Joseph Matthews sells Lancelin landholding in WA for $40m to VIMG

A renowned Australian buyer has purchased more than 8700ha of farm land as part of a $40 million deal.

Eastern Australian property developer Victorian Investment Management Group has secured more than 11,100ha of Western Australian land, including 8700ha of coastal farms, in a $40 million deal.

The Lancelin portfolio, located 127km north of Perth was listed for sale by Texan entrepreneur and philanthropist Joseph Matthews’ family last year after he passed away in 2020.

The holding includes 8700ha of farmland at the Karakin, San Angelo and Baramba farms, which are home to sheep and cattle grazing, cereal cropping and intensive horticulture.

The Matthews estate, which he has owned since the 1970s, also consists of 1775ha of rural and conservation land and the Lancelin South residential development that includes provisions for 4000 residential lots, a light industrial precinct, three primary schools, a secondary school, parklands and cycle connections to the beach.

Axia Corporate Property in conjunction with JLL Real Estate and McWilliams Davis Lawyers brokered the deal, where all proceeds of the sale have been donated to charity.

The sale is a landmark deal for regional WA, unlocking future farmland and revitalising residential opportunities in the region.

Axia Corporate Property Group’s special projects director John Garland said the future of the farmland would be determined by VIMG.

“VIMG’s principal interest was in the subdivision and revitalisation plans for the Lancelin south township,” he said.

Victorian Investment Management Group has secured 8700ha of coastal WA farms as part of a $40 million deal.

“For the broadacre farmland it is a case of taking advice on how it can be best used.

“The WA Government is very keen to see productive agricultural opportunities remain that way.”

The Matthews estate farms have been leased in the last few years while the district has become a popular spot for horticulture development.

Farms neighbouring the Lancelin holding have seen rapid development for intensive horticulture, particularly vegetables. Other areas of the holding are suited to cropping and grazing for cattle and sheep.

The farms are located on the fringes of Lancelin, a small fishing and tourist town with a population of less than 1000 people.

Proceeds from the sale have been donated to his US-based Karakin Foundation, which assists adults with intellectual disabilities, provides educational scholarships and specially adapted homes for disabled US veterans.

In recent years, the foundation also expanded its focus towards clean drinking water

and healthcare facilities in the developing nations of Southeast Asia and Africa.

Earlier this year the Victorian Investment Management Group, which was established in Australia and has offices in offices in Sydney, Melbourne and Brisbane, acquired a 78ha northern Victoria dairy processing facility at Tongala.

Last year, the renowned farm holder John Nicoletti listed his Apache Agriculture Portfolio comprising 45,057ha of prized broadacre, cropping and grazing land in WA for sale.