Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Iconic North Island farm sells

Media Release
27.3.2014

Iconic North Island farm sells

One of the most highly valued sheep and beef properties in New Zealand has been sold. The 4,839 hectare Mangaohane Station located just off the Taihape to Napier Highway between the Rangitikei River and the Ruahine Forest Park.

It has been sold by the family of previous owner, the late Jim Bull. Jim was known as ‘The Potato King”, and bought Mangaohane at auction in 1973 for what was then a record price.

During the last 40 years, the property has been dramatically transformed - with 1500 hectares of scrub cleared, and a further 1200 hectares of tussock developed into top quality high producing pasture.

The station has been purchased by interests associated with the neighbouring Erewhon Station. The deal was brokered by Bayleys Taihape salesperson Pete Stratton.

Mr Stratton said that the sale price for the station had not been released. The 2011 government valuation is $22.2 million and most recent sales in the district had been above government valuation.

Mr Stratton said that four tenders were received for Mangaohane. All were from New Zealand entities, and at very good levels. The station winters on average more than 44,000 sheep and cattle stock units - placing it among the top echelon of productive primary land in New Zealand.

“The confidence expressed through the four tenders underscores the long-term value being placed in sheep and beef units,” Mr Stratton said. “From my understanding, the price achieved ranks Mangaohane as the most valuable sheep and beef unit to have sold in the North Island.

“While the three unsuccessful tenderers are obviously disappointed at missing out on one of the country’s ‘trophy’ farms, we will continue to work with them to find other suitable properties.”

Mr Stratton said the price achieved for the sale of Mangaohane reflected the extensive capital invested in building the soil fertility and improving the pasture species on the station.

“Over the last 10 years, around 2600 hectares has been cropped before being sown into new grass, with a further 290 hectares currently in swedes,” he said.

He said “The Bull family had invested in more than 100 kilometres of new fencing, plus a further 40 kilometres reconstructed to form a whopping 140 main paddocks across the station with an average size of 30 hectares, with most having reticulated stock water.”

Mangaohane also has 132 hectares of forestry - comprising mainly radiata pine all planted since 1992.

Mr Stratton said Mangaohane’s new owners had indicated they would continue operating the station as a sheep and beef breeding unit, in conjunction with their existing farming operation.

Mangaohane was one of four farms owned by Jim Bull, who started growing potatoes on 14 hectares of leased land. Over 20 years he grew the potato empire to be the biggest in Australasia, with a factory at Rata in Rangitikei. In 1984 he sold the business to Watties to concentrate on farming.

The Rangitikei town of Bulls was named after his grandfather, also James Bull. Bull was heavily involved with Massey University and is recorded as the first businessman to fund a research project there. It was on how to process potatoes efficiently into chips.

In 1995 Jim Bull’s distinguished service to farming and agribusiness was recognised with an OBE in the Queen's Birthday Honours List, and in 2005 Massey made him an honorary doctor of science. Bull was also active in horse racing and at one time was chairman of the Racing Conference.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news