Listen: Station conversion to mānuka 'not a concern'

GM of PGG Wrightson Real Estate, Peter Newbold. Photo / Supplied

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The recent sale of Manawaimai Station is a sign of the times and not something to be concerned with, said PGG Wrightson Real Estate.

The sheep and beef property, which once had 13,500 stock units, will be completely destocked and planted into mānuka.

The Country's Jamie Mackay asked PGG Wrightson Real Estate's General Manager, Peter Newbold if he thought the sale represented a worrying trend in the rural property market.

"I don't think we should be concerned with that," said Newbold, "change takes place all the time. I think we'll see more of it."

However, Newbold recognised that such drastic changes are not always effective.

"As long as we don't do what we've done in the past where suddenly you go back 30 years and everyone's got on to kiwi[fruit] or everyone's got into viticulture."

However, in the case of Manawaimai Station, Newbold saw no issues.

"I think it's done in an orderly fashion and there's no problem with it."

Also in today's interview: Newbold talks about the latest Property of the Week.

Listen below: