Multimillionaire trades boardrooms for remote NZ

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A multi-millionaire from the highest levels of world commerce is hunkering downin one of the most remote parts of New Zealand. Phillip Colebatch has swapped the boardrooms of London, Zurich and New York for a spot deep in the hinterland of the East Coast.

The retired high-level businessman this week gained Overseas Investment Office approval to buy 1667-hectare Waipaoa Station, north of the tiny settlement of Whatatutu. He has added that to an existing nearby property, 1037-hectare Te Hau station.

The latest purchase means he now owns nearly 3000 hectares of land, 50km north of Gisborne, midway between the Pacific Coast and the Bay of Plenty.

Multimillionaire trades boardrooms for remote NZ

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