Over 60 New Zealanders have invested $10.5 million to become the proud new owners of the largest modern cherry orchard development in Central Otago.
Central Cherry Orchard Limited Partnership will begin development of the 96 hectare bareland block in the Waikerikeri Valley north of Alexandra in autumn 2019.
New Zealand export cherries are recognised for their exceptionally high quality and freshness. This season it's estimated 1.9 million 2kg boxes of cherries will be picked and airfreighted fresh to China and the rest of Asia to arrive in time for Chinese New Year on February 5.
MyFarm CEO, Andrew Watters says the Central Otago development which was launched in late November, is the first Cherry investment offer by MyFarm and proved very popular with New Zealand investors. The property purchase went unconditional yesterday (Thursday 20 December) and only a very limited number of units remain available for investment.
"Investment prospects for the New Zealand horticultural sector are particularly strong right now. The world wants our high quality, healthy produce and Cherries' time has come with that. We are witnessing a significant increase in export demand that this venture is going to help meet," says Watters.
MyFarm has partnered up with orchard management and export company Freshmax to oversee the orchard development and ongoing operations.
MyFarm forecasts the investment to return 12% p.a. from year six, increasing to over 30% p.a. by year 10 as the orchard reaches full maturity. The offer to invest in Central Cherry Orchard Limited Partnership remains open with $3million of units still available to investors.
In 2018 MyFarm has raised $61 million from 264 wholesale New Zealand investors for primary sector investments into Hop gardens, Avocado and Kiwifruit orchards, Vineyards, and a large scale Manuka plantation.
MyFarm Chief Executive
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