Andrew Forrest spends $70m on East Kimberley cattle stations
Andrew and Nicola Forrest, via their diversified agribusiness, Harvest Road, have picked up a portfolio of East Kimberley cattle stations.
The Springvale Aggregation, covering 604,430 hectares about 70 kilometres north of Halls Creek, is costing a speculated $70 million from British fund manager, ADM Capital, which held it over two decades.
Put together by EG Green and Sons in the 1980s, the amalgamation contains four farms subject to pastoral leases: Springvale Station, Mabel Downs, Alice Downs and Texas Downs.
With a historic homestead, staff quarters, sheds, 10 sets of yards and water infrastructure, with some points recently upgraded with new solar pumping systems, about 35,000 head of cattle are maintained there.
Elsewhere in the Kimberley, in late 2020, the Forrests paid more than $30m for two stations, Jubilee Downs and Quanbun, for years held by late American billionaire Edward Bass.
Cattle, glamping at Springvale
Harvest Road, a Tattarang subsidiary, said it will continue breeding cattle at the Springvale Aggregation.
“Included in the purchase will be licences, permits and basic infrastructure to operate a ‘glamping’ style tourism business on the road and into the world-famous Bungle Bungle National Park,” a statement added.
“The acquisition of Springvale will continue our commitment to developing a vertically integrated beef supply chain across the state,” according to the group’s chief operating officer, Ben Dwyer.
“We will focus on the sustainability of the property be destocking appropriately to leave a well selected breeding herd and to build a strong genetic base for our supply chain, as well as allow the country a well-deserved rest,” the executive said.
Yeeda chairman Mervyn Key added he expects the incoming owner to bring the station “back to its former position as an iconic breeding property” (story continues below).
The sale is subject to several approvals, including by the Western Australia Minister for Lands, John Carey.
Growing portfolio
The Springvale Aggregation deal comes three months since Harvest Road paid the Benedictine Monks $40m for the 7595ha historic New Norcia farm, 120 km north of Perth.
Also last December, the Forrest company acquired a Margaret River tourist accommodation venue and vineyard, Cape Lodge, at Yallingup, for about $10m.
The month earlier, Tattarang subsidiary Fiveight, which invests and develops real estate, purchased Queensland’s Lizard Island leasehold for $42m.
That seller was Hong Kong listed SEA Group, which held the property since 1997.
Last October, Fiveight snapped up the luxurious Gaia health retreat at Brooklet, near Byron Bay, from a consortium including Olivia Newton-John.
That investment is understood to have cost $30m.
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