Article by Mark Phelps courtesy of Farm Online.
GINA Rinehart led Hancock Agriculture has bought the Packhorse Pastoral Company operations Ottley Station and Moolan Downs Aggregation.
Moolan Downs Station covers 10,029ha (24,782 acres) 200km south east of Roma; while the 8371ha (20,685 acre) Ottley Station is 50km west of Inverell.
Sale prices have not been disclosed. However, settlement of the sales is scheduled for June 6.
Negotiations are also reported to be underway on the third property in the Packhorse portfolio, the 8344ha (20,618 acre) Stuart’s Creek Station, located 50km north west of Roma.
The sale of the properties through CBRE following the tragic death of Packhores co-founder and “chief storyteller” Tom Strachan.
Mr Strachan, his son Noah, and pilot Garry Liehm were killed in a light plane crash near Fernvale on August 29, 2022.
All of the Packhorse properties were listed for sale in October 2022.
Packhorse Pastoral Company managing director Geoff Murrell said the major priority during contract negotiations has been to achieve optimal outcomes for shareholders.
“Packhorse has quickly become a recognised leader in soil regeneration and sustainable farming practices and accordingly, has attracted keen interest in our magnificent properties,” Mr Murrell said.
“The sale of Ottley Station and Moolan Downs has met our financial expectations.”
A statement issued by Hancock Agriculture said the purchases were consistent with the Hancock Agriculture strategy of acquiring first class properties to support growth in its annual turnoff of 2GR branded fullblood and purebred Wagyu.
“Moolan Downs and Ottley will now be integrated into the Hancock Agriculture portfolio with immediate focus on essential maintenance and analysing and actioning areas including animal welfare, employee safety, the use of technology and innovation and improvements across the herds,” the statement reads.
“We continue to drive a change in the culture across the business. Hancock Agriculture have been leaders in this regard.”
Hancock Agriculture operates with the slogan “happy healthy cattle are the best cattle”.
CBRE Agribusiness associate director James Auty said the campaign had attracted more than 120 inquiries from both national and international investors.
