A dairy farm in the prime Waikato dairy district near Morrinsville that supplies the highly regarded Tatua Co-operative Dairy Company has been sold at auction for a record-breaking price per hectare leading to an eventual sale price of $8.21 million. The 63.6ha farm at 208 Horrell Road has some of the area’s finest soils and Harcourts Morrinsville business owner Kevin Deane says it is probably one of the most exceptional properties he’ll ever market.
“The farm has been in the Semmens family for over 30 years and it is impeccably presented,” says Deane who has been in real estate for 26 years after spending his earlier years in the dairy industry. A highly experienced specialist in rural farm sales, Deane also owns Harcourts businesses in Matamata, Cambridge and Putaruru.
“Very few Tatua supply farms come to the open market and they are highly sought after so there was considerable interest,” says Deane. The Tatua Co-operative Dairy Company is an innovative specialist dairy producer in the Waikato supplied by 106 shareholder-owned farms.
The price tag which includes 96,000 Milk Supply Entitlements (MSEs) and approximately 688,000 Tatua Dairy Co-op shares equates to $130,000/ha. Deane says the auction method of sale was instrumental to achieving the outstanding result. “Auction eliminates any preconceived ideas people have about a property’s value. It really is the most transparent way to sell.”
Harcourts auctioneer Trent Finlay presided over the auction which took place on 14 December at the Tatuanui Hall after rain scuttled plans for an on-farm venue. The weather didn’t dampen down interest however and the auction was well attended. Four active bidders were in attendance with two bidders battling it out to the end.
Finlay has been calling auctions for the past four years and says, “There’s no doubt that the open and competitive nature of the auction method of sale achieved a result on the day that was above the client’s expectation.”
The property was purchased by a long-standing local farming family.
The 63 hectare Tatua dairy farm marketed by Harcourts Morrinsville sold for a record-breaking $8.21 million in December.