Foreign buyer ‘an asset to NZ’

The sale of Hunter Valley Station at Lake Hawea to an unnamed US buyer will be a better deal for New Zealand than if it had been sold to a Kiwi.

This is the view of real estate agent Matt Finnigan of Sothebys based in Queenstown following the sale of the 10,759-hectare Crown pastoral lease over the property.

When approving sales to overseas buyers the Overseas Investment Office often negotiates public access.

‘‘Public access groups all participated in the process with the OIO over the past 10 months so the public has already had a say,’’ Finnigan said.

The OIO report said there would be ‘‘substantial and identifiable benefits’’ including development and walking access, but it has yet to reveal them.

A Fish & Game representative, Neil Watson, said he took part in consultation meetings on access to Lake Hawea and up the Hunter Valley but had not been given a report on the outcome.

The new access arrangements come after years of disagreement between locals and the former owners Don and Penny Cochrane.

The Cochranes will remain as sub-lessees of the property under the new owner and are bound by any access arrangements.

The OIO described the buyer as a ‘‘key person in a key industry’’.

Finnigan said he had signed a confidentiality agreement to keep the buyer’s name secret.

‘‘I can understand there’s a lot of mystery when someone’s got name suppression but there’s probably a good reason he has it.

‘‘All I’m prepared to say about the buyer is he will be an asset to the country.

‘‘The New Zealand public has an excellent result, far more than it would under a Kiwi owner.’’

Finnigan said his firm dealt with overseas as well as Kiwi buyers in equal measure, with most of the New Zealanders being expatriates.

‘‘I find the New Zealand bolthole story really intriguing. I’ve been contacted by The Guardian, The New Yorker and the Financial Times. Everyone grabs the same story.

‘‘No-one rang me about the sale of Mt Albert last year to a Kiwi buyer.’’

The price of the deal also remains a secret. The capital value was $13.2 million.

‘‘It’s in the eye of the purchaser how they see value,’’ Finnigan said. ‘‘It’s not a per-hectare formula. But prices are certainly above economic farming value.’’

Queenstown lawyer Graeme Todd, who specialises in sales to overseas buyers, said the public consultation had involved about 10 groups including DOC, Fish & Game, angling groups, and the Upper Clutha Trails Trust.