Trans Tasman Properties buys cornerstone stake in Clearwater

Wednesday 4 August 2004

Trans Tasman Properties today said it had agreed to buy a "cornerstone" 34% interest in Clearwater Development in Christchurch for an undisclosed sum.

By The Landlord

TTP chairman Don Fletcher said today he was very pleased with the investment and excited about medium-term commercial and residential opportunities within Clearwater.

He said TTP was looking forward to working closely with other Clearwater shareholders, John Darby, Michael Coburn and interests associated with Christchurch businesswoman and philanthropist, Diana, Lady Isaac.

Clearwater this week proposed a 1200ha conservation park, six times the size of Christchurch's famous Hagley Park, could be developed on a property adjoining the luxury Clearwater Resort if it was granted planning permission to increase its hotel rooms at Clearwater from 200 to 400 and residences from 30 to 200.

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