Townhouse developer Wolfbrook buys Pegasus golf course in mortgagee sale

Friday, 15 May 2026

The Pegasus Golf Club and its 77 hectare property are up for mortgagee sale.

Housing could be built on the Pegasus Golf Course, which is in the process of being sold to a property development company in a mortgagee sale.

The course’s owner, Pegasus Golf Ltd, went into voluntary liquidation in March with debts of about $9 million. The par-72 course is in the town of Pegasus in North Canterbury.

The Press has been told the developer buying the property is Wolfbrook, but the company did not respond to calls.

The town of Pegasus was developed with the golf course as one of its major attractions.

Wolfbrook is also understood to be considering applying for resource consent through the Government’s fast-track scheme.

The company is one of Christchurch’s busiest townhouse developers.

The 18-hole course was one of the major drawcards when the planned town of Pegasus was first established 20 years ago as a town with resort facilities.

A tournament under way at the Pegasus course. (File photo)

The mortgagee sale includes a total of 77 hectares. This includes the golf course, leisure facilities including a restaurant, bar, tennis court and gym, and 5.8ha designated for a resort-style development.

The 5.8ha includes the land which the first and second holes of the golf course are on.

A new owner could develop either part of the land or the whole property.

The planned wellness resort, which did not go ahead.

Pegasus Golf Ltd has been owned since 2018 by Sports and Education Corporation Ltd, whose director and majority shareholder is Xiangming Huo of Auckland.

In 2023 the club announced plans to develop a major wellness resort next to the course. The project includes adding hotels, a spa, swimming and hot pools, a country club, golf school and apartments.

The club tried to sell its 5.8ha development site last year.

The $75m to $100m development would have been done with a capital investment from Hong Kong private equity firm Yellow River Global Capital, but did not go ahead.

Late last year the club attempted to sell just the smaller development site.

The liquidation followed a High Court application by Inland Revenue over unpaid GST and PAYE.

The first liquidator’s report shows the club owed nearly $6.2m to secured creditors and $2.7m to unsecured creditors. The value of assets, including the land and buildings, was unknown, so no estimated shortfall was included.