Seven Queensland cattle farms fetch $150 million-plus

Six different local buyers have secured parts of a Queensland cattle empire’s 29,798-hectare portfolio. See the details.

The final two pieces of the Ray Scott Pastoral Portfolio’s Fairfield Aggregation have been sold, with the seven-farm aggregation fetching more than $150 million in total.

Offered for sale via auction on October 2 was the portfolio, which spanned a combined 29,798 hectares, about 70km east of Rolleston.

On the day the 6880ha Carramar was passed in for $22.5 million, while the 2496ha Bauhinia Downs was passed in for $13.4 million.

Both properties have now been sold to a western Queensland cattle grazing family. A pair of brothers have secured one of the properties each, which were sold for undisclosed figures in excess of where they were passed in.

At the auction Fairfield Station (10,522ha), Ellis Camp (2299ha), Kurrajong Park (3237ha), Hatari (1911ha), Wongaburra (2423ha) were sold for a combined $110 million between three buyers, with the sale of the final two parcels taking the total value of the Fairfield Aggregation to more than $150 million.

The largest property in the aggregation, Fairfield Station, which spans 10,522 hectares at Bauhinia in the Central Highlands, was sold under the hammer for $49 million to the Dennis family via Twin Hills Cattle Company.

The Fairfield Aggregation is developed to improved pastures of various buffel, panic varieties supported by Rhodes and bluegrass and under sown to legumes including desmanthus and butterfly pea.

The adjoining 2299-hectare Ellis Camp property was also sold at the auction to the Dennis family, who were the underbidders when the farm was passed initially passed in at $10.7 million. The sale price for Ellis Camp remains undisclosed after selling post-auction. Bauhinia graziers Rob and Annie Donoghue paid $26.1 million to purchase the 3237-hectare Kurrajong Park under the hammer, paying $8063 a hectare as bidding rose from an opening of $16 million.

The third property of the Ray Scott portfolio to be sold under the hammer was the 2423-hectare Wongaburra, which was bought by another nearby landholder, the Nobbs family via Yoman Brahmans, at Bauhinia. The Nobbs family paid $12 million, or about $4593 a hectare for Wongaburra.

The 1911-hectare Hatari property was also sold at the auction, initially passed in at $12 million. Hatari was sold post-auction to an undisclosed local cattle grazing family for an undisclosed sum.

The Mt Gambier-based Scott family listed the 107,503-hectare Queensland cattle empire for sale earlier this year following the passing of trucking icon Ray Scott in 2020.

Late stage negotiations for the sales of the remaining properties; Ingaby (10,032ha), Echo Hills (9190ha) and Carse O Gowrie (51,940ha) remain ongoing.

Elders Real Estate agents Mark Barber, Rob Murolo and Jon Kingston are handling the sale of the Ray Scott Pastoral Portfolio.

The 9548ha Hillcrest station has been sold to Consolidated Pastoral Company, subject to Foreign Investment Review Board approval.

Meanwhile, leading Queensland cattle grazier, the Consolidated Pastoral Company, have added a third piece to an expanding Central Queensland aggregation after purchasing the 9548ha Hillcrest station post-auction.

Owned by the Danastas family from Mackay for more than 25 years, Hillcrest was offered for sale via auction on November 21, where it was passed in for $31.6 million.

Industry sources have confirmed Hillcrest was sold to CPC post-auction for $33 million with 2000 branded cattle, subject to Foreign Investment Review Board approval.

CPC plan to integrated operations of the Hillcrest station with the adjoining 17,638ha Jimarndy and 4882ha Langley stations, forming a formidable 32,168ha grazing run.

“CPC’s northern cattle breeding stations continue to increase their productivity and we continue to invest in them to produce more calves so we require more high quality growing and cropping land like Hillcrest Station that is closer to key markets,” CPC chief executive officer and director Troy Setter said.

Hillcrest is regarded as a well-watered property with 10 dams and numerous waterholes.

“Hillcrest has a different rainfall pattern to our northern stations helping us with our geographic diversity and drought management. CPC will further invest in and develop Hillcrest Station to increase its productivity and performance.”

CPC is one of Australia’s major cattle industry players carrying about 300,000 head of cattle across nine stations and 3.2 million hectares in northern Australia, with an asset base in excess of AUD$1.3billion.

In 2022 CPC paid $48 million for the Jimarndy station in what was the company’s first major cattle station purchase since British investor Guy and Julia Hands through the Hands Family Office, purchased the company and its assets in 2020 for $500 million.

Terra Firma (UK), owned by Guy Hands, is the investment manager of CPC for the Hands Family Office.

Hillcrest Station comprises first-class brigalow scrub country and 11km frontage to the Issac River, located 53km east of Middlemount. Nutrien Harcourts GDL agents Bill Reid and Dan Tyson handled the sale.