VIDEO: Australia’s second largest cattle station on the market with over four million acres of land and 18,300 cattle
Australia’s second largest cattle station with a land area larger than Lebanon is for sale with the owners hoping for a domestic buyer in order to avoid government approval delays incurred by a foreign sale.
Clifton Hills Station in the northeast corner of the state of South Australia, near the center of the country, covers 1.65 million hectares (4,077,239 acres) and has 18,300 head of cattle and approval for 21,500.
It is the latest station to be put on the market in recent months as cattlemen capitalize on favorable market conditions with upbeat beef export forecasts, good weather and a strong location, close to Asian markets.
Wally Cooper, managing director of stock and station agent Rural Property & Livestock, said he had fielded up to 60 inquiries for the station, including all stock, plant and machinery, mostly from domestic buyers.
“There have been some inquiries from the U.S, Asia, Central Europe and Hong-Kong-based capital groups,” he told Reuters by telephone on Saturday.
The station’s owners, however, are keen to sell to a domestic buyer to avoid the time it takes for foreign firms to get approval from Australia’s Foreign Investment Review Board.
Any foreign bid would attract government scrutiny and new rules were announced early this year. Concern over China’s expanding interests mean that sellers of agricultural land must now market the holdings to Australians first.
One of the owners of Clifton Hills, Neil Dunn, told Reuters he was hoping the station would fetch up to A$50 million.