Award-winning farm fetches $4.57m

Springbush in Waipukurau has been sold at auction for a record price. Photo / Supplied

An award-winning Hawke's Bay sheep and beef farm, sold at auction last month for $4.575 million.

Springbush, located 38km east of Waipukurau, was marketed by Doug Smith of PGG Wrightson Real Estate Hastings. He said the August 20 auction was well attended.

"Between 60 and 70 people were in the room, including four potential bidders for the 357ha Elsthorpe farm.

We were confident it would be a good sale and that confidence was confirmed well before a local farmer placed the winning bid."

The new owner intends using Springbush predominantly to finish sheep and beef, continuing to manage the farm much as the former owner Mark Toulmin did.

In recent years, they have fattened 6000 lambs over the winter and 3000 over the summer, as well as letting additional dairy grazing contracts.

Mr Toulmin said he and his wife Hazel wanted to scale back their workload which prompted them to sell.

Mr Toulmin will still have a say in the management of Springbush.

"My boss bought one half so I'll still get to manage that and the other half went to my neighbour."

He found himself a little emotional when his farm was sold.

"On sale day it got me a little but we are looking forward to having more time to enjoy life."

Mr Smith said that considerable interest was shown in the property while it was on the market. "It is highly productive and has been immaculately farmed by successful farmers, who won the Hawke's Bay Farmer of the Year award in 2007," Mr Smith said.

"The Springbush sale bodes well for a busy spring selling season for Hawke's Bay rural property."

"Although July and August are usually quiet in the rural property market, that has not been the case this year with a quantity of local farms selling well, including a number that changed hands well above rateable value."

Springbush was the latest in that trend.

"Local farmers are buoyed by attractive interest rates and excellent beef prices.

"Farm values are increasing and numerous potential buyers are looking for Hawke's Bay rural property, including several from the South Island," he said.