Farm investment company MyFarm says its $12 million purchase of Kaiangaroa Station near Taihape was a good buy.The 1278 hectare central North Island property -- combined with a nearby 987ha support farm -- was expected to finish 22,000 lambs and graze 750
Farm investment company MyFarm says its $12 million purchase of Kaiangaroa Station near Taihape was a good buy.
The 1278 hectare central North Island property -- combined with a nearby 987ha support farm -- was expected to finish 22,000 lambs and graze 750 dairy heifers annually.
The syndicate forecast cash returns of 6-7 percent a year, project manager David Marshall said.
MyFarm previously set up a large-scale grazing syndicate, Koromiko Grazing Ltd on a 3138ha King Country property in May 2008, after establishing a series of dairy farm investments in the South Island.
Taihape real estate agent Peter Stratton said the $12 million eclipsed the previous lower North Island record farm price set in May 2006 with the sale of Otiwhiti Station in nearby Hunterville for $8.75m.
He said it was an exciting investment for a district dominated by family farms and more traditional ownership structures.
"The group that now owns Kaiangaroa Station includes experienced farmers Guy and Jennie Melville as the cornerstone investors," he said.
"The Melvilles will manage the station according to the MyFarm business plan that proposes to breed and finish lambs and graze dairy heifers and calves".
This would involve running capital stock at only two-thirds of capacity to maximize the returns available from finishing up to 22,000 lambs in the late winter and spring, he said.
