Americans move to sell $40m NT cattle station

A 450,000ha Northern Territory cattle station has hit the market after its ownership partnership collapsed last year.

An American energy and commodities firm has listed a 450,000ha Northern Territory cattle station, after its ownership partnership collapsed last year.

The 451,176ha Benmara Station, located on the NT’s Barkly Tablelands, about 100km west of the Queensland-NT border, has been listed for sale by Hartree Partners.

In 2023 Hartree and collapsed agricultural investment platform Wealthcheck, led by Sam Mitchell, purchased Benmara for $40m bare in an off-market deal from the Harris family’s Cleveland Agriculture.

Hartree, a US-based energy and commodities trader that also manages a portfolio of carbon offsets and energy assets, took control of Benmara last year after Wealthcheck fell into financial trouble.

A carbon project has been registered with the Clean Energy Regulator, targeting the human-induced regeneration method. No credits have been issued.

The 451,176ha Benmara Station has been listed for sale by American energy and commodities firm, Hartree Partners.

Hartree, owned by its senior management, also has funds managed by Oaktree, which falls under the umbrella of funds giant Brookfield, who targets alternative investments with $320b in assets under management.

Expectations of about $40m are expected for the station, along with its clean skin livestock, and will be sold on an “As Is, Where Is” terms via an expression of interest campaign with CBRE.

Interest is expected from Australian pastoralists, institutions, overseas investors, and high-net-worth domestic investors, particularly those seeking a large-scale breeding operation to support a broader domestic supply chain.

“Benmara has been largely destocked over the past 18 months,” CBRE Agribusiness agent Andrew Loughnan said.

“During this period, the property has benefited from good rainfall and better pasture growth, making the clean skin cattle an attractive prospect for an astute operator.”

“Benmara boasts secure and well-developed water infrastructure with further scale for expansion. The current owners are also undertaking a significant fencing program, replacing both sections internally and along the eastern boundary,” CBRE agent John Harrison said.

Existing improvements include a well-appointed homestead compound comprising two residences, staff

quarters, a kitchen, a storage shed, machinery shedding and a cattle yard.