Three extensive North Otago sheep and beef hill properties, each well respected among the local farming fraternity, have sold in recent months.
Twin Peaks Station, a 1980 hectare property, sold in April after being offered to the market by David Heffernan of PGG Wrightson Real Estate, Oamaru. Ranging from 500 to 700 metres above sea level, situated 10 kilometres south of Omarama among the Upper Waitaki country lakes and mountains, Twin Peaks carries more than 5000 stock units, focusing mainly on fine wool production and finishing merino store hoggets, along with store lambs, and trading and finishing store beef cattle.
Carrying around 4000 stock units, 1229 hectare Mt Otekaieke Station in the Waitaki Valley between Duntroon and Kurow was sold by John Sinnamon, North Otago Manager for PGG Wrightson Real Estate in July. A mix of sunny and darker lying country, the Mt Otekaieke run block ranges from 400 to 1000 metres above sea level. With lower altitude paddock country, this combines to present a solid history of fine wool and halfbred sheep, with some cattle, while offering options to diversify.
A few weeks later John Sinnamon and his colleague Barry Kingan combined to sell the 1934 hectare Danseys Pass Station, carrying approximately 5000 stock units and located 22 kilometres south west of Duntroon. Offering options from fine wool to crossbred, store stock to finishing, comprising a 255 hectare homestead block and a 1679 hectare run, the majority of Danseys Pass Station is low to mid altitude tussock country.
David Heffernan said Twin Peaks Station was one of the final pastoral lease properties to complete the tenure review process.
“On that basis it attracted considerable market interest to sell satisfactorily as a freehold property. Comprising 810 hectares of downlands, including 84 hectares under irrigation via two six span pivots, with the balance in hill country, in common with other properties in the Upper Waitaki lakes district, buyer motivation was partly inspired by the aesthetics and scenic splendour of farming in such remarkable surroundings.
“Although we received inquiry from around the country, the property ended up selling to a farmer with established interests at Lindis Pass,” says David.
John Sinnamon said the sales of Mt Otekaieke and Danseys Pass both realised his vendors’ expectations.
“In both instances we fielded interest from Southland to North Canterbury, and also the North Island. Due to its options for diversification Mt Otekaieke, in particular, attracted plenty of attention.
“Buyers were well-informed, and had done their homework, which underlines the shortage of good, sizeable sheep and beef units available for sale, and the strong demand in the market. We marketed both properties in late Autumn and early Winter. With an inspection held on the shortest day, even marketing at that time of year didn’t deter potential purchasers.
“While it’s difficult to have a conversation with anyone at present without raising the subject of forestry, due to their altitude and contour buyers for these farms were not competing with forestry interests,” says John.
Twin Peaks, Mt Otekaieke and Danseys Pass each changed hands at the upper end of per stock unit values, with the scale and location of each influencing prices.
John Sinnamon says similar properties expected to list for sale in the spring are likely to satisfy a portion of the unmet demand for North Otago sheep and beef hill properties of scale. However, a sellers’ market will still prevail in the sector for the foreseeable future.
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