CPC sells another Queensland cattle property to Sterling Buntine

CATTLE king Sterling Buntine is expanding his property portfolio, snapping up Consolidated Pastoral Company’s Central Queensland holding Comely Station for a reported $50 million.

Swapping reins: Comely Station has been sold to Sterling Buntine seven years after CPC purchased it for cattle backgrounding and finishing.

CATTLE king Sterling Buntine is expanding his property portfolio, snapping up Consolidated Pastoral Company’s Central Queensland holding Comely Station for a reported $50 million.

It is the second CPC property Mr Buntine’s company Baldy Bay has purchased in as many months.

Mr Buntine bought 80,000ha cattle property Mimong Station in North West Queensland in March for a reported $20 million.

The Comely Station aggregation covers 23,159ha and is made up of Comely and Mapala stations. It was purchased in CPC in 2012 for cattle backgrounding and finishing.

The sale included land and plant and equipment but not cattle.

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CPC chief executive Troy Setter said Comely and Mimong stations were two of the company’s smaller properties.

“Both Comely Station and Mimong Station are a good strategic fit for Sterling Buntine’s existing pastoral interests with both properties having strong feed,” Mr Setter said.

“We continue to be actively engaged with buyers interested in the CPC platform as a whole and in parts.”

The divestment of CPC, which is owned by British private equity firm Terra Firma, was announced in March last year.

It remains one of Australia’s biggest landholders with 3.36 million hectares of land across 10 stations and a carrying capacity of almost 326,000 cattle.

The company also holds a 90 per cent interest in a joint venture that owns and operates two feedlots in Indonesia.