Residents in shock at talk of housing on Pegasus golf course

Saturday, 16 May 2026

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

Shocked and upset residents are talking pitchforks and petitions after news that a housing developer is buying the Pegasus Golf and Sports Club land.

The Press understands Christchurch company Wolfbrook is buying the 77-hectare course and attached facilities in the North Canterbury town of Pegasus. It has been put up for sale by mortgagee Onelend Trustee Ltd, an Auckland-based finance company.

The course’s owner, Pegasus Golf Ltd, went into voluntary liquidation in March with debts of about $9 million. It earlier attempted to sell the course itself.

Wolfbrook is also understood to be considering applying for resource consent and rezoning approval through the Government’s fast-track scheme. The company did not respond to calls on Friday.

Pegasus residents are upset and shocked at the potential redevelopment of the town’s golf course.

Wolfbrook is one of Christchurch’s busiest townhouse developers.

The 18-hole golf course was one of the major drawcards when Pegasus was first established 20 years ago as a town planned around resort facilities. It is one of the South Island's top championship courses, and has hosted tournaments including the New Zealand PGA.

Luxury homes in the town’s Mapleham block overlooking the course mostly have rating values of over $1m, and some including one now for sale on Mapleham Dr are valued at more than $2m.

Matt James, president of the Pegasus Residents’ Group, said there has been much shock and speculation in the town, in the absence of information.

'We are all upset about it. The whole idea of Pegasus was based around leisure, and a lot of people bought into that, not just those who live by the course.

Pegasus Residents Group president Matt James says Pegasus is quiet and peaceful, and none of the residents want its golf course to be redeveloped. (File photo)

'There will be tears before bedtime, pitchforks being warmed up, and everything else.'

James said the town as it is now is quiet and peaceful.

He said while residents will object to any plan to build on the course, they will only be able to protest and make petitions, while property developers have 'deep pockets'.

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

He predicts any development would have “a huge impact' on property prices, especially where homes overlook the course.

'We truly have no idea what Wolfbrook will want to do. But they are developers. If I was a betting man I'd say they won't be doing anything other than developing it, but we don't know the extent.“

The mortgagee sale covers a total of 77 hectares of land. 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 town of Pegasus was developed with the golf course as one of its major attractions.

The 5.8ha includes a subdivided piece of 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 Press has been told Wolfbrook are paying about $6m for the property, which the club previously attempted to sell for $20m.

Since the mortgagee sale, golf club members have been putting in money to meet the $10,000 monthly cost to retain greenkeepers. In return they have been able to use the course, which has been closed to the public.

Wolfbrook is one of Christchurch’s busiest housing developers.

One Mapleham resident and club member, whose name The Press agreed not to publish, said they have approached Wolfbrook in an attempt to continue the upkeep, “but they haven’t been interested”.

He said having the members maintain the course was “100% sustainable”.

The resident hoped Wolfbrook would develop the tourist accommodation facilities already approved for the land, and keep the course.

The wellness resort planned for Pegasus, which did not go ahead.

If neglected, the course would quickly deteriorate and costs tens of millions to get back in shape, he said.

Developing the land for housing would be “a short-sighted solution and would ruin a community to make some money”, he said. He has heard talk of a major housing development on the land.

“The cost will be the loss of community space and it’s just not going to be the same amazing community that we have.”

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

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 January 2020 Waimakariri District Council approved resource consent for a conference hotel on the club’s land, but this was scuttled by the Covid pandemic.

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

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

Late last year after unsuccessfully trying to sell the course, the club attempted to sell just the smaller development site.

The liquidation in March 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.