AFTER pulling out of Australia’s largest-ever cattle station purchase, a Sydney-based investment company has beefed up their agricultural interests in the Northern Territory with the acquisition of two stations.
North Star Pastoral had sold the Maryfield and Limbunya stations to WealthCheck, managed by Sam Mitchell, for $38.2 million and $65.2 million, respectively.
AAM Investment Group will acquire the grazing and farming rights as well as the herd of about 50,000 cattle on a walk-in walk-out basis worth between $150 million and $175 million.
Situated approximately 650km south west of Katherine, Limbunya was North Star Pastoral’s largest property at 520,000 hectares. It sits in the Victoria River Region and was running a herd of approximately 50,000 head.
North Star Pastoral has invested in significant infrastructure improvement over the past decade including newly built yards, hundreds of kilometres of new fences lines and a number of low maintenance, solar powered bores.
Although Maryfield, located just 200kms south of Katherine and 530kms south-east of Darwin, is smaller at 140,000ha, it was considered by the jewel of North Star Pastoral’s crown.
Boasting one of the largest feedlots in the territory, it also encompasses the newly opened Export and Abattoir Preparation Facility.
The export facility has a current capacity of 10,000 head and all-weather, year-round access.
AAM managing director and chief executive Garry Edwards said the deal in partnership with WealthCheck will extend “well beyond a 10-year lifespan”.
“We jumped at it because we think they’re tremendous assets with tremendous potential with great in situ cattle herds.
“WealthCheck is a long-term passive investor … they have looked at these assets for what they believe represents their value into the future,” he added.
This is the second major agricultural transaction in the territory this month after Australia’s largest landholders, the Oldfield and Costello families, acquired the 730,000-hectare Mount Doreen cattle station.
Records from the Northern Territory Land Titles Office show that Mount Doreen sold for $34.7 million, representing land fixed improvements only. The price could be taken to about $70 million if its 18,000 cattle were included in the deal.
Located about 400 kilometres north west of Alice Springs, Mount Doreen is one of Australia’s largest organic cattle stations.
Meanwhile all eyes are currently on the sale of Walhallow aggregation, also in the territory. Retail billionaire Brett Blundy has put the 1,000,000ha property back on the market after the $250 million – which would have been Australia’s largest-ever cattle station sale – fell through.
NewsCorp reported that WealthCheck’s Sam Mitchell was the prospective buyer and failed to settle on the contract.
Walhallow comprises the 3,580 sq km Walhallow and 6,545 sq km Creswell Downs properties at the Barkly Tableland about 1,000 kilometres from Darwin.
Blundy acquired Walhallow in 2015 for about $100 million from Paraway Pastoral.
