Pegasus properties for sale
Development
Most of the commercial properties in the township of Pegasus, north of Christchurch, are up for grabs.
The consortium of New Zealand and international investors that bought the huge Todd Property residential development portfolio has put them on the market.
NZ Propco bought the multimillion-dollar portfolio of residential and land developments late last year in a deal with the billionaire Todd family for an undisclosed amount.
NZ Propco is a New Zealandbased investment group whose shareholders include Christchurch rich-lister and property investor Ben Gough, United Kingdom financial advisers Alvarium RE, and Templeton Group, one of whose directors is well-known Auckland property developer Nigel McKenna.
Within a few months several of the properties in the portfolio were on the market, such as three superlots at the Stonefields suburb in east Auckland and the Stonefields market, a shopping centre, and a parcel of land on Napier Hill.
Templeton Retail, owned by NZ Propco Investments, has placed the five commercial properties at Pegasus on the market.
A couple are not fully tenanted. These include a modern single level block of five retail units, with 57.2 per cent occupancy, a singlelevel building leased to The Good
Home pub, and a two-level retail and office building standing on 0.3 hectares of land with 57 per cent occupancy.
Two commercial development sites, one 0.1ha on the lakefront and another nearby, are also on the market.
The deadline for offers on the properties is July 2, at 4pm.
Colliers International, marketing the properties, said more than 1000 families are living at Pegasus.
Real estate agent Will Franks said the five properties could be bought individually or together. The commercial premises for sale were modern and attractive assets that a new owner could add value to through managing the leasing process.
Retail assets were not the core focus of the Templeton Group, so it was looking to sell some of its retail assets, Franks said. Its focus was more residential development.
Templeton Group’s website says the group is developing $1 billion worth of residential-focused property throughout Auckland.
‘‘We are in the process of developing our plans for Pegasus,’’ a spokesperson for Templeton Group said.
It did not comment on its strategies for commercial reasons, the spokesperson said.
Included in the Todd property deal were properties such as the
Ka¯ piti Coast airport, and residential developments such as Pegasus, Auckland’s Stonefields, and the new suburb of Ormiston in the Flat Bush area, and undeveloped land in Hawke’s Bay and Whanga¯ rei.
The Pegasus development has been slow to take off. It was started about 2000, by investment company Southern Capital, whose founders included ex-Brierley executive Graeme Wong, and South Island developers Phil Burmester and the late Howard Paterson.
The late Bob Robertson, of Infinity Group, which owned Pegasus Town Limited with Otago investors bought the development in 2004 and got the housing development under way, but later Pegasus Town defaulted on a $142 million payment and went into receivership.
The Pegasus development was then sold to Todd Property for $66m in late 2012.