Prime farmland snapped up for $9m
Prominent Wakatipu farm owner Tim Edney has bought a 65ha slice of prime Crown Terrace land following post-auction negotiations.
Known as Kahu Heights, the property, comprising two titles, had gone to mortgagee auction on June 6, but was passed in by the vendor after bidding reached $7.5 million.
Edney's company, The Station at Waitiri Ltd, subsequently bought the property — which includes a renovated five-bedroom homestead — for an undisclosed price, but believed to be between $8.5m and $9m.
"They just had to squeeze me up, so I just had to kill a few more sheep," he said.
Mr Edney already owns the neighbouring Eastburn Station, which is about 1500ha.
"Land on the Crown Terrace is extremely tightly held, so when this opportunity came up — in fairly sad circumstances — to buy the old homestead, it just had to happen.
"It was the original homestead for Eastburn, so it's just nice to put them back together — I'm a very pleased purchaser."
In addition to running stock, "we'll use it to add to our grain production, and it's got some good silage on it".
There was a consent in place for five luxury two-bedroom cottages on the smaller title, but "I honestly think that site is better for a very nice lodge or major homestead".
A part-time Arrowtowner, Mr Edney also owns Waitiri Station on the Crown Terrace, Wentworth and Glenroy in Gibbston and Arcadia, near Glenorchy.
A popular location for film shoots, Arcadia is understood to have been used as a setting early this year for Hollywood mega-star Brad Pitt's latest movie, Heart of the Beast.
Meanwhile, local Ray White owner Bas Smith, who co-listed Kahu Heights with colleague Peter Werbrouck, confirmed it sold following the auction and said he expected it would be settled in full by the end of this week.
He noted the combined valuation of the two lots, as at last September, was $7.17m.
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Otago Daily Times
20-06-2025
- Otago Daily Times
Prime farmland snapped up for $9m
Kahu Heights has been bought by Eastburn Station owner Tim Edney. PHOTO: SUPPLIED Prominent Wakatipu farm owner Tim Edney has bought a 65ha slice of prime Crown Terrace land following post-auction negotiations. Known as Kahu Heights, the property, comprising two titles, had gone to mortgagee auction on June 6, but was passed in by the vendor after bidding reached $7.5 million. Edney's company, The Station at Waitiri Ltd, subsequently bought the property — which includes a renovated five-bedroom homestead — for an undisclosed price, but believed to be between $8.5m and $9m. "They just had to squeeze me up, so I just had to kill a few more sheep," he said. Mr Edney already owns the neighbouring Eastburn Station, which is about 1500ha. "Land on the Crown Terrace is extremely tightly held, so when this opportunity came up — in fairly sad circumstances — to buy the old homestead, it just had to happen. "It was the original homestead for Eastburn, so it's just nice to put them back together — I'm a very pleased purchaser." In addition to running stock, "we'll use it to add to our grain production, and it's got some good silage on it". There was a consent in place for five luxury two-bedroom cottages on the smaller title, but "I honestly think that site is better for a very nice lodge or major homestead". A part-time Arrowtowner, Mr Edney also owns Waitiri Station on the Crown Terrace, Wentworth and Glenroy in Gibbston and Arcadia, near Glenorchy. A popular location for film shoots, Arcadia is understood to have been used as a setting early this year for Hollywood mega-star Brad Pitt's latest movie, Heart of the Beast. Meanwhile, local Ray White owner Bas Smith, who co-listed Kahu Heights with colleague Peter Werbrouck, confirmed it sold following the auction and said he expected it would be settled in full by the end of this week. He noted the combined valuation of the two lots, as at last September, was $7.17m.
Otago Daily Times
19-06-2025
- Otago Daily Times
Farm owner buys 65ha Kahu Heights
Kahu Heights has been bought by Eastburn Station owner Tim Edney. PHOTO: SUPPLIED Prominent Wakatipu farm owner Tim Edney has bought a 65ha slice of prime Crown Terrace land following post-auction negotiations. Known as Kahu Heights, the property, comprising two titles, had gone to mortgagee auction on June 6, but was passed in by the vendor after bidding reached $7.5 million. Edney's company, The Station at Waitiri Ltd, subsequently bought the property — which includes a renovated five-bedroom homestead — for an undisclosed price, but believed to be between $8.5m and $9m. "They just had to squeeze me up, so I just had to kill a few more sheep," he said. Mr Edney already owns the neighbouring Eastburn Station, which is about 1500ha. "Land on the Crown Terrace is extremely tightly held, so when this opportunity came up — in fairly sad circumstances — to buy the old homestead, it just had to happen. "It was the original homestead for Eastburn, so it's just nice to put them back together — I'm a very pleased purchaser." In addition to running stock, "we'll use it to add to our grain production, and it's got some good silage on it". There was a consent in place for five luxury two-bedroom cottages on the smaller title, but "I honestly think that site is better for a very nice lodge or major homestead". A part-time Arrowtowner, Mr Edney also owns Waitiri Station on the Crown Terrace, Wentworth and Glenroy in Gibbston and Arcadia, near Glenorchy. A popular location for film shoots, Arcadia is understood to have been used as a setting early this year for Hollywood mega-star Brad Pitt's latest movie, Heart of the Beast. Meanwhile, local Ray White owner Bas Smith, who co-listed Kahu Heights with colleague Peter Werbrouck, confirmed it sold following the auction and said he expected it would be settled in full by the end of this week. He noted the combined valuation of the two lots, as at last September, was $7.17m.
Otago Daily Times
16-05-2025
- Otago Daily Times
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