One of New Zealand's wealthiest families buys Lochinver Station

The sought-after Lochinver Station in the central North Island has been sold to one of New Zealand's wealthiest families.

The 14,000 hectare property near Taupo has been bought by Rimanui Farms Ltd, which is owned by the Spencer family.

The toilet paper tycoons also have three other high country stations in the central North Island.

In a surprise announcement the government has halted the sale of a large section of the farm near Taupo. Source: 1 NEWS

The Government in September turned down an Overseas Investment Office application from China-based Shanghai Pengxin's subsidiary Pure 100 to buy the property, saying the benefits to New Zealand would not be "substantial and identifiable".

The Spencers take over the sheep and beef station from the Stevenson Group in March.

Bayleys Real Estate restarted marketing the property last month.

"Since the original sales contract was signed over 14 months ago, prices for top quality sheep and beef farms have risen significantly, primarily on the back of a very strong beef sector," said Bayleys Real Estate managing director Mike Bayley.

The Stevenson Group has also undertaken approximately $3.5 million worth of further capital improvements to the station, he said.

"A combination of these factors meant that we have been able to attract New Zealand interest in the property at a higher value than was the case early last year when we first marketed the station." 

The property, which has a Capital Valuation for rating purposes of $70.6 million, is a sheep and beef breeding and finishing and dairy support farm on the Rangitaiki Plains, 32km from Taupo, with a carrying capacity of more than 100,000 stock units.

Stevenson Group chief executive Mark Franklin says proceeds from the sale of Lochinver Station will be reinvested in the company's core businesses of mining, quarrying, concrete and associated investments, including the development of a new industrial subdivision around its quarrying operations in Drury, South Auckland.