Shared interests join Sax, Tulloch, Brownlee
Waterloo was the scene of a great victory, Auckland developer John Sax reminded guests at a Christchurch launch last night.
Religion, cars and money were common elements that brought him together with Invercargill-based business partner Inky Tulloch.
They were launching a new industrial subdivision, Waterloo Business Park, at a function at JDV bar in Merivale, Christchurch.
Mr Sax made several comparisons to Auckland’s Highbrook Business Park, except that Waterloo would be “the best of the best”.
It would cost about $400 million to build and have a completion value close to $1 billion.
The pair teamed up after the death of Timaru financier Alan Hubbard.
Mr Hubbard was Mr Tulloch’s first partner in the acquisition of the former Islington meat processing works in Waterloo Rd, Hornby, Christchurch.
After Mr Hubbard’s death, Mr Tulloch sought another partner.
He shared common interests with Mr Sax, including their Christian faith, support for community and charitable trusts, property development and fast cars.
The pair took another 18 months negotiating an undisclosed price with the receivers of South Canterbury Finance.
Mr Sax has made a series of plays for distressed properties over the past five years, including Kinloch golf course.
The pair were planning a day at Ruapuna raceway today where Mr Tulloch would practice his skills behind the wheel of his latest toy – described as "a big V8 grunter".
Earthquake Recovery Minister Gerry Brownlee attended the launch. His shared interest with the pair is politics – Mr Tulloch is chairman of the United Future Party.
Mr Brownlee spoke about Canterbury economic strength and emphasised the benefits of huge irrigation proposals for the region.