October 1997 decisions

Natural Gas Corporation may acquire remaining 30% of Natural Gas Waikato

TThe privatised Natural Gas Corporation New Zealand Ltd, now owned, via Natural Gas Corporation Holdings Ltd, 33.3% by the Australian Gas Light Company, 33.3% by Fletcher Challenge Utilities Investments Ltd, and 33.3% by the public, has been given approval to acquire from the Hamilton City Council the 30% of Natural Gas Waikato that it does not already own. The price was originally suppressed but was released on appeal in February 1998: $6,500,000.

Significantly, it is stated that

"The Commission is advised that a comprehensive consultative process was undertaken by the Hamilton City Council in relation to NGCNZ acquiring the remaining 30 percent interest in Natural Gas Waikato Limited."

This may be to fulfil the Coalition agreement on privatising of "strategic" assets, which includes local-body-owned gas utilities and specifies that "any sale of over 24.9% would require prior approval of ratepayers or consumers".

AMP buys up central business district property for new property fund

In six decisions the OIC has given approval to companies associated with the Australian Mutual Provident Society (AMP) of Australia to acquire a number of major central business district buildings in Auckland and Wellington for a total of $498,900,000. The acquisitions are part of the formation of a New Zealand Property Fund called the AMP NZ Office Trust which will invest in such commercial property. AMP will own 30% of the units in the trust, the National Provident Fund will own 35%, and subscriptions will be invited for remaining 35% at a cost of $175 million (Press, 22/11/97, "Top buildings in AMP books", by Alan Williams, p.30).

The acquisitions are as follows:

Property

AMP associates Vendors

Price ($m)

151 Queen St (the Fay Richwhite building), Auckland AMP, Perpetual Trust Ltd (trustee) Foenus Investments Ltd

89

Coopers and Lybrand Tower, Auckland AMP Investments (NZ) Ltd, AMP NZ Office Trust National Provident Fund, AMP Investments (NZ) Ltd

143

IBM Centre/Wellington Parkroyal Featherston St, Wellington AMP Investments (NZ) Ltd, AMP NZ Office Trust National Provident Fund, AMP Investments (NZ) Ltd

appr. 96.1

Nos 1-3 The Terrace (the Treasury building), Wellington AMP Investments (NZ) Ltd, AMP NZ Office Trust National Provident Fund, AMP Investments (NZ) Ltd

48.8

Quay Tower, Auckland AMP NZ Office Trust AMP NZ Property Fund

74

Trust Bank Centre, Wellington AMP NZ Office Trust AMP NZ Property Fund

48

Total     498.9

The prices given by the OIC appear to be government valuations rather than the actual considerations for the sales, according to figures given by Alan Williams. The actual prices according to Williams were $90.8m, $145.9m, $97.4m, $49.8m, $75.5m, and $49m, respectively.

Kiwi Income Property Trust had planned to buy the Fay Richwhite building (151 Queen Street) in 1996 from Sentry Investments Ltd, a subsidiary of General Accident Plc of the U.K., the owner of New Zealand Insurance. Sentry’s 50% partner in the building, Queen and Wyndham Management (owned by Fay Richwhite), exercised a pre-emptive right to buy out Sentry’s interest, presumably because the price KIPT offered (reportedly $38.5 million) was too low. (See "Kiwi Income Property Trust buys four CBD properties from General Accident", our commentary on OIC decisions, November 1996.)

Waltus floats, buys KPMG building in Auckland, Mobil-on-the-Park in Wellington

Waltus Investments Ltd, a property investment company based in Lower Hutt, describing itself as "one of the largest property management/syndication companies in New Zealand, with more than $350 million invested/managed in New Zealand and Australia", is floating a subsidiary, Waltus Prime Properties Ltd, on the New Zealand and Australian Stock Exchanges. As a result Waltus Prime Properties has to gain OIC approval for acquisition of two buildings which will "become the underlying portfolio assets" of the company:

  • Mobil-on-the-Park, at 157 Lambton Quay, Wellington, from Midland Tower Company Ltd, a subsidiary of Mainzeal Cosntruction Ltd of China, for $84,803,896.77, including "partial satisfaction of indebtedness and development fee."
  • KPMG building, 9 Princes St, Auckland, from Newmarket New Zealand Ltd, for $50,250,000. Newmarket Newzealand Ltd, New Zealand branch, (sic) bought the building from the troubled DFC in July 1993. The price was withheld by the Commission. New Zealand Property investigations (from the public record) revealed that Newmarket Newzealand was registered in the British Virgin Islands and its owners were Denis Chen Chiu Kao and May Jen Chiang Lio Sun (known as Denis and May Jen) (New Zealand Property, November 1993, p.2).

