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Two wealthy Australia-based listers are selling their rural Queenstown lakefront station, which could fetch more than $ 50 million.
Halfway Bay Station, owned by New Zealand-born mining magnate Chris Ellison and Australian billionaire Tim Roberts, is an 18,000 hectare alpine station on the shores of Lake Wakatipu that has not been sold on the open market for 40 years.
Matt Finnigan, a sales associate at New Zealand Sotheby’s International Realty, said the large and unique property would likely receive offers of more than $ 50 million and it was expected that there would be interest from Kiwis, unions, expats and internationals.
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Halfway Bay Station is expected to raise more than $ 50 million.
“It has 7 kilometers of frontage to lakes, mountains, rivers, valleys, native shrubs and an ecosystem that is largely undisturbed.
“A property of this scale, and with that inherent value, is quite difficult to quantify. It really is a once in a lifetime opportunity. “
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Ellison and Roberts bought the property in a private sale to its New Zealand owners four years ago, with Ellison owning a three-fourths stake and Roberts one-fourth.
Around the same time, Roberts paid $ 14.85 million for a 39ha lakefront property at nearby Walter Peak Station.
At the time, he told the Office for Overseas Investment (OIO) that he intended to obtain residency and live here permanently, so he was not required to show how the investment would benefit New Zealand.
In 2017, the OIO approved the sale of 12ha of land at Speargrass Flat, near Arrowtown, for which Roberts paid $ 4.2 million.
Finnigan said that Australian landowners were “stuck” in Perth and had not been able to visit as often as they wanted, so they decided to sell the Halfway Bay Station property.
“In this climate, they said if you find a buyer, they will let him go.”
High-end sales had turned “bananas” since the Covid-19 pandemic began and a large amount of money was seeping through the housing market, he said.
“There is a lot of wealth in New Zealand … People want to secure a place where they can spend a family vacation.”
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Halfway Bay Station is 7 km of lakefront and has not been sold on the open market for 40 years.
Concerns about foreign ownership of rural land in New Zealand have made headlines in recent years, with the likes of American billionaire Peter Thiel and American broadcaster Matt Lauer paying big bucks for scenic views in the Queenstown region.
Finnigan said he suspected the OIO would be too prohibitive for a foreign buyer, but if approved, they would undergo “rigorous” testing.
“They would have to produce a significant benefit for the country to show that they can do something much, much better than a Kiwi buyer.
“It’s more likely a wealthy kiwi buyers union … [who] could contribute $ 10 million each. You’d be surprised how many people are on $ 10 million. “
The Halfway Bay station would be a “suitable legacy purchase,” he said.
Accessible only by air or boat, the station was of high ecological value, he said.
“It predominantly encompasses pastoral lease lands with 180ha of freehold land along 23 km of the Lochy River, a world-renowned fly fishery.”
Halfway Bay Station is completely “off the grid”, with its own hydroelectric power generation and mountain water sources, but has access to high-speed data and communications.
Traditionally cultivated with cattle and sheep, the sprawling property also includes a farm, farm manager’s house, staff quarters, wool shed, several implement sheds, a marina and jetty, a workshop and cabins for remote pastors.
A spokesperson for Land Information New Zealand said the station lease was not under tenure review.
If a foreign buyer wanted to buy the station, they would need to meet an OIO “investor test”, which meant they needed business experience and investment relevant acumen, to demonstrate a financial commitment to the investment, have good character and meet certain immigration requirements.
If that was satisfied, the foreign buyer would also have to show that they intended to reside in New Zealand indefinitely or met the “New Zealand benefit test”.
Benefits include providing more jobs and export earnings, introducing foreign funds, and protecting native flora and fauna.
Other recent high profile station sales in high countries include:
- Arcadia Station, near Queenstown
- Glendhu Station, Wānaka
- Hadleigh Station, near Masterton
- Guide Hill Station, Pukaki
- Lilydale Station, near Fairlie
- Mt White Station near Arthur’s Pass
- Craigieburn Station, near Arthur’s Pass
- Hunter Valley Station, Lake Hāwea
- Lake McKay Station, Wānaka
- Kawarau River Station, Queenstown
- Mt Cook Station
- Motatapu, Mount Soho, Glencoe and Coronet Peak stations, Wānaka
- Mt Whitnow Station, North Canterbury
- In General Station, near Twizel
- Castle Hill Station, North Canterbury
- Wyuna Station, near Glenorchy
- Lochinver Station, near Taupō
