Andrew Forrest buys farm, hotel and vineyard
Andrew and Nicola Forrest’s Tattarang has outlaid about $50 million for two Western Australia investments.
In the biggest deal, the group’s agricultural division, Harvest Road, is paying the Benedictine Monks $40m for a historic New Norcia farm, 130 kilometres north of Perth.
The 7975 hectare property, on the banks of the Moore River in the state’s wheatbelt, was listed after 175 years in September due to liabilities relating to redress for sexual abuse at the mission’s orphanages pre-1980.
About 3698ha is arable.
The deal doesn’t include the New Norcia townsite – Australia’s only monastic city, established by Spanish born Benedictine Monks at the same time as the farm (c1847).
Tattarang will utilise the asset for beef supply.
The property is near its 3751ha Koojan Downs feeding facility, due to open early next year, which will deliver over 60,000 cattle per year to a processing plant also owned by the group at Harvey.
Tattarang grows hospitality portfolio
Meanwhile at Yallingup, near Margaret River, Tattarang’s property division Fiveight is paying a speculated $10m for the 16.2ha Cape Lodge (pictured, top), which opened in 1993 and was renovated a decade later.
At 3341 Caves Road, the property includes a 22-room guesthouse, conference facility, five bedroom residence, restaurant, swimming pool, tennis court and 3.2ha vineyard producing both red and white wine exclusive for the venue (story continues below).
The purchaser’s hospitality arm, Z1Z, is set to further develop the holding with accommodation and a premium wellness centre.
Refocusing the vineyard resources is also mooted, Tattarang chief investment officer John Hartman said.
Cape Lodge was offered with vacant possession in April, 2019, by Navitas co-founder, West Australian Rich List member, Dr Peter Larson, and his wife Joelle, who held it 14 years.
The acquisitions come in a busy quarter for Tattarang which in October paid a consortium including Olivia Newton-John c$30m for the Gaia retreat at Brooklet, near Byron Bay.
Last month the company outlaid $42m for the Lizard Island leasehold.
On Sunday, we reported the business applied to construct a four storey hotel behind Cottesloe’s Indiana teahouse which would be renovated to include bars and restaurants.
BJW Agribusiness’ Tim Johnston and Ray White Rural’s Steve Vaughan marketed the New Norcia farm.
CBRE’s Aaron Desange and Ryan McGinnity offered Cape Lodge.
Subscribe to our newsletter at the bottom of this page.