Manukau Cinemas sells Auckland cinemas to Village Force for lease back

In a decision that was initially almost completely suppressed, and released only in August 1998, Manukau Cinemas Pty Ltd, which is a joint venture between Force Cinemas Ltd and Village Roadshow Ltd is selling its Village 8 Multiplex Cinemas in Auckland for $36,100,000 in order to lease them back. They are being purchased by unit trust Village Entertainment Property Trust, and Village Force Cinemas Ltd. The Village Entertainment Trust is to be listed on the Australian Stock Exchange. Its trustee is National Mutual Trustees Ltd of Australia and its manager is Village Roadshow Property Management Ltd of Australia. Village Force is 50% owned by Village Roadshow Ltd of Australia, and 50% by Force Corporation Ltd of Aotearoa.

The cinemas involved are:

  • Village 8 Highland Park, 20 Dunrobin Place, Highland Park, Pakuranga, Auckland;
  • Village 8 New Lynn, 1-3 Crown Lynn Place, New Lynn, Waitakere City, Auckland;
  • Village 8 Manukau, 3 Lakewood Court, Manukau, Auckland; and
  • Village 8 on Broadway, 59-77 Broadway, Newmarket, Auckland.

Universal Homes of China acquires 28 hectares in Silverdale for subdivision

Universal Homes Ltd, owned by HTP Holdings Ltd, a public company listed in Singapore but 27% owned by China Everbright of China, has approval to acquire 28 hectares of land at 70 Hibiscus Highway, Silverdale, Auckland, from Wickham Developments Ltd for $4,290,000. Universal Homes "intend to develop the property over a period of approximately five years, into 290 housing sites, aimed at the affordable housing market, in a bid to combat the current housing shortage faced by Auckland City residents."

Some or all of the land "is held for conservation purposes under the Conservation Act 1987", but the land concerned is not identified. On the contrary, the company says that the land "is currently unused wasteland, which has been allowed to revert to scrub and weeds."

Universal Homes has purchased a number of such blocks for subdivision, even describing itself at its last OIC approval (April 1997) as "a predominant player in the Auckland housing market." Previous approvals occurred in September and March 1996. In July 1996, it acquired SBSA Mortgage Investments Ltd, which is engaged in mortgage financing, for $100.

Neil Construction of Malaysia subdividing ten hectares at Henderson, Auckland

Neil Construction Ltd, a subsidiary of Neil Holdings Ltd, owned by the Tiong family of Malaysia, has approval to acquire ten hectares of land in Burgundy Park Avenue, approximately two kilometres west of Henderson, Auckland, for residential subdivision, for $3,350,000.

"It is stated the proposed acquisition will enable Neil Construction to maintain a balanced portfolio of subdivisible land stock throughout the Auckland region and to meet the demand for residential sections in this locality. Neil Construction currently employs 20 full time staff and over 100 contract workers within its business operation."

Australian joint venture subdividing 35 hectares at Henderson, Auckland

Palm Lake Ltd, a joint venture between Wilbow Corporation (NZ) Ltd of Australia and Hopper Developments Ltd of Aotearoa, has approval to acquire 35 hectares of land at Sturges Road, Henderson, Auckland for $8,500,000. They "intend to develop the property into a residential subdivision comprising 350 sections over a seven year period". The land is being bought from Panoramic Farm Partnership, owned by R. H. Duncan and Winters Investments Ltd.

Wilbow Corporation (NZ) Ltd is majority owned by Wilbow Corporation (Management) Pty Ltd, owned by the Bowness Family Investment Trust whose beneficiaries are William Donald Bowness and Maxine Rose Bowness, citizens of Australia. In April 1997 the company was given approval to acquire four hectares of land at Te Papa, Tauranga for residential subdivision, and has previously acquired land for subdivision in Henderson and Tauranga.

