A funding announcement today by Infinity Investments founder Bob Robertson about Pegasus Town near Christchurch may dispel rumours about its future.The venture has lost significant backers over the past year and Mr Robertson recently placed his family far
A funding announcement today by Infinity Investments founder Bob Robertson about Pegasus Town near Christchurch may dispel rumours about its future.
The venture has lost significant backers over the past year and Mr Robertson recently placed his family farm of three generations at Hakataramea on the market.
But today he said the current loan to Pegasus Town from BOS International (Australia) has been rolled over for a further two-year term and increased to $172 million.
The previous facility was for $151 million and was currently only drawn to $129 million. He said it was unlikely Pegasus would need more than the original facility.
Bob Robertson said Pegasus continues to roll out recreational amenities as the town grows. But the developer is well behind the original schedule and sales have also slowed.
He said BOS International has confidence in Pegasus Town and Infinity Investment Group “because of the development’s strong performance to date and the excellent communication between the parties throughout the challenging environment created by the global financial crisis.”
Mr Robertson emphasised the pending events calendar was “packed full of activities every weekend during the summer.”
Pegasus has just confirmed the Pegasus New Zealand Women’s Open will be back at Pegasus in February 2011 for the second year in a row.
Pegasus School has passed the milestones for the number on the roll agreed with the Ministry of Education and a decision is expected from the ministry next year on construction for the school on the land already purchased for the purpose.
An access road to the beach is under construction for summer activities. Another 50 building permits are being processed to complement the 100 or so houses under construction.
About 747 sections have sold to date but recent auctions indicate that some buyers are quitting at reduced prices.
“There was no structural damage at Pegasus from the devastating Christchurch earthquakes – a very satisfactory outcome for all the Pegasus residents. The earthquake and flooding prevention measures that Pegasus implemented at the early stages of the development have proven to be fit for the purpose. We were pleased to report an uninterrupted supply of power, telephone, gas, sewerage services and clean drinking water from Pegasus’ own water supply infrastructure.”
The announcement today is a consolation for Brookfield Multiplex pulling out of a $28 million commitment last year after a Scottish investment fund welshed on a $293 million commitment two years ago. The funding would have been used for construction of various commercial and residential projects.
