy Property among other companies.
Sycamore specialises in business and commercial law.