Last year, the Allied Farmers had purchased a Five Mile property close to Queenstown Airport. Recently, the firm verified the sale of this property, which it had got with the purchase of Hanover Finance.

Rob Alloway, the Managing Director of the firm, revealed that the buyer does not want his identity to be disclosed.

The sale was declared the previous month. Alloway disclosed that they are getting a price much higher than value of the 23.3 hectare property, as documented in the half year accounts, worth $23.2 million.

The shares of the Company have increased by 0.6% and have become 4%.

The organization is also contemplating on the sale of some other properties but it has made it clear that it will not be straightaway.

According to sources, the purchaser was well-known with the Queenstown district and was responsible for the progress in the area.

There was a 7.7 hectare parcel of land for connected with Five Mile, was marketed for a price of $11 million.

Mr. Alloway revealed that because the site was not a commercial one, the Company had received less per hectare.

Presently, the Company has a debt of $16.5m and therefore, it is thinking about paying it off soon.