INDEPENDENT NEWS

Infinity to sell Ravenswood Village development

Published: Thu 12 Feb 2015 11:25 AM
Media release: 12 February 2015
INFINITY INVESTMENT GROUP TO RENEW FOCUS ON LOCAL REGION
Wanaka-based Infinity Investment Group is refocusing its business on the Central Otago region, with the company currently in the process of selling the Ravenswood Village development in North Canterbury.
Infinity Investment Group, which was first established in Wanaka in 1999 by the late Bob Robertson and former wife Jen, operates a number of highly successful property development and other business ventures in the Southern Lakes district.
Infinity managing director Paul Croft says the company has decided focus on its core strengths: small to medium size residential developments in the local region.
“In order to consolidate our operations into the Central Otago area, and provide the business with the scope to develop new opportunities in the region, we have elected to sell the Ravenswood Village development in Christchurch,” says Paul Croft.
“It’s not a decision we have taken lightly, as the company has a long history of innovative and successful property development in Canterbury and we believe Ravenswood Village is an excellent product which offers something unique to the local market.”
“However, we recognise that the interests of our business and our many clients are best served in our home area.”
“It will also be a positive move for Ravenswood to have a developer with experience in large scale residential and commercial developments to take the Ravenswood community to fruition.”
Ravenswood Village is a comprehensively master-planned community, just 25 kilometres north of Christchurch, in the Waimakariri District. The development is designed to offer a range of living options, with residential sections sized from 310m2 to over 700 m2. Its design includes a large number of community-focused amenities as well as a commercial and retail centre with a full-sized supermarket and other large shopping outlets.
Launched in early 2014, more than 50% of stage one of the development has already been sold. The construction of a new roundabout, improving access to State Highway one between Ravenswood Village and neighbouring Pegasus Town has also recently commenced.
Mr Croft says Infinity’s operations in Wanaka, which employ around 25 people, are performing extremely well.
“We’ve been very pleased with the level of demand we have seen from both the local building industry and the community, as well as overseas markets for our export products.”
The company is currently planning the next stage of the Riverside Park development in Wanaka, which currently has a waiting list for new properties. Interest is also strong in Infinity’s other Wanaka development, the award-winning Peninsula Bay, with strong sales in Stage 5 and the infrastructure works for Stage 6 having recently commenced.
In addition to its property development arm, Infinity also operates a highly successful cherry export business, which is experiencing significant demand in the Asia market, particularly with the coming of the Chinese New Year. The company recently established its own packing plant, CherryPak NZ Ltd, based in Central Otago, and has achieved GlobalGAP certification.
Mr Croft says interest in the sale of Ravenswood Village is expected to be strong, particularly among organisations with a successful history of property development in New Zealand.
“We are confident that Ravenswood Village will continue to go from strength-to-strength and new residents will soon be able to enjoy every aspect of a great community and a fantastic local region.”
“At the same time, we’re looking forward to a new and exciting period for Infinity in our local region.”
Infinity will continue to manage Ravenswood Village and progress the development until a suitable investor can be found.
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