This article is from the Australian Property Journal archive
BILLIONAIRE Gina Rinehart’s Hancock Agriculture has accepted an approach to sell four of their large northern grazing properties which are currently valued in the region of $120-150 million.
The properties, containing a total land area of 24,000sq km are Glengyle Station (5500 sq km), Durrie Station (6600 sq km), Naryilco Station (7510 sq km) and Brunchilly Station (4572 sq km).
Glengyle, Durrie, and Naryilco are all based in Queensland while Brunchilly is situated in the Northern Territory. Durrie has been in Kidman’s portfolio for over 100 years, after Sidney Kidman acquired it in 1913.
S. Kidman and Co sits within the Hancock Agriculture portfolio following the $386 million acquisition in 2016.
Kidman and Co’s move to sell these properties highlights a big change in their portfolio in the past 14 months. They sold 25,000 sq km worth of land in Central Australia in October 2021. They also parted ways with Ruby Plains and Nerrima Stations in the Kimberley in September last year.
The recent sales and willingness to sell hints that Kidman and Co are well and truly moving in a new direction, moving away from properties that have a strong place in their history.
They’re focusing their attention on the future model of grainfed beef production within the company-owned brand programs and leaving these landholdings prized for its capabilities of a ‘grass feedlot.’
Kidman and Co made a statement on why they made the decision to sell.
“Following recent rainfall and substantial flooding, all stations are enjoying excellent seasonal conditions.”
“Since acquisition, the stations have benefited from an extensive capital improvement program including a digital communications system, shading yards, troughs and parts of paddocks, as well as new yards, fences, solar panels and watering systems. Animal welfare continues to be a major company-wide priority, “happy cattle are healthy cattle” and the stock have accordingly benefitted from this dedicated approach.”
“The Kidman stations retained have been identified to allow the continuation of the Kidman supply chain model, breeding cattle in the north for backgrounding in the Channels and supplementing the channel country breeder herd. Suitable cattle will then be delivered into feedlots for preparation for sale in the Kidman boxed beef brand.”
“Other cattle will visit feedlots and or be sold directly into the east coast market. We remain committed to retaining and continuing to support the iconic history of S. Kidman & Co and its legacy, and to expanding our fine 2GR Wagyu herd.”
