Irish eyes on southern dairy land

A family trust based in the Emerald Isles has just completed an almost $20 million buy-up of Southland's emerald pastures in the past six months reports The Southland Times. Premier Dairies Ltd, which is owned by the Clinton family, of Ireland, was granted approval under the Overseas Investment Act 2005 to acquire further land in Southland in March for dairying to complement an already sizable rural property portfolio. The Overseas Investment Office granted consent on March 20 for the family to buy 5.6ha on North Makarewa School Rd for $350,000, a 100.8ha block priced at $3.375 million in North Makarewa-Grove Bush Rd and 47.2ha of land in Lorneville-Dacre Rd for $1.968 million. The latest buy-up follows 238ha of freehold land in Walker Rd, Woodlands, near Invercargill, bought for $14.2 million in September. According to the Overseas Investment Office all three blocks are to be used as run-off blocks for growing additional feed and grazing and, in the case of the latter two, to provide extra housing for workers employed on other farms the family owns nearby. From 2000 to 2002, the Clinton family, through their interests known as Premier Dairies Ltd and the Balreask Trust, bought several farm properties near Winton. They included a dairy farm and sheep and beef farms, which were then converted to dairying. In December 2000, they bought a 274ha farm at Ryal Bush for $1.029 million, which adjoined a 41ha property they bought in October the same year. That block was next to a 387ha property, which the Overseas Investment Office granted the family approval to buy in June 2000. According to the office's website, applicants to buy land in NZ must have business experience and acumen relevant to the investment, and must be able to demonstrate a financial commitment towards it that will benefit NZ.