Brett Blundy puts Beetaloo Aggregation on the market with expectations of a $300m plus sale

Retail billionaire has put his second mega NT cattle station on the market with expectations that the two sales combined will realise a $550m plus windfall.

Retail billionaire Brett Blundy is set to offload two of his massive Northern Territory cattle stations in 2023 for more than $550m as good rainfall brings out cashed up offshore and local buyers.

Mr Blundy, and business partners Jane and Scotty Armstrong, have put their one million hectare Beetaloo Aggregation on the market, and the property is expected to attract offers of more than $300m.

His other one million hectare NT asset, the Walhallow Aggregation, was put back on the market late last year after negotiations with a fund fell through. There are expectations it will sell for over $250m, and possibly settle in the first quarter of 2023.

Colliers Agribusiness is exclusively marketing both properties and head of agribusiness, transaction services, Rawdon Briggs said favourable seasons and the stations’ locations have ensured plenty of buyer interest.

“The type of buyers for Beetaloo are very similar to those for Walhallow,” he said.

“Beetaloo is very close to the Stuart Highway which is the major highway through the middle of the Northern Territory and it also has access to the Carpentaria Highway.

“The other thing to mention is that Beetaloo had over 400mm of rain in the last three months. It’s had a massive wet season which is the best in the past five years and will appeal to both Australian and overseas buyers.”

The largest cattle station sale in 2022 was Mark Menegazzo’s Gulf Coast Agricultural Co – an aggregation in Far North Queensland – which was bought by NSW cotton growers Peter and Jane Harris for a rumoured $380m.

The Beetaloo Aggregation is on the market for more than $300m.

The Beetaloo Aggregation is an extensively developed low-cost beef production property at the north western end of the Barkly Tablelands.

The aggregation spans 1,054,700ha and is being offered on a walk-in-walk-out basis including about 72,000 head of branded cattle which is one of the largest single cattle herds in the Australian beef industry.

It was originally part of the sprawling northern Australia empire of NT cattle king Peter Sherwin who at one stage was one of the largest private landowners in the country with 17 cattle stations.

The aggregation was then purchased by the Dunnicliff family in 2002 and is made up of the perpetual pastoral leases of Beetaloo, OT Downs and Mungabroom.

The Dunnicliffs extensively developed the aggregation and it was further developed by the Armstrongs and Mr Blundy, who bought into the aggregation in 2014.

Over the past 20 years it has benefited from extensive water infrastructure, fencing and laneway development which, together with a mature supplement program, which enables it to consistently and sustainably carry and produce large volumes of cattle

The property is near Elliott and has good access to Darwin Port and the southern and eastern markets as well, giving varied options for marketing livestock production.

The Beetaloo Aggregation will be sold through an international expression of interest campaign by Mr Briggs, Jesse Manuel, Leah Freney and James Beer.

Retail billionaire Brett Blundy.

In September Mr Blundy confirmed he was putting his Walhallow Aggregation back on the market after the original sale fell over with a number of cashed up underbidders – a mixture of corporate investor, existing land owners in northern Australia, and net worth individuals – in the wings.

At the time Mr Blundy said it was always disappointing when a transaction falls over but “we move on”.

“This is a very attractive asset which continues to generate strong buyer interest,” he said.

The aggregation is made up of the 358,000ha Walhallow Station and 645,400ha Creswell Downs at the Barkly Tableland, east of Daly Waters, 994km from Darwin Port.

It was being sold on a walk-in-walk-out basis including in excess of 61,000 head of Brahman cattle. It has been operating as one large cattle station for more than 40 years.

Mr Briggs, who is selling the aggregation with colleagues Mr Manuel, Ms Freney and Mr Beer, said the sale of Walhallow was pending and contracts have been submitted and were being considered.

The Walhallow aggregation was purchased by Mr Blundy and pastoralists Adrian and Emma Brown in 2015 for about $100m.

Originally published as Brett Blundy puts Beetaloo Aggregation on the market with expectations of a $300m plus sale