Has DCC Delta stupidly bought into another Pegasus . . . . #notquite

Updated post
Wed, 28 Sep 2016 at 12:51 a.m.

Why has our Dunedin City Council decided to have anything to do with Infinity via council owned company Delta ? Which Infinity ? Infinity Investment Group Holdings Ltd ? Infinity Yaldhurst Ltd ? And who is Infinity Finance and Mortgage Ltd, of a bedroom at 12A Fovant St, Russley ? Is ‘Infinity’ a front for Gordon Stewart’s Noble Investments Ltd ? We delve…. meanwhile, here’s Infinity’s slow-troubled-road Pegasus.

Pegasus was a dream town, invented by a former infomercial salesman who believed wholeheartedly in his vision. Ten years on, it looks remarkably different. –The Press

pegasus-bob-robertson-with-the-scale-model-martin-hunter-fairfax-nzBob Robertson with scale model of Pegasus [Martin Hunter/Fairfax NZ]

pegasus-bob-robertson-ce-of-infinity-investment-group-with-large-scale-model-of-pegasus-town-feb-2006-teara-govt-nzRobertson, chief executive for Infinity Investment Group [teara.govt.nz]

pegasus-golf-and-sports-club-spans-nearly-80ha-stuff-co-nzPegasus golf and sports club spans nearly 80ha [Stuff.co.nz]

pegasus-town-pegasus-town-co-nzPegasus Town – not the vision…. [pegasustown.co.nz]

pegasus-300-chinese-model-makers-spent-6-months-crafting-1-to-100-scale-model-nzgeo-com300 Chinese model makers crafted the 1:100 scale model [nzgeo.com]

### Stuff.co.nz Last updated 05:00, June 4 2016
Life in Pegasus, the dream town yet to fly
By Charlie Mitchell – The Press
It’s rare to meet the inventor of a town. Even more so to shake his hand. It’s an odd sensation many experienced on a single day in 2006, when a former infomercial salesman clutched a microphone, took to the stage, and sold $122 million worth of property before the sun went down. Bob Robertson had developed property before, but nothing like this. He was dreaming of a town called Pegasus, a master-planned community in a swampy, coastal corner of North Canterbury. It would be the first master-planned town in New Zealand. It would appear fully-formed, as if dropped from the sky.

pegasus-artists-impression-of-planned-entertainment-and-retail-precinct-infinitypegasus-artists-impression-of-planned-hotel-and-retail-centre-infinityPlanned entertainment and retail precinct [Infinity]

pegasus-town-centre-stuff-co-nzArtist’s impression of the planned town centre [Stuff.co.nz]

There was something Utopian about the idea. At the time, Robertson said: “For Pegasus, I’m acutely keen to create what I would like to consider would be as close as possible to an ideal town.” He claimed to be the ultimate test-subject; he planned to create the town he’d want to live in, one built for “the traditional Kiwi family”.

Ten years later, Pegasus has come to life. It’s not quite what anyone envisaged; certainly not what Robertson dreamed. Pegasus, ultimately, was built somewhere between the vision promised in Robertson’s model and a messy reality, blighted by earthquakes and a global financial crisis. The promised developments struggled to keep up with the schedule. What did arrive was promising – the golf course and the lake are almost unanimously praised. But more basic facilities, such as a supermarket, or even mail delivery, were conspicuously missing.

pegasus-housing-not-all-endless-rows-of-boxes-david-walker-via-stuffpegasus-housing-teara-govt-nzpegasus-row-of-houses-stuff-co-nzPegasus housing [Stuff.co.nz] with render [teara.govt.nz]

By 2012, it was clear Pegasus would never become what was promised. Shortly afterwards, the developer defaulted on a $142 million payment and went into receivership. It was sold to Todd Property, owned by New Zealand’s wealthiest family. Pegasus no longer belonged to Robertson. The town’s new developers, Todd Property, are keenly aware of the promises made by its former owner. Since January 2013, about 30 people a month have steadily arrived to live in Pegasus. About 2500 people live in Pegasus, well short of the 7000 predicted by Robertson. When describing Todd’s vision for the town, the first word used is “realistic”. Another is “achievable.” A sharp turnaround from the rhetoric used by Robertson, who sold dreams, not property.
Read more

