North Star Pastoral sell Maryfield and Limbunya cattle stations in deal with Wealthcheck and AAM Investments

Northern Territory cattle stations Maryfield and Limbunya, spanning 660,000ha, have sold in a deal worth a reported $175 million.

Two Australian-based investment groups have bought the 660,000ha Maryfield and Limbunya cattle station aggregation in the Northern Territory in a deal worth a reported $175 million.

Sydney-based Wealthcheck funds manager Sam Mitchell has acquired the farmland while Brisbane-based AAM Investments bought 50,000 head of cattle and will operate the farms via a lease arrangement with Wealthcheck.

Covid interruptions hampered the initial offering of Maryfield and Limbunya when Colin Ross’ North Star Pastoral listed the farms for sale in late-2020 with price expectations of about $150-$200 million.

The deal was negotiated by Nutrien Harcourts Katherine selling agent Olivia Thompson with settlement reached in late September.

The walk-in walk-out deal was completed in an off-market sale after Wealthcheck reportedly inquired about the farms.

Limbunya, spanning 520,000ha near the NT’s Victoria River District, towards the West Australian border, was purchased by North Star Pastoral in 2007.

Limbunya Station is 650km southwest of Katherine.

Two years later it acquired the 140,000ha Maryfield cattle backgrounding and finishing property located on the western edge of the Barkly Tableland on the Stuart Highway.

After significant investment by North Star Pastoral, Maryfield and Limbunya are vertically integrated and considered among the best cattle farms in Australia with millions spent to construct and upgrade water systems, fencing, pasture improvement, feed mix design, and an abattoir and export preparation facility.

There is also a 9800 head feedyard at Maryfield station.

Wealthcheck has acquired cattle breeding enterprises, as well as a number of broadacre and horticultural properties across Australia in recent years.

It was also reported that sources in the industry said a fund connected Wealthcheck managing director Sam Mitchell had the mammoth property Walhallow Aggregation under contract before the farms went back on the market after a $250 million deal fell through.

AAM Investment Group is also a major player in Australian agriculture.

In 2019 the group raised $60 million-plus for a new agriculture fund to expand its portfolio of four Queensland cattle stations they own, totalling more than 130,000ha near Blackall.

North Star Pastoral started in 2004 with the purchase of the 3440ha Venture Downs.

It also owns the 111,000ha Hodgson River Station, Katherine, which it bought for more than $6.5 million in 2016.