Southern Capital go-ahead

By Chris Hutching

Friday 22nd February 2002

Environment Canterbury has decided not to appeal a recent Environment Court decision giving Southern Capital's proposed Pegasus Bay township north of Christchurch the go-ahead.

In the latest of several rulings rejecting Environment Canterbury's urban containment arguments, Judge John Treadwell discounted concerns about energy conservation and traffic emissions. His judgment represents a watershed for Environment Canterbury's planners, who are rethinking their strategies. Judge Treadwell also slammed the regional policy statement as vague and warned Environment Canterbury could face significant court costs in addition to the "huge amount of public money" spent to effectively obtain a third legal opinion.

Michael O'Connor, investment director for Southern Capital, said the Pegasus Bay plan could now be incorporated into both the transitional and proposed versions of the Waimakariri District Plan.

Southern Capital will still have to apply for consents for earthworks, sewerage, drainage and buildings and address any concerns of territorial authorities.

Southern Capital's share price lifted from 72c to 74c mid-week but still down on last year's high in August of 95c. The company has a no dividend policy, relying instead on share price appreciation to reward shareholders from its speculative property and technology investments. Its founder and major shareholder is Dunedin-based Howard Paterson.

Southern Capital has major stakes in Omaha Beach, a 600-lot development north of Auckland, a share in a 460ha marine farm application at Clifford Bay, the Canterbury Supa Centa, a proposed motorway service area near Kaiapoi, serviced apartments in Queenstown and shareholdings in Blis Technologies, A2 Corporation, Botry-Zen and Pharma-Zen.

Botry-Zen appointment

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