The Wyuna Station joint venture at Glenorchy near Queenstown, owned by John Darby and US-born Tom Tusher, is being restructured.The station is owned by Pisidia Holdings and Wyuna Ventures in a convoluted share and trustee arrangement. These companies are
The Wyuna Station joint venture at Glenorchy near Queenstown, owned by John Darby and US-born Tom Tusher, is being restructured.
The station is owned by Pisidia Holdings and Wyuna Ventures in a convoluted share and trustee arrangement. These companies are associated with Mr Darby and a company called Cabo, associated with an investment group led by Mr Tusher, which owns adjacent Blanket Bay lodge.
Cabo seeks consent to acquire an interest as mortgagee over the Wyuna Preserve land to secure a loan for a term of 10 years; and to acquire Pisidia Holding Ltd’s 40% share in Wyuna Station.
“The joint venture is being restructured to more closely reflect the relative financial interests of the joint venture partners in the property, according to the information lodged with the Overseas Investment Office.
The consideration involved is $8.3 million excluding the Wyuna Preserve development.
The Wyuna joint venture will now limit its activities to the Wyuna Preserve rural residential development and cease to own and operate Wyuna Station, which will be taken over by Cabo.
Wyuna Station, overlooking Lake Wakatipu, was acquired by the joint venture interests in 1999 and since that time the US partners have gradually increased their interest via mortgages it holds over it.
Five years ago the station underwent tenure review in a deal that surprised many. It involved freeholding 2500ha and adding 8400ha to the conservation estate. The runholder paid the Crown $630,000. Prices on 33 subdivision sites start at $1.75 million for 2ha lots.
Meanwhile, German businessman Karl Reipen has appointed Bayleys to market his 1100 Awakino station in Taranaki for $7.5 million. It features 5km of Tasman Sea coastline, native bush where deer and wild pigs can be hunted, a lagoon, waterfalls, small parcels of pine trees and numerous coastal fishing spots. Half of it is in pasture grazed by angus and hereford cattle.
