WAIRARAPA'S Glenburn Station, one of New Zealand's largest coastal farms, has been sold for an undisclosed sum but "well in excess of $10 million", according to Lindsay Watts, of Bayleys Wairarapa.
Mr Watts said yesterday the 5899ha farm, with approximately 12km of coastline had been bought by John and Helen McFadzean
and Alister and Bridget Reid.
The McFadzeans are farmers in Wairarapa and the Reids have a commercial fishing business, charter operation and farming interests.
Mr Watts, who sold the property along with Hamish Macdonald of Bayleys Auckland office, said the new ownership is now in place, with settlement date last Wednesday.
The station was bought in 1998 by GMO USA and operating as GMO Glenburn Ltd, a subsidiary of the North American-based funds management company which focuses on international forestry investments, underwent large forest development as well as a substantial redevelopment of the pastoral farming area of 2065ha.
Mr Watts said the new owners had indicated they intend to continue the operation of Glenburn Station along its existing lines.
The station, which is in the Carterton district approximately an hour from Masterton and two hours drive from Wellington, is one of Wairarapa's most iconic properties, with hundreds of people having worked on the station.
Mr Watts said the sale had been an excellent result for the vendors and purchasers, with the land and buildings returning to Wairarapa hands and GMO retaining an interest in the forestry.