Other stories via Stuff:
22.8.16 Opinion: Pegasus – a ‘vibrant village’ where people know nature…
10.12.15 Posthumous award for Pegasus developer, Gough also honoured
● 11.6.15 Former Pegasus owner leaves $100 million debt
25.4.13 Todd family paid $66m for Pegasus – report
6.12.12 Todd family takes Pegasus Town reins
17.8.12 Pegasus town developer in receivership

█ Welcome to Pegasus Town | www.pegasus-town.co.nz

Via LGOIMA response to Elizabeth Kerr:
Screenshot of Pegasus Town detail from Attachment B to the DCHL Report to Council (1 Aug 2016) — see Noble/Yaldhurst Village Update.
Highlighted by whatifdunedin, the last line is interesting.

[click to enlarge]
noble-yaldhurst-village-update-2016_08_01-final-pegasus-detail-p15

Related Posts and Comments:
26.9.16 Delta #EpicFail —Epic Fraud #14 : The Election and The End Game…
● 22.9.16 DCC : Delta deal 1 Aug 2016 Council meeting (non-public) #LGOIMA
18.9.16 Delta #EpicFail —Epic Fraud #13 : Councillors! How low can you Zhao ?
26.8.16 Delta #EpicFail —EpicFraud #12 : The Buyer Confirmed
24.8.16 Delta peripheral #EpicFail : Stonewood Homes —Boult…
8.8.16 Delta #EpicFail —Epic Fraud #11 : The Buyer
1.8.16 Delta #EpicFail —The End Game according to CD
31.7.16 Delta #EpicFail —Epic Fraud #10 : The Beginning of the End : Grady Cameron and his Steam Shovel

█ For more, enter the terms *delta*, *infinity*, *noble* or *epic fraud* in the search box at right.

Posted by Elizabeth Kerr

Election Year. This post is offered in the public interest.

Advertisements

4 Comments

Filed under Architecture, Business, Construction, Design, Economics, Finance, Geography, Housing, Infrastructure, Media, Name, New Zealand, People, Pet projects, Project management, Property, Public interest, Resource management, Site, Town planning, Transportation, Travesty, Urban design

4 responses to “Has DCC Delta stupidly bought into another Pegasus . . . . #notquite

  1. Gurglars

    Bob Robertson was a visionary, a dreamer.

    The Todd’s nickname in this case should be Rudolph Valentino.

    Everything they touch they f..k.

    Bob would not have allowed ghetto housing which will now bring down the caste and class of the township. As to a supermarket and other services. They are a function of numbers. When the scale is large enough the entrepreneurs will move in.

  2. Elizabeth

    Updated post above.

    The screenshot of the Pegasus Town detail added to the post is sourced from the Infinity Investment Group Holdings Ltd report made to Delta Utility Service Ltd. (see page 15)

    Dunedin City Holdings Ltd treated the ‘Infinity’ report received by Delta as Attachment B to their Noble/Yaldhurst Village Update that was tabled to Dunedin City Council on 1 Aug 2016.

  3. Hilary

    DCHL recommended that Council authorise a loan of $13.4 million to Infinity Yaldhurst Ltd, a company with no visible means of support and no history. DCHL provided information to Council, in support of this recommendation, about a different company with assets and a track record. It may as well have provided information about Warren Buffet’s financials, and hope we would imagine he would stand behind this loan.

  4. russandbev

    Hilary, this very basic summation says it all. The DCC collectively are shown to be devoid of any business understanding and those running DCHL, Delta and the DCC to be complicit in incompetence at best. Let us hope that the electorate understands the depth of ineptitude at City Hall and votes accordingly.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s