Patoka Dairies (In Receivership)

December 9, 2013 at 2:14 pm

Auction held at Bayleys Napier office 6 Dec 2013

Ben Alpin and Trig Downs were taken to auction by Receivers PricewaterhouseCoopers on Dec 6 2013.  The auction created significant interest attracting a good turnout.  The properties are situated at Patoka, northwest of Napier City; Hawke’s Bay and have been on the market for the last two years under forced circumstances.

Ben Alpin comprises 351 hectares in total including 290 grazable hectares consisting of some 241 dairy platform 49 hectares of steeper grazable area, the balance including 50 hectares of QEII Bush.  Best production to date includes 209,126 KgMs produced in the 2011/12 production season and is on target to produce 218,000KgMs this season.  A sale price of $5,020,000 was achieved with a number of interested parties bidding, analysis shows a net sale price of $24/kgMs based on best production of 209,000KgMs.

Trig Downs sold after stopping at $7.4M; agents negotiated with the highest bidder and offered the property back to the auction finally selling at $7,500,000.  Analysis of this sale shows a net sale price of $27/KgMs based on best production of 282,000Kgms. The property consists of some 468 hectares with grazable areas of approximately 346 hectares.  These sales are consistent with previous sales in the area, the most recent being other properties sold by the Receivers.

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Entry filed under: Rural Market.

Hawkes Bay Rural Property Market Report Spring 2013 House Insurance


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