A smallholding in the Waiareka Valley is being added to property bought by farming company Craigmore, after approval for the purchase by the Overseas Investment Office.
The 4ha of land on the Weston-Ngapara Rd, just west of Enfield, will be integrated with land the company already owns in the area and used to provide additional staff accommodation.
The sale price of the land, owned by Anthony and Lois Miles, was being kept confidential but it had a rateable capital value with the Waitaki District Council of $340,000 in 2012.
Craigmore Farming NZ Ltd Partnership has bought land in North Otago to develop dairying and in East Otago for dairy support and run-off.
It has shareholders in the United Kingdom, Hong Kong, Germany, New Zealand and other countries.
About two-thirds are in the United Kingdom and New Zealand shareholders make up 9.5%.
The Arnmore, Windsor and Waiareka farms cover 1060ha, have been developed further, hold 4500 cows and employ a team of 24 farm staff.
