CRED Real Estate purchased Peppers Carrington Resort in New Zealand's North Island, committing to invest millions of dollars over the next few years to upgrade the property to attract high-income tourists, increasing wine exports from the property and offering new local jobs. It also intends to develop and promote convention facilities. Residential facilities will similarly be added.
Peppers Carrington Resort is set on more than 2,400 acres looking over the Pacific Ocean and includes a vineyard and a golf course designed by American Matt Dye, as well as the main resort lodge and associated freestanding villas. Peppers is part of the Mantra Group, an Australia-based resort operator.
Formed in 1999, CRED Real Estate is one of the largest real estate developers in Shanghai with experience in creating and marketing various resorts with a focus on integrated property development and a record of more than 50 completed projects. It is currently working on eight projects.
The company also intends to upgrade and expand the existing 464-acre vineyard, which is already exporting to China. The existing farming and quarrying operations will be continued, a trial manuka oil extraction plant will be built, and the new owner will continue to care for areas of native vegetation, wetlands and several archaeological sites on the property. Public access to the 2.4 miles of white sand beach will continue to be provided, with limited access to the area where New Zealand dotterels nest. Other local attractions range from Olympic quality skeet and trap shooting, tennis and kayaking to bird watching or deep sea fishing.
China is already New Zealand's second largest tourism market after Australia, with 222,000 Chinese tourists coming to New Zealand in the past year.