Mount Aitken Station, Waimate, Canterbury sold

The owners of the remaining part of Woodbine Station (they sold 861 hectares last month) are purchasing the 2,391 hectare Mount Aitken Station on the Waimate-Kurow Road, 35 kilometres from Waimate, Canterbury, for $1,070,000 from R.J. and P.A. Watson.

"The property currently runs 3,300 head of sheep and 251 head of cattle. The applicants state it is their primary intention to undertake a significant improvement/enhancement programme on the property including the establishment of a deer herd at an estimated cost of $280,000. The Commission is advised that Mr Bowes has been granted New Zealand permanent residency status and that he intends to reside permanently in New Zealand."

Last month we reported that A.G. and L.P. Bowes had sold approximately 861 hectares of the (originally) 2,501 hectare Woodbine Station at Kinlock, Glenorchy, Queenstown, Otago, on the south bank of Lake Wakatipu and the Dart River, for $1.7 million. It appeared they were breaking it up at a substantial profit. That is now being used to buy and develop Mount Aitken Station.

Woodbine Station Ltd, the vehicle for the purchase, is majority owned by Gainsville Ltd, incorporated in the tax haven, the Isle of Man. Gainsville is owned by the Trustees of Technicolor (No. 2) Trust, the family trust of Alister Bowes and family of the U.K.

Joint venture between Huttons and Best Corporation to own 595 ha. land

Huttons NZ Ltd, a subsidiary of Brierley Investments Ltd of Malaysia, and Best Corporation Ltd, a subsidiary of Danone Asia Pte Ltd (DAPL) of Singapore, are forming a 70/30 joint venture company, Food Solutions Group Ltd (FSL) which will own the assets of the two companies, including a total of 595 hectares of farm land. The value of the transaction is put at $95,000,000. The land involved is:

  • 31 hectares at Tasman Park, Frost Road, Tuakau, Auckland;
  • 143 hectares at Maramarua, Mocument Road, Pokeno, Auckland;
  • 5 hectares at Springfield, Prestige Road, Katikati, Bay of Plenty;
  • 19 hectares at Burnalan, Main South Road, Burnham, Canterbury; and
  • 397 hectares at Bardfield, Mitchells Road, RD13, Pakai, Canterbury.

"DAPL sees the merger as presenting the opportunity to consolidate its food production activities in New Zealand with another food group which it considers complementary to its own. FSL has been established for the purposes of manufacturing and wholesaling pig foods, smallgoods and convenience foods for sale within New Zealand."

FSL will have 22% of the bacon, ham and small-goods market. It will have 40% of the bar-coded supermarket bacon products market. Best’s brands include Top Hat bacon, ham, small goods, and frozen convenience foods, and Milano salami. Huttons (which contributes the pig-breeding and pig-farming operations) manufactures and markets the Huttons, Kiwi, Tenderkist and Brooks brands of bacon, ham, small-goods and salami. Total sales will be about $170 million, employing 700 staff (Press, 13/9/97, "Best, Huttons to merge", p.29).

Swedish company buys two farms near Tauranga for animal serum

HyClone AB, a subsidiary of Perstop AB of Sweden, has approval to acquire two farms totalling 78 hectares in the Bay of Plenty from Selborne Biological Services (NZ) Ltd, a subsidiary of Equalbrief Ltd of the U.K. Selborne has being carrying out cell-culture manufacturing, which the Swedish company will continue:

"[HyClone] is recognised as a world leader with 25 years experience in the area of animal serum collection and processing. … the introduction of HyClone to New Zealand will guarantee the future viability of the Selborne cell-culture manufacturing operation and the retention of existing employment within the operation. The applicants propose to provide an increase in employment opportunities within the area through the expansion of the operation and intend to develop export markets particularly to the North American region."

The two farms are the 25 hectare Omokoroa Farm, 15 kilometres from Tauranga, and the 54 hectare leasehold Waitao Farm, 25 kilometres from Omokoroa Farm, near Welcome Bay, Tauranga.

The total price is not given because

"the acquisition of the Omokoroa Farm and the assignment of the lease for the Waitao Farm formed part of an acquisition involving a number of other assets and no breakdown of the total purchase price is available in respect of the values attributable to such land and lease. The current market valuation of the Omokoroa Farm is $1,700,000 and the current value of the assignment of the lessee’s interest in the lease of the Waitao Farm is $1,000.00."

