After seven years on the market a large Central Otago high country station has finally sold.
Overlooking Lake Wanaka and Lake Hawea, Lake McKay Station was sold by Trevor Norman of PGG Wrightson Real Estate, Dunedin, who said selling it was a challenge.
“Although there is never any shortage of interest in such a unique property, finding a willing, realistic buyer can be more difficult. Lake McKay Station comprises 5270 hectares freehold along with 852 hectares crown lease, making it one of the region’s largest freehold stations."
It first came to the market in 2016 and went through several international and local real estate agencies before the vendors engaged PGG Wrightson Real Estate in March 2020.
“Through strategic marketing including targeting key buyers within the PGG Wrightson database, we identified realistic interest, receiving an offer on the property, followed by an unconditional backup offer. The backup offer, from a local farmer and investor, was the successful purchaser. Although settlement was delayed for several months pending approval by the Commissioner of Crown Lands of the transfer of the 852 hectares under crown lease, our vendor and purchaser were patient, and all parties are now delighted that the sale is finally settled,” he says.
Bordering Luggate township, approximately 13.5 kilometres from Wanaka and 3.5 kilometres from Wanaka Airport, Lake McKay Station comprises mountainous terrain, natural gorges, streams and premium pastureland, as well as views over Wanaka and Mount Aspiring to Hawea and the Clutha River.
Trevor Norman’s vendors purchased the farm in 2008 and over a six-to-seven-year period, undertook considerable development, particularly installing an extensive sprinkler irrigation system and numerous improvements. Construction of new buildings, in a more central location of the property, included a four-bedroom homestead with open plan kitchen-living-dining area, separate lounge and office, staff accommodation, an implement shed, a wool shed and covered yards.
“This heavy investment in infrastructure and irrigation renewed the property’s solid farming backbone and eased the day to day farming operations. With access through the terraces and lower hill part of the property by a series of generally well-formed 4WD tracks, many of which are metalled, Lake McKay Station is completely accessible by vehicle, a rarity in a high country farm of this scale.
“Our vendors also made significant improvements to the genetic performance of the station’s merino sheep, and have consulted planning experts on the possibility of residential-lifestyle development,” says Trevor.
Subdivision consists of 70 paddocks, 12 mid-range hill blocks plus eight hill blocks on the upper reaches of the property. Good access is provided to the property off Kingan Road and parts of State Highway 6.
Farming a mix of half-bred sheep and angus cattle, Lake McKay Station was offered to the market with a buyer’s guide above $20 million, plus GST.