Major Marlborough development
Craigmore Sustainables has added to its viticulture portfolio with the purchase of a 418-hectare development site in Marlborough.
The company says Ngaruroro orchard in the Twyford region of Hawke’s Bay and Patutahi orchard in Gisborne are both strategically located in tier-one apple-growing regions, benefiting from optimal climatic conditions and surrounding apple industry infrastructure. The two properties will have a total canopy area of over 110 hectares.
Craigmore will transition Ngaruroro orchard, previously owned by Kiwi Crunch, to grow premium varieties on more modern structures, starting with over 21 hectares being redeveloped this winter.
Patutahi, previously owned by Judco, includes 16 hectares, which will be developed with premium varieties, to be planted winter 2025. Through these development activities, Craigmore will increase both production from these orchards and the average price per tray of apples.
The acquisitions mark the first investments for a client, which is owned by a European institutional investor. Craigmore provides governance and management services to the client.
“In line with Craigmore’s strategy, there will be a high level of New Zealand control over both investments and operational decisions for these orchards” says Craigmore chief executive, Che Charteris.
Craigmore already has 290 hectares of apple orchards under management in Hawke’s Bay and Gisborne, including a recently developed 180 canopy hectare orchard near Ongaonga.
Over the coming months, further acquisitions in permanent crops are anticipated as part of the growth strategy. Craigmore is actively engaged in development of the newly acquired assets, to be completed over several years.
“Craigmore can see a significant need for additional patient long-term capital in the New Zealand apple sector,” says Charteris.
Craigmore, a New Zealand-owned and operated company, manages more than 33,000 hectares of dairy, grazing, forestry and horticulture properties (68 in total) throughout New Zealand. The company manages over $1 billion in assets and employs more than 200 people.