Southern Pacific Hotel Corporation takes DB’s 10% of Premier Hotels

The Southern Pacific Hotel Corporation Ltd of the U.S.A. gained approval to acquire 10% of Premier Hotels Christchurch Ltd from the DB Group Ltd of Singapore and the Netherlands for an initially suppressed amount. The amount was released on appeal in February 1998: $6,414,000. This takes Southern Pacific’s shareholding to 25%. The other shareholders in Premier Hotels (which owns the Christchurch Parkroyal) are Daikyo Inc of Japan (55%), Prudential Assurance Co. Ltd of the U.K. (10%), and Fletcher Resorts Ltd (10%). Southern Pacific "was instrumental in putting together the development syndicate in 1986 and has managed the hotel since it was opened".

Southern Pacific is owned by Hale International Ltd, which is part of the empire of the Pritzker family of Chicago. It includes properties in Asia, Australia and New Zealand in its management portfolio and in July was the subject of a takeover attempt by Accor Asia/Pacific Corporation, which owns the Novatel Hotel in Wellington, Novatel Auckland and Holiday Inn Queenstown. Accor Asia/Pacific is the largest hotel company in the Asia/Pacific region with 135 hotels and 25,000 rooms in 15 countries (TravelAsia Online, "Accor to take second bite at SPHC", by Ian Jarrett, 25/7/97, http://www.travel-asia.com/07_25_97/stories/accor.htm).

The Pritzkers are one of the richest families in the U.S.A. The two most prominent members of the family are Jay Arthur and Robert Alan Pritzker who tied for 14th place in the Forbes 400 Richest People in America in October 1997. Each was worth about $6 billion.

Jay Arthur Pritzker is head of the holding company H Group Holding, ranked number 218 of the Forbes 500 Largest Private Companies in 1996. "H Group Holding is the Pritzker family's holding company that includes management of domestic and international Hyatt Hotels, Conwood (smokeless tobacco) and Classic Residence (senior living communities)." In 1996 it had an estimated US$869 million in revenue, US$90 million in net profit, and 70,000 employees. In February 1997 Hyatt announced that it would spend US$1 billion over the next three years to acquire 20 to 30 more hotels (Reuter, 25/2/97, http://www.inman.com/news/9702/970225cr.htm).

Robert Alan Pritzker is the head of the Marmon Group, ranked number 20 in Forbes top 500 private companies in 1996. "The Marmon Group is a worldwide affiliation of 60 independent manufacturing and service companies. The Marmon Group originated in 1953 with the acquisition of the Colson Co., an $11 million (sales) manufacturer of casters, bicycles and hospital equipment. Today the Marmon Group has over 400 facilities in 30 countries. Member companies include Cerro Copper Products Co.; EcoWater Systems, Inc.; Union Tank Car Co.; Marmon/Keystone Corp.; and Trans Union Corp. Marmon member companies make agricultural, industrial and medical equipment, auto parts, building materials, consumer products, mining and railroad equipment, and water treatment products. Other member companies are involved in marketing, finance and information services. The Marmon Group is controlled by the Pritzker family." It had revenue of US$6,083 million, net profit of US$307 million, and 30,000 employees that year.

While the two Pritzkers have made a name for them selves in philanthropy – Jay and Robert Pritzker were ranked among the top 25 billionaire philanthropists by Fortune Magazine (13/1/97), giving US$70 million in 1996, including US$60 million to the Illinois Institute of Technology – there is another side to the family. According to the New York Times News Service ("In Peru, The Stench of Progress", by Calvin Sims, 12/12/95, http://www.latino.com/news/peru1212.html), Marmon owns 20.7% of Southern Peru Copper Corporation (Asarco Incorporated of New York owns 63.1% and Phelps Dodge Corporation of Phoenix owns 16.2%). At Ilo, Peru, 580 miles south of Lima, Southern Peru Copper, environmentalists say, "spews 2,000 tons of sulphur dioxide into the air each day, or 10 to 15 times the limit for similar plants operating in the United States".

"At times, the smoke from the smelter is so thick that it hovers over the city like a heavy fog, forcing motorists to turn on their headlights during the day and sending residents to hospitals and clinics coughing, wheezing, and vomiting. On those days, children are told to play indoors."

Southern Peru Copper denies that a health problem exists, so residents have

"filed a lawsuit against the company, its owners and its creditors in a Texas court, seeking damages for what they say are decades of environmental harm. Residents said that previous suits filed in Peru were dismissed or are stalled in the courts."

