Looking offshore

New Zealand’s wine industry has further opened up to foreign investment, most recently with the purchase of the New Zealand Wine Fund by California firm Foley Family Wines, pushing the level of foreign ownership in the industry to more than 45 per cent. More foreign investment is sure to follow. Real-estate agents in Marlborough report that more than  5000 acres of the regions 62,000 acres of vineyard land are currently for sale and prices are cheaper than at any time in the past decade. John Hoare, head of Bayley’s Marlborough, a leading real-estate agent for wine properties, says the number of overseas enquires fielded by his office has more than doubled in recent months. “We need the foreign investment. There are just not enough buyers at the moment,” Hoare said. New Zealand Winegrowers chief executive Phillip Gregan believes foreign investment in the industry has to be thought of as a positive. “Foreign investment is a signal that people see value in the New Zealand brand and they want a part of it,” Gregan said.