UK-based Australian businessman Mark Scherrer acquires Eyre Peninsula farm site
A London-based Australian businessman has splashed out $1.65m for a 1117ha slice of the Great Australian Bight. See the amazing views.
A London-based Australian businessman has splashed out $1.65m for a 1117ha slice of the Great Australian Bight.
Mark Scherrer, who co-founded aerospace company Ferra Engineering in Brisbane in the early 1990s, acquired the Eyre Peninsula property earlier this year via his family office.
Mr Scherrer declined to comment on the purchase but it is understood the property will be leased back to its vendor, the Cash family, which had owned the property since the 1980s.
The acquisition follows last year’s sale of the Ferra business to US defence and aerospace supplier Accurus Aerospace for around $350m.
Running along Tyringa Beach, between Streaky Bay and Venus Bay, the property known as ‘The Block’ features 4.6km of uninterrupted Eyre Peninsula coastline and consists of five freehold titles.
About 449ha is arable land and currently cropped with barley, with the existing operation running 500 ewes with lambs at foot.
CBRE Agribusiness’ Phil Schell, who brokered the sale alongside colleague Angus Bills, said the “postcard-perfect views” along close to 5km of Great Australian Bight coastline generated strong interest from local and offshore buyers.
“The coastal views are magnificent over Streaky,” he said.
“There was overseas interest seeking opportunities in Australia and the magnificent coastline received huge interest.
“We received over 100 enquiries - I had them from everywhere, but the distance between there and Adelaide is about seven hours so that was too hard for some people.”
Mr Schell said grain, cropping and livestock properties in the Eyre Peninsula region continued to attract interest from family groups and other investors, with CBRE closing $17m worth of farmland deals in the region so far this year, up from about $13m in the full-year 2022.
He recently listed for sale the Allen family’s portfolio of close to 14,000ha of land near Wudinna, Kyancutta, Panitya, Yeltana Station and Kimba, which is expected to attract offers of around $20m.
“Rising interest rates don’t seem to be affecting buyer confidence,” Mr Schell said.
“When you’re talking about generational families they’re not here for five years, they’re here for 50, and so buyer confidence will remain.
“We have seen strong upside in values, with cropping and livestock property on Eyre Peninsula looking at 25 per cent to 30 per cent increase.”
Brisbane-based Ferra provides engineered components, sub-systems and assemblies for the military and commercial aerospace markets, supplying to customers including Airbus, Boeing, Lockheed Martin and the Australian Department of Defence.
It was founded in 1992, and operates manufacturing facilities in Australia, the US and India.
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