The Pritzkers are not backward in getting involved in politics either. J. B. Pritzker is using his family’s wealth and connections to seek the Democrat nomination for a suburban Chicago congressional seat. The family has made sizeable contributions to other state and national candidates (Christian Science Monitor, 7/8/97, "Golden Age for the Millionaire Politician", by Sam Walker, http://www.csmonitor.com/durable/1997/08/07/us/us.1.html; Public Access News, http://members.aol.com/paccess594/pan11126.htm).

Retrospective nod to ANZAC frigate contractor for land by Whangarei wharves

Retrospective approval has been given to Romap Pty Ltd, owned by the Salteri family of Australia, to acquire the remaining 50% share in four hectares of land "adjoining the foreshore in the industrial wharf areas of the Port of Whangarei". It purchased it for $5 million, from Exben Pty Ltd of Australia, which with Romap "together owned a 50 percent beneficial interest in the land. Due to a restructuring of their previously combined operations, the applicant acquired a 100 percent beneficial interest in the land." Romap "carries on a ship building and defence engineering business in Australia and in New Zealand" and "the land is used, and will continue to be used, for the fabrication of ANZAC class frigate components."

CablePrice (Hitachi) of Japan acquires Auckland land for sales office

CablePrice (NZ) Ltd, a subsidiary of Hitachi Construction Machinery Co. Ltd, part of the Hitachi Group of Japan, has approval to acquire 1.1 hectares of land at Mt Wellington, Auckland for $1,250,000 from King and Mawkes Ltd. CablePrice distributes trucks, buses and earthmoving equipment, with head office in Gracefield, Lower Hutt. The land will be used for "an integrated facility for the sale and servicing of construction equipment, trucks and buses. The facility will comprise a workshop, sales and office buildings." CablePrice was part of Skellerups, but was sold to Hitachi in May 1996, after Skellerups was sold by Brierley Investments to Skellerup management and Goldman Sachs.

General Electric of the U.S.A. buys out Weck-Pack Hire

General Electric Capital Corporation, a subsidiary of General Electric Corporation of the U.S.A., received approval to acquire the business assets and undertakings of Weck-Pack Hire Ltd, a building equipment and pallet hire firm, for an initially suppressed amount. That amount was released on appeal in February 1998 as "approximately $10,000,000". "General Electric intends to invest in technology which will expand the capabilities of Weck-Pack’s existing business."

Macraes buys more land for mining at Macraes township, Otago

In a decision originally almost totally suppressed and released only on appeal to the OIC in February 1998, Macraes Mining Company Ltd, approximately 39% owned by Union Gold Mining NL of Australia, has approval for the acquisition of "approximately 0.0455 hectares" of land at Macraes township, Otago for $80,000. Given the highly controversial activities of the company among members of the Macraes community, crocodile tears must be shed:

"The maintenance of the social fabric at Macraes Flat is of concern to Macraes. The residential land being acquired will assist Macraes to house staff and contractors involved with the Macraes Gold Project."

Macraes consistently requests the OIC to suppress decisions concerning it.

Land for forestry

  • Rayonier New Zealand Ltd, a subsidiary of Rayonier Inc. of the U.S.A., has approval to acquire cutting rights to 121 hectares of land in Mt Tiger Road, Owhiwa, Whangarei, Northland from the Whangarei District Council. The amount was originally suppressed and was released in August 1998: $963,059.95. "Rayonier wish to acquire the forestry right for a term of five years … in order to protect its rights to the timber on the land, which it has agreed to purchase and cut."
  • Evergreen Forests Ltd is righting a blunder: it planted some trees on a neighbour’s land. The neighbours have granted it rights to the land: a 10 year forestry right over 0.75 hectares and a 20 year forestry right over 4.9 hectares, both known as "Pouto" and on the North Kaipara Head, north of Auckland. In exchange, Evergreen is selling them 64.5 hectares of land. Evergreen is approximately 46% owned by Xylem Fund I L P of the U.S.A. Xylem is a limited partnership which invests on behalf of the Public Employees Retirement Systems of Ohio.
  • Hikurangi Forest Farms Ltd, owned by Glenealy Plantations (Malaya) Berhad of Malaysia has approval to acquire a further 420 hectares of land adjoining its Waimanu Forest, for $410,000. It is Weka Station, in the Waimata District, Gisborne, East Coast, and will be developed for afforestation and incorporated into the larger forestry operation. Glenealy bought Hikurangi Forest Farms from Fletcher Challenge Forests Ltd for $210 million in December 1996 when Fletchers sold it to raise money for its Forestry Corporation purchase. The "East Coast Forest Estate" owned by Hikurangi consists of approximately 33,259 hectares made up of 29,974 hectares of freehold land, 2,226 hectares of forestry/cutting rights, and 1,060 hectares of leasehold land.
  • Trustwood Forests (Kiteroa) Ltd is selling off further interests in its forest, this time a half share in 276 hectares in the Gisborne district, to Vashon Forestry Group Ltd, owned by two citizens of the U.S.A., for $389,293. The afforestation is the beneficiary of a government subsidy.

