Kawarau River Station, one of the Wakatipu's largest
freehold sites, is for sale. Photo supplied.
A trophy freehold farm on Queenstown's doorstep is for
sale by mortgagee auction.
Kawarau River Station, on the northern face of the
Remarkables mountain range, has been on the market since last
November and attracted hundreds of inquiries from
international and national buyers.
However, no satisfactory offer has been made to owner Steve
Laing, Ray White Queenstown agent Bas Smith says.
''Unfortunately time has passed and the owner is now working
with his lender and Ray White Queenstown to take this
outstanding property to mortgagee auction.''
Mr Smith says two offers, from Christchurch and United States
interests, have been received.
Both were under valuation ''but not significantly''.
Mr Smith revealed the property has been valued at $12.5
million and $16 million, the latter reflecting its status.
The first mortgage is held by Heartland Bank and the second
mortgage by an Auckland-based private lender.
''They want it sold,'' Mr Smith says.
''There's obviously enough debt there for them to be
concerned that the owner hasn't got the ability to cover
Mr Laing bought the former Cone Peak Station when it was in
pastoral lease in 1995.
Four years later, through a tenure review process, he
freeholded 1825ha and surrendered 1262ha of mountaintop to
the Crown, including parts of The Remarkables Ski Area and
The farm, bounded to the north by a 14km stretch of the
Kawarau River, grazes cattle and red deer on 190ha of river
terrace and, in the past, merino sheep in the high country.
Mr Laing's business interests extend to boat-building and
hospitality and he has owned bars in Frankton and Wanaka. His
Wanaka Ale House company was placed in receivership last year
by Bank of New Zealand.
Kawarau River Station will be auctioned on July 4 at Ray
White Queenstown's offices, at 2pm.
Mr Laing could not for contacted for comment this week.
- Philip Chandler.