Waibury owns a significant (but not majority) shareholding in a dairy farm near Morrinsville in the Waikato Region. The farm, Mangatea, comprises 201 hectares of freehold land plus an adjoining 55 hectare lease block. The property has recently undergone a major development programme and now carries 710 milking cows with production for the 10 11 season of 238,865 kgMS achieved in the 2010-11 season. Target production for this property is 255,000 kgMS in the future.
Mangatea was purchased by the partners in the Group in the autumn of 2008. It was a property that needed a significant amount of up-grading, apart from the Cowshed building. A development plan based around improved drainage, water supply, fencing, pasture improvement, and livestock feed pad, along with significant housing improvements. These are now complete apart from the requirement for one more new house.
The management of Mangatea was changed at the beginning of the 2009-10 season, with shareholding partners Phillip & Wendy Hopkins taking over the daily management of the farm. During 2008-09 Phillip was in charge of on-farm development, and carried this out to a high standard. Waibury provides a financial management role along with the Hopkins, with a view to attaining high production from an efficiently run farming operation.
Mangatea is Waibury’s only investment in the Waikato to date.