Lochinver Station sold to New Zealand farming group

Lochinver Station, in the central North Island, was sold for an undisclosed sum to privately owned New Zealand farming group Rimanui Farms Ltd. Photo / Supplied

One of New Zealand's largest farms - valued at over $70 million - has sold.

Lochinver Station, in the central North Island, was sold for an undisclosed sum to privately owned New Zealand farming group Rimanui Farms Ltd.

Rimanui Group will take over the 13,843-hectare sheep and beef station - that has a capital value of more than $70 million - in March.

The property has been owned by Stevenson Group Ltd for more than 50 years.

Bayleys Real Estate managing director Mike Bayley said the sale came after an application by Chinese company, Pure 100, was declined by the Overseas Investment Office.

"Since the original sales contract was signed over 14 months ago, prices for top quality sheep and beef farms have risen significantly, primarily on the back of a very strong beef sector," he said.

"The Stevenson Group has also undertaken approximately $3.5m worth of further capital improvements to the station. A combination of these factors meant that we have been able to attract New Zealand interest in the property at a higher value than was the case early last year when we first marketed the station."

The property, situated on the Rangitaiki Plains between Taupo and Napier has a CV of $70.6 million.

It is a sheep and beef breeding, finishing and dairy support farm.

The station also has three airstrips; 22 houses which accommodate the families of 20 permanent staff; a staff recreation centre; 91kms of pumice roads; six cattle yards; three woolsheds and multiple other farm buildings; a lake and a recreational hunting block.

Stevenson Group chief executive Mark Franklin said proceeds from the sale of Lochinver Station will be reinvested in the company's core businesses of mining, quarrying, concrete and associated investments around these industries, including the development of a major new industrial subdivision around its large quarrying operations in Drury, South Auckland.

Lochinver Station was purchased in 1958 by the late Sir William Stevenson, founder of Stevenson Group, after prompting from his son, the late Ross Stevenson, who had observed the property during his hunting expeditions in the area.