One of Central Hawke’s Bay’s most admired farms sold recently.
Middle Hills, a 545-hectare sheep and beef finishing property held by Rural Equities Ltd since the 1980s was listed for sale by Paul Harper and Wills Buchanan of PGG Wrightson Real Estate, Hastings.
Located in the Ashley Clinton District 24 kilometres west of Waipukurau, Paul Harper describes Middle Hills as a trophy farm.
“This is an extremely well-located large-scale operation, immaculately presented, and with productivity of the highest calibre.
“When we offered it for spring sale, by deadline private treaty, the market response was excellent, and we took several parties to inspect the farm. In the event, all interested parties, primarily coming from a sheep and beef background, were located within a 50-kilometre radius of the farm. While we didn’t take anyone to look at it from further afield, we did have genuine motivated enquiry from an individual in Australia, albeit he was originally from Dannevirke.
“We received numerous offers, fully meeting and exceeding our vendor’s value expectations. Our well-established purchaser is currently based in Norsewood, and looking forward to extending his farming interests. Middle Hills is likely to continue focusing on finishing, at least in the medium term, predominantly trading cattle, though may also grow supplement crop,” says Paul.
Rural Equities Ltd invests in and manages rural property for long term capital growth and income. It owns a mix of sheep and beef, deer, dairy and arable farms throughout New Zealand, from Waikato to Southland.
Chief Executive Officer Brian Burrough was pleased with the sale.
“It was a very smooth process, ably run by Paul and Wills: a short marketing period that efficiently and comprehensively identified potential purchasers, created competition for the property, and achieved an outstanding price. With good communication between all parties, it went well, delivering a highly satisfactory outcome,” he says.
Middle Hills’ winter carrying capacity is assessed at approximately 5300 stock units. Under Rural Equities the cattle policy has been to buy predominantly yearling bulls with some yearling steers in the spring, farm them through and send them away at two years old the following October and November. Meanwhile lambs and hoggets have been finished from December through to the following October.
Pasture is predominantly ryegrass and clover. Forage varieties including chicory, kale and lucerne are also grown, while in the past Middle Hills has produced cash crops including cereals, peas and maize silage.
Paul Harper said the sale indicated that the market for well-located well-presented Central Hawke’s Bay rural properties is strong.
“For the right property, the market will pay well.
“Middle Hills is on the preferred side of town, close to the ranges, and in a relatively reliable rainfall belt. Several smaller blocks nearby have sold positively recently, benefiting from their capacity for dairy or dairy support. While Middle Hills would not convert to dairy under the present regulations, it is essentially a flat farm, with excellent productivity, seldom offered for sale, and therefore likely to always command a premium price,” says Paul.
PGG Wrightson Real Estate recently also successfully marketed two Mid Canterbury arable properties for Rural Equities Ltd, who continue to own 12 farms comprising 5721 hectares.
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