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NZ: Pegasus Golf Resort for sale with potential to develop tourism destination

POSTED ON May 22, 2024 @ 9:24 am

Pegasus Golf Resort, located at the northern gateway to Christchurch in the town of Pegasus, is known as one of the country’s leading provincial golf courses. The 80-hectare property is for sale via international expressions of interest closing on June 19.

It is expected to attract interest from local and offshore buyers looking to acquire a trophy holding in New Zealand’s leisure property sector, said Tim Rookes, managing director of CBRE Christchurch.

“We are expecting strong interest in this property from both offshore and New Zealand-based parties, given its excellent reputation as a successful, attractive championship course close to the central city and international airport.

“Golf courses are viewed as highly prestigious investments, particularly among Asian buyers, and this asset is expected to be keenly contested owing to its accessible location and the healthy recovery in the tourism market.”

Pegasus Golf Resort is the first golf course in Canterbury to be placed on the market since the auction sale of Terrace Downs Golf Resort in 2020, which attracted huge interest among prospective buyers, Rookes said.

“We received extremely strong participation in the Terrace Downs auction, with over 100 parties registered to bid. This property is expected to be even more highly sought after, given its location just outside metropolitan Christchurch.”

Pegasus Golf Resort’s proximity to Christchurch and the international airport is one of its key differentiators, with the recent northern motorway extension bringing the property to 25 minutes’ drive from central Christchurch and 20 minutes from the airport.

The drive time from Christchurch to Pegasus will be even quicker if the government presses ahead with its Belfast to Pegasus motorway extension proposal.

Waimakariri District Council has indicated its support for further development at Pegasus, including a proposed district plan designation in its 10-year plan to facilitate future commercial development on the golf course property.

The current owner has had plans drawn up for a spa/wellness and hot pools facility with visitor accommodation, opening up the potential for the new owner to develop a tourism destination, said Rookes.

“Possible future development at Pegasus Golf Resort is aligned with the council’s aims to boost tourism in North Canterbury, to provide financial and employment benefits for the district. It also creates a highly compelling opportunity to capture the growth in New Zealand’s international leisure tourism market.”

The property’s comprehensive range of existing amenities includes a driving range, practice greens, pro shop, tennis courts, gym and bar and cafe. The golf course itself is a parkland-style 18 hole championship course with mountain views, designed by golf architect Kristina Kerr of Kura Golf Design. Its clubhouse is also a past New Zealand Institute of Architects Award winner.

Pegasus Golf Course has hosted multiple major golfing events, including Ladies European Tour rounds in 2010, 2011 and 2012; the NZPGA tournament in 2019; and a leg of the Sir Bob Charles Tour in 2020.

The property is situated between Pegasus Town, Ravenswood and Woodend. This area is the fastest-growing locality in the Waimakariri District; currently home to nearly 9000 people and projected to grow to 16,900 by 2043, according to Enterprise North Canterbury.

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