Brooks has launched a new business, The Office Capital Partners.
Randall says the pair remain close friends and will continue to “share family holidays together”. He says the amicable business detachment has been in the works for the past nine months.
“We’ve made internal changes where James was more focused on residential, and Steve has always been focused on both groups. The desire to complete this transaction’s been the last three months,” Randall said.
Brooks and Cooney began collaborating in property after meeting in 2013 and quickly grew to be one of New Zealand’s largest privately owned residential portfolios of more than 450 homes. They also own a substantial commercial property portfolio.
Wolfbrook is ranked as one of New Zealand’s largest residential developers and builders, placing fifth nationally on the BCI Index in July 2025. They have had developments in Auckland, Christchurch, Wellington, Bay of Plenty, Dunedin and Queenstown.
In the split, Cooney takes Wolfbrook Residential and Wolfbrook Capital companies, while Brooks will have Wolfbrook Property Management and a number of other companies owned by the group. The property management business is one of the largest in New Zealand, with more than 4900 properties under management.
Brooks will also take Fortress Group businesses, Property Services Group and Prime Joinery.
There will also be a number of large joint ventures.
“What remains is The Park – Wolfbrook’s newly released development in Christchurch – the former Pegasus golf course development, the Carlton Mill Apartments and a number of other smaller businesses that they retain together,” Randall said.
The Park, a $270m Wolfbrook Residential development in Christchurch that overlooks Hagley Park and the Avon River.
The Park will be the biggest development Wolfbrook has undertaken in terms of investment. The $215m development will overlook Hagley Park North and the Avon River. The sale price of a penthouse is expected to rewrite the record books in Christchurch.
The biggest by way of size is the under-construction Quill Lane at the former Smith’s City site on Colombo St in Christchurch. That will deliver around 110 units to the inner city site.
Wolfbrook has had its share of controversy as well recently, after acquiring the former Pegasus Golf Course in North Canterbury. The company attempted to have the land rezoned as residential through the Fast-track process. Their initial application for the Pegasus West Development was declined.
Wolfbrook has released its proposed masterplan for a 1000-home development on the former Pegasus Golf Course. The plan is indicative only and subject to change. Supplied / Wolfbrook
According to its website, Wolfbrook Residential has built more than 1400 homes and has a staff of around 85.
Across all Wolfbrook businesses, staff numbers sit at around 320. They’ve been told of the plan – part of which would come into effect in two weeks’ time.
”Wolfbrook Property Group, which is Wolfbrook Capital, Property Management and Residential, that settles on November 1,” said Randall.
Randall says the split will not impact staff numbers.
“For some of them it might have come as a shock at first, but overwhelmingly, the staff have been positive.”
Guy Randall is chief executive of Wolfbrook Residential which has its headquarters in Christchurch.
Randall says feedback from investors has also been positive.
“Wolfbrook Capital Fund has got around 475 investors in its wholesale capital fund, and investors have been really pleased that James is going to be focused on residential construction. They know both of the owners and directors really well and know that they’ve got different personalities and different passions, and they’re at different stages of life in terms of what they want to focus their next years on,” said Randall.
Randall will continue in his role as CEO of Wolfbrook Property Group and will assist Brooks with the former venture’s businesses.
Mike Thorpe is a senior multimedia journalist for the Herald, based in Christchurch. He has been a broadcast journalist across television and radio for 20 years and joined the Herald in August 2024.