Developer woos displaced quakers

Pegasus Town north of Christchurch tempts displaced earthquake residents 

Earthquake-displaced central Christchurch residents have provided some developers with renewed marketing opportunities.

Pegasus Town was wooing residents keen to live 25kms north of the city in the new satellite subdivision near Woodend.

Prices ranged from $127,000 for a 450sq m section to $159,000 for a section of about 650sq m with other larger sections as high as around $500,000.

Pegasus developer Infinity Investment Group’s general manager Marc Bretherton told NBR  there were 150 titled sections immediately available and more than 2000 in the pipeline at Pegasus.

Mr Bretherton said he was uncertain how mayor Bob Parker had concluded there were around 20,000 sections available in the Christchurch area. Infinity’s own surveys suggested fewer than 5000 available and not all of them would be titled.

The level of inquiry at Pegasus had surged over last weekend. Infinity had been able to assist buyers in different circumstances with deposits of just 1% and information about funding and insurance.

Infinity was also developing Ravenswood across the road from Pegasus with included residential and commercial development land.
Neither Pegasus nor Ravenswood sustained damage from the recent earthquakes or liquefaction. Extensive ground improvement processes have protected Pegasus from the effects of the region’s earthquakes.
Mr Bretherton said Pegasus escaped without the damage experienced in neighbouring communities with similar soil because of the extensive site preparation, including evaluation of the risk of liquefaction following a large seismic event.
The ground preparation included vibroflotation and vibrocompaction techniques, and extensive subsoil drainage networks.