Four Crafar son farms on market in recevership/mortgagee sale (Update 1)

Four farms owned by Robert Crafar have been put up for sale under a receivership and mortgagee sale. Crafar is the son of Allan Crafar, whose CraFarms group was placed in receivership in October last year. (Update 1 includes farm descriptions.) Three of the farms have dairy operations, while the fourth is used for dairy grazing. The farms are in Northland, Taupo, Southern Hawkes Bay and Taranaki. Bayleys is marketing the farms on behalf of receivers McDonald Vague. Bayleys said the four farms were totally separate entities to any of the properties under the control of Allan Crafar. Here are the descriptions of the four farms:

"The locations of the four farms "“ each being a considerable distance from the other "“ will most probably lead to a break up of the current corporate structure, with individual buyers being found for each of the properties," Mr Graham said. "Three of the farms are currently being run under management by the receivers, and are being sold as either going concerns or bare blocks. Essentially, their positions are simply a reflection of the global economic crisis we have seen over the past two years in the banking and finance sectors, combined with lower than forecast milk solid payout levels." "¢ The Northland property at Waipapa some seven kilometres from Kerikeri, stretches over 221 hectares of mostly improved rye grass and clover pasture over gently rolling contour. The farm has a 26 a-side herringbone cowshed with a range of support buildings and a three-bedroom home built in the 1960s/1970s. Within the property, the farm has 16 hectares of land under its own separate title - which has street frontage to State Highway 10 adjoining the Waipapa Business Centre and high exposure to passing traffic. The Waipapa Business Centre currently encompasses The Warehouse and a number of retail and commercial/light industrial premises and has been identified for future subdivision for commercial expansion. "¢ The Taupo property some 14 kilometres north of the town near the Wairakei geothermal area encompasses 43 hectares of gently rolling land formerly used for deer farming but now operating as a dairy support unit. "¢ The Southern Hawke's Bay property at Norsewood runs across 194 hectares of land "“ varying between flat plains, valleys, and moderately steep rolling hills. The farm has a three-bedroom homestead, a second three-bedroom farm worker's cottage, a 34 a-side herringbone milking shed, a four bay implement shed, and several smaller animal storage and shelter utilities. "¢ The Taranaki property at Waitotara some 33 kilometres north-west of Wanganui has 161 hectares of land, a 21 a-side herringbone cowshed with a range of support buildings and a 1930s homestead with three bedrooms. The property is in its third year of dairy production after being re-commissioned from its drystock status. Other buildings on the property include two garages, two implement sheds, two haybarns and storage shelters. Mr Graham said the four farms are considerably different from each other. "The Taupo unit for example is a support farm, the Norsewood farm is quite a substantial operation, the Waitotara property is still fairly "˜young' in terms of its production, while the Waipapa farm has the potential for subdivision and development into commercial use," Mr Graham said. "We expect strong buyer interest from the local communities around these farms, combined with considerable interest from outside the regions," Mr Graham added. The tender with Bayleys closes on March 5.