Lochinver stays in NZ ownership

The group will take over the ownership of the 13,843ha sheep and beef station, upon settlement of the sale in March next year, from one of New Zealand's largest private companies, Stevenson Group Ltd, which has owned Lochinver for more than half a century.

Bayleys Real Estate started marketing the property last month after the Government announced it had turned down an Overseas Investment Office application from Chinese company Shanghai Pengxin's subsidiary Pure 100 to buy the property.

"Since the original sales contract was signed over 14 months ago, prices for top quality sheep and beef farms have risen significantly, primarily on the back of a very strong beef sector," says Bayleys Real Estate managing director Mike Bayley.

The property, which has a capital valuation of $70.6 million, is a sheep and beef breeding and finishing and dairy support farm located on the Rangitaiki Plains, 32km from Taupo and 92km from Napier, with a carrying capacity in excess of 100,000 stock units.

Lochinver Station was purchased in 1958 by the late Sir William Stevenson, founder of Stevenson Group, after prompting from his son, the late Ross Stevenson, who had observed the property during his hunting expeditions in the area.

Pete Stratton, from Bayleys Taihape office, says Rimanui Farms, formed in the 1980s, is a very experienced and successful pastoral farming group with other large scale farming operations including Erewhon Station, also located in the central North Island.

"The company's focus is solely on sheep, beef, and forestry, conservatively farmed for long-term productivity and growth. It has significant long-term experience in managing properties of Lochinver's size and scale."