This article is from the Australian Property Journal archive
THE Queensland Investment Corporation (QIC) has settled the $30 to $40 million purchase of Stuart’s Creek, marking the second acquisition for its Natural Capital platform.
Listed in late 2022 by Packhorse Pastoral Company, the 3,800-hectare Stuart’s Creek is located northwest of Roma and came to market with two other properties.
The $120 million portfolio was listed by David Goodfellow and James Auty from CBRE, after the passing of Packhorse Pastoral Company’s co-founder, Tom Stratchan.
For QIC the acquisition will serve as a foundation to explore environmental market opportunities that also complement the existing traditional cattle grazing operations.
“This is prime agricultural land that also has significant areas registered for sequestration, offering the best of both worlds in cattle and carbon,” said Tom Murphy, head of natural capital at QIC.
“There is a genuine alignment of the Packhorse vision and QIC’s Natural Capital platform, giving us great confidence in carrying on this important work to deliver positive commercial and environmental outcomes.”
The properties operated as carbon sequestration farms and were listed with registered carbon baselines and strategies to maximise carbon sequestration and natural capital development over the next 25 years.
“The sale of Stuart’s Creek has delivered strong shareholder returns and the compatibility of a new land steward to continue building on the solid regenerative agricultural practices Packhorse had underway,” said Geoff Murrell, managing director of Packhorse Pastoral Company.
“Packhorse had registered 20,000 hectares of land with the Clean Energy Regulator that is primed for carbon sequestration. We are fortunate to have collaborated with some notable partners and industry experts to establish an exceptional foundation for biodiversity above and below the ground.”
This is the second purchase for QIC’s Natural Capital platform, after the acquisition of a 600-hectare irrigated sugar cane property last year.