Packhorse Pastoral Company to sell cattle farm portfolio

After the sudden passing of their co-founder Tom Strachan, Packhorse Pastoral Company are selling three cattle farms.

Following the tragic death of its co-founder Tom Strachan in a light plane crash earlier this year, Packhorse Pastoral are selling their three-farm grazing and carbon farm portfolio.

Packhorse Pastoral Company chairman Tim Samway said the company was open to a variety of offers on the portfolio, which is expected to be worth more than $120 million as a whole.

Acquired over the last three years and spanning a total of 27,124ha (67,025 acres), the Packhorse Pastoral portfolio comprises two southern Queensland properties and one near Inverell in northern NSW.

In Queensland the 8344ha Stuart’s Creek Station, 50km northwest of Roma in the

Maranoa region and the 10,029ha Moolan Downs Station, located 200km southeast of Roma in the Western Downs region are for sale.

Further south, the company is also offering the 8371ha Ottley Station in NSW.

Packhorse Pastoral’s 10,029ha Moolan Downs Station, in Queensland, is one of their three farms for sale.

“The directors of Packhorse Pastoral will consider expressions of interest to continue the successful regenerative work the company has been undertaking on its properties,” Mr Samway said in a statement.

“That could be with a new partner who could inject substantial new capital but equally the company would welcome interest from local landowners who may wish to acquire one

property or a line of three outstanding properties and so benefit from the economies of scale.”

Earlier this year the company shared its plans to achieve carbon neutrality by 2028, while also rapidly expanding the size of its footprint within Australia.

The company had created a “grass motel” system whereby processors themselves own the cattle that are managed and raised by the Packhorse team, paying a fixed fee for access to the property and a weekly agistment fee.

Each of the farms is being offered with registered carbon baselines in place and plans to maximise carbon sequestration and natural capital development over the next 25 years.

Packhorse’s current registered carbon projects are expected to produce about 28,000 ACCU’s per annum within five years.

At current ACCU prices of $30 to $40, this is expected to provide combined additional revenue of about $840,000 to $1,120,000 a year.

Packhorse Pastoral Company chairman Tim Samway.

CBRE’s David Goodfellow and James Auty have been appointed to manage the sale of the portfolio.

“This is a strategic portfolio of properties with very responsible and experienced management in place, which is designed to maximise the use of the expansive grasslands in a reliable rainfall area while capitalising on numerous opportunities for improved carbon sequestration,” Mr Goodfellow said.

“Packhorse is a recognised leader in carbon farming initiatives and the environmental initiatives at these stations are well ahead of industry norms, with clearly established carbon baselines and management practices.”

Each property offers staff accommodation, cattle handling facilities, reticulated livestock watering systems, various shedding and grain storage facilities.

There is also subdivided fencing to maximise grazing and soil carbon management.

CBRE also noted through the sale process, the properties could be acquired individually

or collectively, opening the door for corporations, large private investors and local farmers to secure a slice.

The portfolio is for sale via expressions of interest invited by December 15.