The purchase of a North Otago dairy farm by a company founded by a South Canterbury businessman will create more local jobs, the company says.
Craigmore Sustainables has received Overseas Investment Office approval to purchase a dairy farm in Tussocky Rd, months after buying three other farms in North Otago.
Craigmore is the brainchild of South Canterbury businessman and farmer Forbes Elworthy and is based in London. It also has offices around New Zealand.
"We have an extensive development programme in place for this property, including building a dairy shed, new effluent system, and native planting to assist with nutrient management," the company's director of commercial development, Hamish Blackman, said.
Blackman said the purchase would result in additional local jobs and crucial investment during both the development phase and over the longer term as a result of increased production.
"Craigmore has a sustainability programme to ensure we strike a balance between respecting the environment and running a sustainable and profitable rural operation," he said.
"We're seeking to improve public access to recreational opportunities and have specifically agreed with the Alps 2 Ocean Cycle Trail to provide farm access for an extension to their network of public cycleways."
He said one of the company's founding principles was its belief that the best farmer was the owner-operator or family farmer.
"We see the need to reward high-performing managers and offer equity partnerships for top quality managers.
We're proud of our track record in developing and managing farmland and our ability to bring together a mix of practical, strategic and analytical farming expertise. North Otago is a great farming region and we're very happy to be there for the long term."
This year, Craigmore Sustainables also bought three other North Otago farms, Arnmore, Windsor and Waiareka.
- The Timaru Herald