Gulf Coast Agricultural Co sold to Harris family, Warakirri purchase two vineyards

In two separate deals, a major QLD cattle company has been sold while more premium Australian vineyards have been bought by investors.

Almost $450 million worth of Australian farmland has changed hands with a major Queensland cattle company sold and two large scale vineyards snapped up by investors in separate deals.

Spanning more than 1.1 million hectares near the Gulf of Carpentaria with the capacity to carry about 96,000 head of cattle, Mark Menegazzo has reportedly sold the Gulf Coast Agricultural Co to major NSW cotton growers Peter and Jane Harris.

It has also been reported the deal is worth about $380 million and includes the four-station aggregation and 70,000 to 80,000 Brahman cattle.

The Van Rook Station (590,500ha), which is one of the largest cattle stations in Queensland capable of running about 61,700 head and the Inkerman Station (280,000ha), which carries about 10,000 and 12,200 breeder cows are part of the deal.

The other two stations bought by the Harris family include Stirling Lotus Vale Station (125,000ha) and the Dorunda Station (110,010ha).

Gulf Coast Agricultural Co was established in 2017 after Mark Menegazzo, a son of late Queensland cattle giant Peter Menegazzo, parted ways with his siblings Brendan, David and Debra, the owners of Stanbroke Beef.

Peter Menegazzo (second right) with his sons from left David, Brendan and Mark, after they announced they had purchased the remaining share of Stanbroke Pastoral Company in 2004. Picture: Patrick Hamilton

Gulf Coast Agricultural Company was contacted and made no comment on the reported transaction.

In the viticulture sector through a partnership with Australian wine brand Australian Vintage Ltd, Warakirri Asset Management via their Warakirri Farmland Fund have paid $62.5 million to acquire two large scale vineyards.

Comprising more than 1300ha and a portfolio of water entitlements, Warakirri Farmland Fund will own the Coldridge vineyard, near Loxton, South Australia and Grande Junction, near Pomona, NSW, before leasing them back to Australian Vintage Ltd through a long-term deal.

Currently the vineyards supply about 23,000 tonnes of grapes to the Australian Vintage Ltd winery each year, under the terms of the agreement, the parties will partner for vineyard development aimed at increasing production and sustainability.

Australian Vintage Ltd wines’ chief executive Craig Garvin said the transaction would help the vineyards increase their yield.

Warakirri Farmland Fund have purchased the Coldridge vineyard, near Loxton, SA, from Australian Vintage Ltd.

“Warakirri are known for their world class capability within the agricultural sector,” he said.

“We are really pleased to be able to work with them on this opportunity.”

Warakirri Asset Management is an Australian agricultural investor behemoth with millions invested across the nation through various funds including their growing $500 million Warakirri Farmland Fund.

Warakirri’s acquisition of the two vineyards comes after Australia’s largest family owned wine company, Casella, sold 35 of their vineyards to giant Canadian super fund, PSP Investments via their wine subsidiary, Southern Premium Vineyards.