An alpine station on the shores of Queenstown’s Lake Wakatipu has been sold to a New Zealand investment company for a rumoured $30 million-plus.
The price of the deal for Halfway Bay Station, brokered by New Zealand Sotheby’s International Realty, is subject to confidentiality clauses, but managing director Mark Harris told OneRoof it was a record.
“We can say that the price is higher than that previously paid for the station,” Harris told OneRoof.
The record sale price for a residential property in Queenstown is $25.75m, paid for a luxury lodge just outside of Queenstown.
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Last year, New Zealand Sotheby’s International Realty sales associate Matt Finnigan said the 18,000-hectare property being sold by Kiwi rich-lister Chris Ellison and Australian billionaire Tim Roberts would likely attract offers of $50m.
Sources told OneRoof that the property had sold for more than $30m.
The buyer is New Zealand-based Medeor Limited, which is part of New Zealand Regeneration Investment Group. In a statement, the company said it was “established in 2020 in response to the world’s major ecological challenges and a love for New Zealand”.
Records show shareholders of the company are Titirangi-based Zhengzhong Liang and Hawkes Bay-based Austin Mortimer.
Mortimer, Medeor’s managing director, said the company would continue to graze livestock at the station and will use regenerative farming management practices to manage the land.
“Halfway Bay Station is a truly stunning piece of New Zealand,” Mortimer said. “It has a unique ecosystem that we want to preserve for future generations.”
The company will continue to employ a local station manager and shepherd to manage the farm.
Medeor purchased the station through a related trust, Tushita Holdings Limited, to preserve its high ecological value and ensure its flora and fauna are protected for future generations.
