This article is from the Australian Property Journal archive
HOT on the heels of selling four S. Kidman & Co cattle stations for more than $200 million, Australia’s richest person, Gina Rinehart, has acquired two wagyu cattle breeding properties from Canberran billionaire Terry Snow for $80 million.
Hancock Agriculture has bought Ottley Station and Moolan Downs from Packhorse Pastoral Company.
Rinehart confirmed in a statement that the acquisitions of “Ottley and Moolan Downs implement our philosophy on animal welfare noting our mantra that “happy healthy cattle are the best cattle”.”
“We continue to drive a change in the culture across the business. Hancock Agriculture have been leaders in this regard,” added Rinehart. “The purchase of these properties is consistent with the Hancock Agriculture strategy of acquiring first class properties to support growth in our annual turnoff of 2GR branded Fullblood and Pure Bred Wagyu.”
The 10,000ha Moolan Downs Aggregation is located south-east of Roma in the Western Downs region, and the 8,400ha Ottley Station is situated west of Inverell in northern New South Wales.
The properties will now be integrated into the Hancock Agriculture portfolio with immediate focus on essential maintenance and analysing and actioning areas including animal welfare, employee safety, the use of technology and innovation and improvements across the herds.
David Goodfellow and James Auty from CBRE handled the sale on behalf of Packhorse.
Packhorse acquired the properties as part of a three parcels portfolio spanning a total of 27,124 hectares. The portfolio comprised two southern Queensland properties – the 8,344ha Stuart’s Creek Station, situated north-west of Roma in the Maranoa region; and the 10,029ha Moolan Downs Aggregation, located south-east of Roma in the Western Downs region – along with 8,371ha Ottley Station, situated west of Inverell in northern New South Wales.
CBRE associate director, agribusiness, James Auty, said the sale campaign attracted more than 120 enquiries globally.
Geoff Murrell, managing director of Packhorse Pastoral Company said the major priority during contract negotiations has been to achieve optimal outcomes for shareholders.
“Packhorse has quickly become a recognised leader in soil regeneration and sustainable farming practices and accordingly, has attracted keen interest in our magnificent properties,” said Murrell. “The sale of Ottley Station and Moolan Downs has met our financial expectations.”
The purchase comes hot on the heels of Rinehart divesting four S. Kidman & Co cattle stations across the Northern Territory and Queensland for more than $200 million last month.
Hancock Agriculture sold the 2.4 million hectares of land, including three Queensland stations Durrie, Naryilco and Glengyle to the Appleton Cattle Company, and the 457,000-hectare Brunchilly Station in the Northern Territory to the Harris family’s Cleveland Agriculture.
The sale price significantly exceeded the asking price, they were put to the market in November with a value in the region of $120 million to $150 million.
However that is hardly surprising, a recent Rural Bank report shows Australian farmland values maintaining their rapid growth trajectory in 2022, soaring by 20% for a second consecutive year.
