SFF Selling Dunedin Head Office

Silver Fern Farms  is selling its Dunedin head office building and the recently closed deer plant at Burnside.

Chief executive Keith Cooper said the decision to sell the three-storeyed 0.33ha George St site, known as Harvest Court, followed an approach by a buyer with an offer “too good to refuse”, and had nothing to do with recent closures of processing plants, he said.

The 3800sq m building was owned by a holding company, Farm Enterprises Otago, which was 74% owned by Silver Fern Farms (SFF) and the balance by Federated Farmers Otago.

SFF would remain the anchor tennant, Mr Cooper said.

He would not reveal the sale price, but according to Dunedin City Council rating information, Harvest Court had a land value of $6.58 million and a capital value of $9 million.

This is separate from Monday’s announcement that PGG Wrightson wants to take a 50% stake in SFF and whether or not that deal goes ahead it makes sense for the company to sell non-core assets to reduce its debt.

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