Gina Rinehart buys Glendon Park to expand Wagyu beef herd

MINING magnate Gina Rinehart is continuing to expand her cattle empire with the recent purchase of grazing property Glendon Park in New England, NSW.

New aquisition: Gina Rinehart has purchased Glendon Park in New England, NSW.

MINING magnate Gina Rinehart is continuing to expand her cattle empire with the recent purchase of grazing property Glendon Park in New England, NSW.

The 3234ha aggregation will be used to grow Hancock Prospecting’s 2GR Wagyu herd and brand, which was launched in February last year.

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Mrs Rinehart said in a media statement that Glendon Park — which is 40km northeast of Armidale — was a “high quality property that is well located near our existing operations and will support further growth”.

“I am pleased to continue to invest in rural operations that will continue to grow our 2GR Wagyu business to meet the growing demand for our very high quality and delicious 2GR Wagyu beef,” she said.

Hancock’s Wagyu herd comprises about 20,000 head across multiple properties, and the company anticipated to expand with continued investment, HPPL said in a statement.

The Wagyu bred on Glendon Park would be finished and processed in Australia, before being delivered into mainly local and some overseas markets, including Nobu restaurants in Australia and overseas.

The aggregation was listed for sale through an expressions of interest campaign by Colliers ending on August 23.

Selling agent Mike Clifton said there was strong interest in the property with more than 70 inquiries.

“That culminated in half a dozen bids. It was a successful campaign with the property sold in a pretty difficult time in the middle of the drought,” Mr Clifton said.

“It is a significant holding in the New England area, with the vendors selling to relocate overseas having owned it for approximately 10 years. It has been highly developed in terms of fencing, subdivision and water.”

According to its website, Hancock currently owns at least 14 properties across Australia. Mrs Rinehart also owns a 66 per cent stake in Outback Beef, which bought the majority of S Kidman and Co in 2016.