Hassad sells Telopea Downs for $70 million

VICTORIAN property records look set to be rewritten with one of the state’s biggest farms reportedly sold for more than $70 million.

VICTORIAN property records look set to be rewritten with one of the state’s biggest farms reportedly sold for more than $70 million.

Qatari-controlled Hassad Australia, which owns more than 150,000ha in Victoria, NSW and Western Australia, is reported to have sold its 44,677ha Telopea Downs aggregation of properties in western Victoria.

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Secrecy surrounds the deal which follows widespread industry speculation the Hassad portfolio, or part of it, was on the market. The Weekly Times understands the terms of the sale contain strict nondisclosure clauses.

Hassad, which reported a $5.2 million loss in the 12 months to last December, is in a divestment phase having sold properties in NSW, Queensland and South Australia in recent years. It failed to return The Weekly Times requests for comments this week.

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While a buyer of Telopea Downs has not been revealed major players linked to the sale include the South Australian McBride family and the partly foreign-backed Paraway Pastoral Company.

The sale of Telopea Downs to overseas interests would need to be in accordance with new Federal Government rules that farms valued at more than $15 million be advertised to Australian bidders for at least 30 days before foreign investors can buy them.

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AJ&PA McBride did not return calls from The Weekly Times yesterday. Paraway said it did not comment on speculation.

Hassad put the Telopea Downs aggregation together in 2012 and have used it as a sheep breeding hub. Its sale would leave the 8244ha Barton Station at Moyston as its only remaining Victorian property.