US investor came to Christchurch with 10-year plan, now he’ll stay for 20

Tuesday, 23 May 2023

Ceres president David McIntyre at the Oi Manawa Canterbury Earthquake National Memorial in Christchurch.

When United States business owner David McIntyre first started investing in the Christchurch rebuild, he expected the venture to last about 10 years.

Now, he is 11 years in, has invested about $48 million in the city and expects his mission to take 20 years.

He has purchased a home in Christchurch and become a New Zealand permanent resident.

Victoria Mansions on Victoria St in 2020 with the Victoria Clock Tower in the foreground.

His company Ceres NZ has bought two earthquake-damaged heritage buildings – Victoria Mansions and Peterborough Apartments. The company recently settled the insurance claims on both buildings and is working on restoration plans.

McIntyre said they planned to turn Victoria Mansions into a 120-room, five-star hotel with a new tower at the back of the building. In 2020, The Press reported one concept design included a 14 storey tower, but plans for the building have not yet been finalised.

McIntyre said they were working with “another owner who has a five-star hotel in Queenstown”.

He said the Christchurch rebuild was progressing well.

“It is really coming along.

Peterborough Apartments on the corner of Montreal St and Peterborough St.

“It will be good to get the stadium done and get more development to that side of town. We are hoping the problems with the sports centre will get done.

“I am happy enough that I am willing to continue on [investing].”

The Victoria Mansions hotel plans were proof of his belief in the Christchurch rebuild, he said.

“Christchurch is going to be a lively city. That is why we are willing to build a five-star hotel. We are anticipating the city will be up to that.”

A concept drawing by architect Roger Walker shows a 14-storey apartment tower behind the restored Victoria Mansions.

He said restoration of the Peterborough Apartments building was taking longer than expected.

“We settled with the insurance company just before Covid hit. That just took so long.

McIntyre lays a wreath during a public service at the Oi Manawa Canterbury Earthquake National Memorial.

“We are trying to design something that will work economically and work out how to restore it.”

McIntyre bought his Christchurch home in 2015 and plans to spend about 16 weeks a year in the city. He travels the world as he has offices in the United States, Canada and Puerto Rico.

“I feel part of the community now because I have a home here,” he said.

“I am a permanent resident now and we really love New Zealand.”

He first became interested in New Zealand after a holiday in Christchurch in 2010.

“We loved it. “After [the earthquakes] happened we were looking for some overseas opportunities and it seemed like we could help out.”

New Zealand was suitable for investment because it had a strong rule of law, low corruption and a good debt to GDP ratio, he said.

“It checked all the boxes.”

Christchurch also reminded him of Minnesota in the 1960s, where he grew up.

“It just felt the same. Very comfortable. The people are polite and the community feels safe.

“It is just a feeling.”