Duncannon Limited Partnership
Take a drive through our horticultural heartland and chances are you’ll come across crews of overseas workers employed under the Recognised Seasonal Employer (RSE) programme.
These hard-working men and women from around the Pacific have become a vital part of New Zealand’s horticultural economy as a result of export growth and a shortage of local labour. Strong growth in the Marlborough wine sector is bolstering long-term demand for seasonal labour and accommodation. Despite COVID-19 travel restrictions, there are still 8000 RSE workers and 20,000 backpackers in New Zealand looking for work.
MyFarm’s latest investment opportunity is a Blenheim commercial property, purpose-built as accommodation for seasonal vineyard workers and consented for temporary backpacker accommodation. It is also the headquarters of the current owner and developer of the property – Hortus Limited.
Hortus is a vineyard management company and one of the leading providers of contract labour in Marlborough. Its reputation for looking after the pastoral needs of workers means the company consistently attracts the cream of the RSE labour crop.
Hortus will lease back the property for an initial term of 15 years, with several rights of renewal.
Property description: An immaculate property of approx 5.2 hectares including purpose-built accommodation (356 beds) for RSE workers.
Location: Conveniently located walking distance to Blenheim CBD.
Lessee: Hortus Limited. Hortus HQ and workshops also on site to support the company’s significant vineyard management business.
Lease terms: initial term 15 years with ROR of 4 x 5 years. Annual rent adjustments set by CPI and all outgoings covered by lessee.
Returns: Forecast rental cash returns of 7.8% p.a. paid monthly.
Minimum Investment: $50,000
Offer closes: Wednesday 30 September, 5pm.