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Home arrow Articles by Topic arrow Todd Property Group arrow Focus on new project after loss
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Articles - Todd Property Group
Written by Mark Price, Otago Daily Times   
Wednesday, 05 December 2012

Unimpressed and annoyed property developer Bob Robertson, of Wanaka, plans to ''crank up'' his new 1000-lot residential development near Christchurch, having lost his Pegasus town development to Todd Property Group.

Todd announced yesterday it had bought the 1700-section Pegasus development 25km north of Christchurch.

The town, with its 14ha lake, 18-hole golf course and commercial centre, was developed by Mr Robertson over 10 years and already has 600 inhabitants.

In recent months, he had worked to refinance the development in a joint venture with Todd but then "right at the last minute, life changed a bit".

Mr Robertson told the Otago Daily Times yesterday about the problems he encountered when the Bank of Scotland International, from which he had borrowed the money to finance the Pegasus development, got into financial trouble.

The debt was eventually taken over by New Zealand Property Finance, which Mr Robertson says is a consortium of Brookfield and Goldman Sachs in Australia.

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