Businessman sells Northland farm after failed water export plans
A well-known New Zealand businessman has sold his large Northland property for $1.6 million. The sale comes after he decided to cancel his ambitious plans to export premium bottled water to international markets.
The property, which was once valued at $10 million, was marketed as a potential "goldmine" due to its natural water resources. The owner had hoped to build a successful business bottling and selling this water overseas, but those plans did not move forward as expected.
After facing difficulties with the project, the businessman chose to cut his losses and put the land on the market. The final sale price is significantly lower than the original valuation, marking a difficult end to his investment in the region.
This sale highlights the challenges that can arise when developing niche export businesses in New Zealand. While the country is famous for its high-quality water, turning natural resources into a profitable international product requires significant time, investment, and market demand.
The land has now been sold, and the businessman has moved on from the project. Local observers note that the sale serves as a reminder of the risks involved in large-scale commercial ventures.