Mcvicar Holdings Invests In Christchurch Adventure Park

Postby Melissa_Theuriau on Wed 22/Jul/15 12:40pm

Leading Christchurch business, McVicar Holdings Ltd, has confirmed its investment in the Christchurch Adventure Park.

The $25 million Park is a new tourist attraction and community sports facility planned for the heart of the Port Hills in Christchurch. Leisure Investments New Zealand Limited is seeking to raise equity of $14.25 million to complete the project financing.

As well as investing directly into the Christchurch Adventure Park, McVicar Holdings Ltd owns the 380 hectare Cashmere Hills property that the project will be developed on. The land will be leased on a long-term basis for use by the Park.

“McVicar Holdings is committed to the long-term recovery and rejuvenation of Christchurch following the earthquakes and sees the Christchurch Adventure Park as a pivotal project for the future of the city,” said Bert Govan, long-time Director of McVicar Holdings Ltd.

“Unlocking this iconic asset for local, national and international visitor enjoyment was a long-standing dream of the late Chairman of McVicar Holdings, Gary McVicar.

“Unfortunately Gary passed away before that dream could be realised, but the vision to create an unprecedented lifestyle and tourism opportunity for Christchurch has obviously touched the heartstrings of other Cantabrians as this project has developed,” he said.
According to Govan, the Christchurch Adventure Park will not only deliver one of the Southern Hemisphere’s most exciting adventure playgrounds to the doorstep of the city, but it will also create jobs and attract tourists to a new world-class attraction.

“Christchurch enjoys a global reputation as a go-to destination for outdoor adventure and this Park adds a 365-day-a-year attraction to the stunning natural environment,” he said.

“This is a project that can position Christchurch as a global hub for mountain biking and that is incredibly exciting for the future of the city,” he said

Leisure Investments New Zealand welcomed the investment confirmation from McVicar Holdings.

“We are delighted that a company with such strong links to the history of Christchurch and a commitment to its future is investing in this project,” said Jay Fry, CEO of the project’s general partner, Port Hills Leisure Limited.

“McVicar Holdings is one of a number of significant Christchurch investors who have considered the opportunity to participate in a project that offers both commercial and legacy returns.

“We are making good progress with our funding programme but remain keen to talk to investors about this opportunity.

“With just over two weeks until the Information Memorandum closes, we are determined to get this important project across the line and need a full book of investment to do so,” he said.

The Christchurch Adventure Park has received a $2 million conditional grant from the Tourism Growth Partnership, managed by the NZ Ministry of Business, Innovation & Employment. The project is also supported by secured bank funding.

The project promoters are aiming to have the Park operational for the summer of 2016/17.
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