'A lot of interest' in Pegasus golf course sale


Pegasus golf course. Photo: Canterbury Golf
Pegasus golf course. Photo: Canterbury Golf
The Pegasus golf course is on the market - and attracting "a lot of interest" from potential buyers.

The parkland-style, 18-hole, 80-hectare property 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.

It was listed for sale with global real estate company CBRE on May 15 with expressions of interest closing on June 19.

The property, which is located in Pegasus, includes a driving range, practice greens, pro shop, tennis courts, gym, plus a bar and cafe.

Christchurch CBRE managing director Tim Rookes said interest in the golf resort has so far come mainly from New Zealand-based individuals, with "some offshore parties" also enquiring about the property.

"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," he said.

"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."

The Pegasus golf course. PHOTO: JOHN COSGROVE
The Pegasus golf course. PHOTO: JOHN COSGROVE
The property is owned by Auckland businessman Xiangming (Sam) Huo, who purchased it in 2018 for $14.8 million.

He had plans drawn up for a multimillion-dollar spa/wellness and hot pools facility, with visitor accommodation, to be developed at the property.

However, "a change in personal circumstances" has seen the property placed on the market, Rookes said.

"The 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," he says.

"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."

-By Shelley Topp