This article is from the Australian Property Journal archive
AAM Licensees Pty Ltd has completed its acquisition Legune Station in the Northern Territory, which will become home to one of the world’s largest land-based prawn farms.
Seafarms Group novated the option to purchase the station to AAM, having held an option to buy the property which encompasses 178,870 hectares in the east Kimberley Region and an associated licence area of 106,400 hectares.
In that time, Seafarms secured approvals to begin development of the Project Sea Dragon prawn farm, which itself covers 10,000 hectares and is expected to yield between 100,000 and 150,000 tonnes of tiger prawns each year.
The original option price was around $62 million.
The group has already finalised a sublease and co-operation agreement with Pastoral Development Property Trust, of which AAM is trustee, that provides Seafarms access to Legune station for the construction, development and operation Project Sea Dragon with a 90-year land tenure certainty.
CBRE’s Geoff Warriner and Chris Holgar handled the transaction.
“The Legune transaction was an immensely complex transaction and marks the first of a series of acquisitions by AAM Investment Group in Northern Territory,” Warriner said.
“The sheer size of Project Sea Dragon and the benefits the project will deliver to the local communities means it has achieved Major Project status by the Northern Territory, Western Australian and Australian Governments and once developed will provide an exciting new industry for Northern Australia.”
Australian Property Journal
