Wednesday, July 6, 2022

Remaining CHH south Waikato dairy properties sell

Twenty-nine south Waikato dairy farms and one drystock property converted by Carter Holt Harvey from forestry land, have now all sold.

Paul O’Sullivan, PGG Wrightson Real Estate sales manager for Rotorua, Taupo and south Waikato, marketed the farms, which was a process that took four years in total.

He says the properties attracted a range of buyers.

“Trinity Lands, a company of local farmers, bought three of the final group of five farms, taking its total purchases of the former Carter Holt Harvey properties to 15.

“Another significant purchaser was Southern Pastoral, which numbers former All Black captain Graham Mourie among its directors and is 99% owned by a Swedish state pension fund.

“Southern Pastoral acquired 10 of the farms. Individuals purchased the rest,” he said.

O’Sullivan said the five properties that went unconditional in June, which range in size from 333ha to 708ha, achieved a total sale value of $31.5 million.

“Offering so many farms for sale has had an impact on the market.

“Between last December and this June the median bare land price for Waikato dairy properties was $26,000 per hectare, whereas in earlier times it has been around $34,000.

“Availability of so many farms for sale has been positive for buyers.

“However, with the final property from this portfolio now sold, similar farms are scarce and it is likely that values will firm in the coming months,” he said.

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