This article is from the Australian Property Journal archive
BILLIONAIRE Andrew “Twiggy” and Nicola Forrest are paying at least $32 million for the Balfour Downs cattle station in Western Australia.
The 634,000-hectare station was offered for sale nearly a year ago by Chinese businessman Xingfa Ma with expectations of between $32 million and $40 million.
The station has purchased through the Forrest family’s Harvest Road agribusiness company, which is the state’s largest beef processer. The sale includes about 12,000 head of cattle.
Beef and cattle prices have been soaring amid an increase in global demand. According to Meat and Livestock Australia, domestic sales have fallen, but shoppers continue to spend more money on beef per kilogram as a proportion of their shopping.
Located in the Pilbara region, 175 kilometres from Newman and 1,300 kilometres north east of Perth, Balfour Downs is one of Western Australia’s largest cattle stations and has three separate pastoral leases. It has only changed hands four times in the past 100 years.
“For more than a century, Balfour Downs been an important part of the development of Australia’s cattle industry,” said Tattarang chief investment officer John Hartman.
“We are committed preserving this legacy and investing in its future to further enhance the property’s status as some of the most productive pastoral lands in northern WA,” Hartman said.
Xingfa Ma acquired Balfour Downs just over six years ago through his TBG Agri, the local arm of his Tianma Bearing Group, for $18 million, including 40,000 head of cattle.
TBG Agribusiness managing director, Andrew Blythe said he was pleased to see the legacy of Balfour Downs continued by the Forrest family.
“Over the past six years, TBG Group has proudly operated Balfour Downs, investing in its future and reinforcing its status as one of northern Australia’s most respected breeding stations,” he said.
“We couldn’t think of more perfect new custodians than the Forrests to safeguard the future of the station for many generations to come.”
The sale of Balfour Downs marks another major landholding returning to Australian hands. Controversial land owned by Chinese mining giant Shenhua Watermark Coal is now owned by local farmers after $120 million worth of sales.
