This article is from the Australian Property Journal archive
ASX-listed Agricultural Land Trust is on the path to restoring its Linkletter’s Place estate to an agricultural asset after securing a lease over parts of the property.
The sole asset trust owns the 8,900-hectare Linkletter’s Place estate in Esperance, Western Australia. Completion of a surrender agreement with the existing tenant of some areas of the property is expected next week.
SPF Resources Pty Ltd, the party engaged to harvest the timber assets, had halted operations due to the pandemic but now expects harvest activities to recommence in or around June.
No rent had been received from the asset during the second half of 2020.
“The lease will help AGJ achieve its stated objective of reinstating Linkletter’s Place to an agricultural asset,” the trust said.
Further areas are to be added to the leased area during the term of the lease as the existing timber assets are harvested.
The trust had to write down almost $7 million in interest income over the six months that was due on loans provided to iProsperity Group, the fund manager overseen by Michael Gu who fled the country in the middle of last year with the group owing some $70 million to investors.
