Haupiri, West Coast. Waikiti Downs Station 1,512 hectares

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1 Haupiri, West Coast Waikiti Downs Station 1,512 hectares

2 Contents 1. Introduction 2. The Property 3. Hydro Power Scheme 4. Deer Farming 5. Fishing 6. Off Roading, Tourism 7-8 Income Streams 9. Services, Legal Description 10. Comments 11. Method of Sale 12. Area Map DISCLAIMER: Offices throughout New Zealand. Affiliated to Christies worldwide. The sole purpose of this document is to provide background information to assist the recipient in obtaining a general understanding as to what is on offer. Neither Bayleys nor Whalan David Murray Limited represents that any information from any third party (including the vendor) is correct as it has not been independently verified. The recipient of this document releases both Bayleys Real Estate and Whalan David Murray Limited together with its directors and agents from and disclaims all claims (whether in contract including without limitation claims for breach of express or implied representation or warranties) or tort or otherwise (including, without limitation, the Fair Trading Act 1986) in respect of or arising out of this document.

3 1. Introduction Waikiti Downs Station Dairy Conversion or continue Deer Farming with several other income streams Waikiti Downs Station is located at the Western foot of the Southern Alps covering an area of 1,512 hectares (4,000 acres). Time of travel from the closest large town being Greymouth, is 50 minutes and from the largest city being Christchurch on the East Coast is 2 hours and 30 minutes.

4 2. The Property The property includes the following: 1,512 hectares comprising of: - 450ha freehold grass/crop land - 72ha freehold light bush - 5ha creeks and tracks on freehold land - 900ha Conservation Concession Lease Four bedroom weatherboard home built in 1972 Three bedroom cottage Fisherman s hut Shearer s Quarters Deer sheds Wool shed Implement shed Five-bay barn

5 3. Hydro Power Scheme Overview The property has been issued with a 30 year resource consent for power generation from Deer Creek on the Southern side of the property. Power is measured in kilowatts an hour kwh and the rate attached to this is generally called a spot rate the rate the wholesale market is willing to pay for one unit of power. The rate is seasonal and can vary from 3 cents per hour over summer to 10 cents per hour over winter. Based on this variance we have used an average of 7.5 cents per hour per kw. Deer Creek Deer Creek has been measured to produce a minimum of 1.02 cumecs of constant flow water per second. There has been an independent consultant evaluate the resource and he has based his methodology on 0.5 cumecs per second, the results follow along with our methodology cumecs = = $90,666 3% line downtime = $87, cumecs = = $368,588 3% line downtime = $357,530 The bottom option is the Vendors forecast, as they have been advised that the line can take 300 kwh back to the grid. An agreement has been put in place with Energy3 to complete a full evaluation..

6 4. Deer Farming Deer Waikiti Downs is renowned for its strong deer genetics. The previous owner of 20 years has continued to maintain a genetics programme that produced, and still produces red deer with trophy heads. The station currently runs deer, being a mixture of Stags, Spikers, Hinds and Fawns. The farms objective is to maintain the strong breeding lines and continue to bring trophy stags for mating.

7 5. Fishing Rivers on the property Waikiti Downs Station has 45km s of rivers flowing through the property, the main rivers being: - Ahaura River - Waikiki River - Waiheke River - Tutaekuri River - Trent River All five rivers contain prized brown trout with the Ahaura also holding salmon. B Brown trout on the Ahaura River

8 6. Off Roading, Tourism Off Roading Waikiki Downs Station offers an abundance of off road activities for four wheel driving, mountain biking, horses or recreational vehicles. The Station is surrounded by valley walls with ancient native beech forest and has pure adventure off road track around the perimeter of the property. For the real thrill seeker or mountain athlete the challenge would be to tackle the Hope Valley and St Jacobs Valley and descend down the Hope Pass into the picturesque Waikiti Downs Station. Tourism The property can offer the following: - Hunting - 45kms of fishing (some of the best in New Zealand) - Jet boating - Kayaking - Gold prospecting - Hot pools (located on property boundary as natural) - Mountain biking - 4 wheeler off roading - Skiing 10 minute heli flight to Temple Basin Ski-field in the Arthurs Pass National Park

9 7. Income Streams Rocks The property includes two quarry areas for large Greywacke rock, sought on the East Coast, and also Alpine Schist used for landscaping and housing. Stumps Native tree stumps are sold for waterway developments. Beech Red beech can be sold in either log form for milling or for firewood, fetching up to $50 m3. Gold The Station has a prospecting permit on it, more research and testing will be required. Tourism The Station getaway, along with all the other potential tourist adventures including off roading, kayaking, hot pools near the Tutaekuri River and mountain biking. Hunting Both Private and Commercial, looking after the private hunter on some of the best hunting ground in the South Island. The surrounding country conatins Red Deer, Chamois and Tahr. Deer Farming Continue to farm deer for an income and also progress the genetics to increase the herd stock, to include a greater number of trophy animals. Dairy Grazing The farm currently has a preferred grazing contract with Landcorp and can graze up to 5,000 cows over the winter.

10 Hydro Power Scheme 35 year consent to produce power. Carbon Credits A tradable commodity that will be a bi-product to the forest block and hydro power scheme and determined by how many kw of power produced. At this stage its value is unknown, but indications from Government are that the main winner from the Kyoto agreement will be hydro and wind powerproducing entities. Dairy Conversion The farm could sustain dairy farming of 1,000+ cows, with an estimated production of 350,000kgMS per annum.

11 9. Services, Legal Description Rainfall Approximately 2,000mm per annum. Services Mail: Schools: Rural Delivery Primary Schools at Greymouth by School Bus Rateable Valuation LV$ 2,750,000 IV$ 450,000 CV$ 3,200,000 Date: 1 September, 2007 Local Authority Grey District Council Legal Description ha Freehold RSs 4696,4697 & 4698; RSs 4717 to 4726; Sections 1 to 10, SO 1223; Section 1 SO ha Riverbed S144 Crown renewable lease 900ha Mountain Valley LG A 0220 Grazing Concession

12 10. Comments Google Earth s, e Comments A unique property with diversity of income potential. Currently grazing deer and dairy cattle, the property has recently undergone major development, increasing the grazeable area on the huge river flats and river frontages. The high rainfall and free draining soils make this a wonderful dairy conversion opportunity.

13 11. Method of Sale For Sale The Vendors invite offers Bayleys Canterbury B E Bayleys Canterbury PO Box Level 2, 17 Sir William Pickering Drive CHRISTCHURCH WHALAN DAVID MURRAY LTD, BAYLEYS, LICENSED UNDER THE REA ACT 2008.

14 12. Area Map

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