Work to start on Ravenswood
Christchurch City Council-owned City Care will get started next week on $20 million of civil works for the Ravenswood housing development, 20 kilometres north of Christchurch.
The development is owned by Wanaka-based Infinity Investments.
The commercial pre-sale conditions of funder Bank of New Zealand had been satisfied, paving the way for works to start, general manager Paul Croft said.
But the green light was still some way off for Infinity’s other stalled development at Yaldhurst on the southwest outskirts of Christchurch. That project involved partner Delta Utilities, which recently obtained a $13m loan from owner Dunedin City Council to kick-start it.
Croft declined to talk about the troubled Yaldhurst subdivision except to say it was being redesigned into a more conventional subdivision rather than the original high-intensive plan.
Croft is managing the development and sell-down of Infinity’s projects following the death of company founder Bob Robertson in November 2014.
Croft became a one-quarter shareholder last year with the balance of the company owned by Robertson’s widow and sister.
Infinity’s Wanaka project, Peninsula Bay, is largely sold down, while its Hapuka Landing development in South Westland has nine of 18 sections available.
Infinity also part-owns New Zealand Cherry Corp and the Foveran Deer Park in Hakataramea Valley, south Canterbury, where it was recently unsuccessful in seeking irrigation consents for the park, which has been on the market for some time.
Meanwhile, at Ravenswood the purchasers of residential sections off the plans would have the benefit of an established commercial centre before house building began, Croft said.
The Ravenswood commercial centre tenants will draw on customers from across the road at the Pegasus Town development, which was owned for a period by Infinity until a subsidiary company was placed in receivership and it was acquired by Todd Group for completion.
Croft said eventually Ravenswood, Pagasus Town and nearby Woodend would become linked, and the Ravenswood commercial centre would also serve as a hub for Rangiora.
The first titles at Ravenswood would be issued in early 2018, Croft said.
Confirmed commercial tenants include Wild Bean Cafe, BP, New World and McDonald’s, and two childcare centres. Croft said he also expected a medical centre, motels, vet clinic and hospitality outlets to sign up soon.
Light commercial sections are also part of the Ravenswood mix with six out of 36 lots remaining.
Ravenswood is competing for residential sales with the last available sections at Pegasus Town.