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Property Express: Pāmu West Coast Properties Attract Strong Interest

April 2022

Interest in two West Coast farms offered for sale by Pāmu illustrates the reanimation of the region’s rural property market.

Mawheraiti Farm, a 1453 hectare property located at the top of the Grey Valley 66 kilometres north of Greymouth, 16 kilometres south of Reefton and currently running predominantly deer and beef, while also fattening lambs and ewes, attracted multiple offers, with a sale due for confirmation by early April, for 30 June takeover.

Meanwhile, Raft Creek Farm, which was sold via a deadline private treaty process in March, is a 482 hectare Kokatahi property, 15 kilometres southeast of Hokitika, also mainly in deer, plus a small number of cattle and sheep.

Shari Ferguson of PGG Wrightson Real Estate, Greymouth marketed the farms, alongside colleague Austen Russell. She said interest in the properties has been positive.

“Mawheraiti Farm is a large, well-developed breeding property, predominantly deer fenced. With 64 hectares of remnant bush including 56 hectares under QEII Covenants, Mawheraiti has an extra dimension. A rare opportunity to acquire a West Coast farm with size, scale and multiple options, it drew strong interest, both from within and beyond the region,” she says.

Raft Creek Farm also attracted multiple offers.

“Its scale and proximity to Hokitika were strong selling points, and although this property has several other options, under new ownership it is set to remain predominantly in deer,” said Shari.

05 PE AUT22 PGW Out Now Blog image Big_Pāmu West Coast.jpg

Pāmu is the brand name for Landcorp Farming Limited, a state-owned enterprise with a nationwide portfolio of farms that include dairy, sheep and beef, venison, and forestry.

Pāmu Head of Communications Simon King said offering the two properties for sale was a strategic decision by the company.

“Pāmu engaged PGG Wrightson to market two substantial West Coast properties that had become surplus to the company’s requirements due to changes in the company’s strategic focus.

“PGG Wrightson undertook a thorough and well-targeted marketing approach, tailored to the individual characteristics of each property, and the overall requirements of Pāmu as a state-owned enterprise.

“Both properties received good offers, and we are pleased with the work that PGG Wrightson has done on our behalf to ensure these excellent properties are sold to passionate farmers, who will look after them and grow their potential even further,” he says.

According to Shari Ferguson, attention paid to the two Pāmu listings is in line with a broader lift in the region’s rural property market.

“After a long period with little activity on the West Coast, cautious optimism has begun to emerge. We received genuine significant interest in these two properties from parties throughout New Zealand enthusiastic about the opportunities this region has to offer.

“Per hectare values for rural property here compare highly favorably with most other parts of the country, while our climate presents options that are not possible elsewhere.

“Well located West Coast properties with sound infrastructure are now commanding values not seen since before the Global Financial Crisis,” she says. 

 

Property Express Autumn 2022 Edition out now