Foreign investment welcomed

Foreign investment gets negative press but this story shows the positive side:

The potential investment in a Central Otago vineyard by a global luxury goods group is ”ecstatically good news” for the region, a wine industry leader says.

Subject to gaining Overseas Investment Office approval, the 23ha Northburn Station vineyard at Cromwell and The Shed cellar door and function centre on the same site will be sold to Cloudy Bay Vineyards.

”I think this is a real coup for Central Otago wines for a major player like this, a global luxury brand, to be putting a stake in the ground,” Northburn owner Tom Pinckney said yesterday. . .

He and wife Jan bought Northburn Station, northeast of Cromwell, in 1993 and run sheep and cattle on the 13,000ha property.

They diversified into grapes in 1999 and opened The Shed on the property in 2008.

They would remain on the farm and the sale of the vineyard and function centre was good timing, he said. It would give him more time with his young family and to explore new projects ”which I’m keeping under my hat for now”.

As well as focusing on the farm, he would continue to grow the Northburn 100-mile mountain run, launched four years ago, which attracted endurance athletes from around the world. ”We won’t be getting out of wine altogether, though. We’ll remain the most important part of the wine industry – consumers.” . . .

Those opposing foreign investment often overlook that the vendors can use the money for other projects.

Central Otago Winegrowers’ Association president James Dicey, of Bannockburn, said the conditional sale was ”ecstatically good news”.

”To have Cloudy Bay in the region is a wonderful endorsement of what this area’s wine industry has achieved and continues to achieve and the profile we’ve generated,” Mr Dicey said.

The deal would have ”fantastic” spin-offs for Central Otago winegrowers.

”It will mean our wine, Central Otago wine, will get in front of a lot more consumers from all around the world, because of the iconic brands involved, and pinot noir drinkers are inquisitive and will want to know more about the area.

”It will do a power of good for Central Otago and develop new markets and contacts that would have taken us years to reach.” . . .

The Pinckneys were finalists in the Otago Ballance Farm Environment Awards last year and won the Donaghy’s Farm Stewardship Award.

If this sale goes through it will benefit the vendors, Central Otago wine in general and the wider economy.

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