This article is from the Australian Property Journal archive
AQUACULTURE group Seafarms entered into an agreement with Mainstream Aquaculture Property to sell and leaseback its Cardwell property in Queensland.
Seafarms will sell two farms in Cardwell to Mainstream for $13.50 million plus GST, and leaseback the farms for an initial period of 20 years with options to renew.
Mainstream Aquaculture is one of the world’s largest vertically integrated producers and suppliers of Barramundi under the Infinity Blue brands, with exports into 32 countries and operations in the USA and Australia.
Farms 1 & 2 Cardwell comprise 128 ha of ponds, a processing plant and laboratory.
Following the sale, Seafarms will continue to own and operate Farm 3 in Ingham, and the hatchery near Flying Fish Point and the processing plant on the site of Farm 1 in Cardwell.
Peter Fraser, CEO of Seafarms said farm 3, the processing plant, and the hatchery will continue to be fully utilised, with a particular focus on export.
“Farms 1 and 2 have been important in our journey towards Project Sea Dragon (PSD) but have been focused on the production of Banana prawns for the domestic market which is not a part of our strategy going forward.
“Now is an opportune time to sell Farms 1 and 2, streamline our operations and focus on the key contributing elements of PSD—breeding, farming, processing, and exporting world-class Black Tiger prawns,” he concluded.