"The acquisition represents the introduction of additional investment to the intensive afforestation programme currently undertaken by Trustwood, as part of a Government subsidy scheme, in the East Cape Region. … Trustwood wish to sell a half interest in the property in order to assist in reducing a substantial indebtedness owed by the company by way of a first mortgagee over the property."

Trustwood’s forestry programme now includes an area of over 1,100 hectares. We last reported Trustwood’s activities in December 1996 when it sold a half interest in 249 hectares of a total of the 1,450 hectares it then owned to a resident of the U.S.A. In September 1996 it sold a half interest in 555 hectares to three residents of Belgium.

  • Carter Holt Harvey Ltd, approximately 51% owned by International Paper Products of the U.S.A., has approval to acquire "approximately 6.1 hectares" of land in Pearse Valley Road, Nelson for $11,696. The purchase is part of a "tidying up" of boundaries which includes Carter Holt selling approximately 8.9 hectares back to the vendors.

Other rural land sales

  • DB Group Ltd, through its subsidiary Corbans Wines Ltd, has approval to acquire "approximately 30 hectares" of land at 717 Puketitiri Road, Napier, Hawkes Bay for $1,700,000. The land "which is currently 72% planted in vines, will be further developed in order to provide Corban’s with a supply of grapes for its wine business and specifically for the purpose of expanding its markets both domestically and internationally". DB is "approximately 58.39%" owned by Asia Pacific Breweries Ltd of Singapore, which itself is owned 80% by Heineken NV of the Netherlands and Fraser, Neave Ltd of Singapore.
  • Two citizens of the U.S.A. have approval to acquire land in Golden Bay, Nelson to set up an "alternative medical treatment centre" for the wealthy, to be used in conjunction with their existing business in Florida, U.S.A. Windhorse Enterprises Inc, owned by Dr Bruce R. Dooley and Mrs Marguerite J. Scheffer-Dooley, have approval to acquire ten hectares of land near Puramahoi, Golden Bay, 14 kms north west of Takaka, Tasman District for $450,000.

"… Windhorse was established in 1989, as a vehicle for the establishment of alternative medical treatment centres in South Florida USA It is stated Windhorse now operates three treatment centres in South Florida, two in Naples and one in Fort Lauderdale. It is stated these centres provide not only stress treatment, but ‘treat the whole person with natural, restorative, therapies, including the area of mind-body health’… The applicants wish to acquire the property for the purpose of establishing a ‘medical retreat’ facility to be used in conjunction with their existing businesses located within the State of Florida USA. It is proposed to cater for up to twenty persons at the retreat. The proposal … has the potential to act as a catalyst for further investment, by drawing the attention of wealthy overseas visitors to other investment opportunities within New Zealand."

  • Tasman Agriculture Ltd, 54% owned by Brierley Investments Ltd, has approval to acquire 17 hectares of land on the Chertsey Kyle Road, Pendarves, Ashburton, Canterbury, from Oceanside Marine Farms Ltd for $69,664. The land adjoins a 359 hectare block already owned by Tasman and will be converted from cattle grazing to dairying. According to the OIC, Tasman now owns "69 dairy units comprising approximately 14,189 hectares, in the South Island of New Zealand, 13 dairy units in Circular Head, North West Tasmania and an 87.5% shareholding in The Van Diemen’s Land Company, which operates a further 10 dairy units in the North West of Tasmania." It specialises in conversion of properties from sheep and beef to dairying.
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