The rural property is expected to be plugged into the newly formed Drapac Agriculture business, sources say, which invests in land, water and infrastructure. Drapac director Ashley Wain declined to confirm or deny an acquisition when contacted by The Age.
Drapac’s diversification into agricultural commodities comes from a belief there will be a future imbalance between food demand and supply.
Managing director and founder Michael Drapac sits on the Drapac Agriculture Board of Directors. Mr Drapac has a background in health sciences, with degrees in Biochemistry and Pathology, and Nutrition and Food Chemistry.
Drapac has recently disposed of several Melbourne assets including the City Ford site in North Melbourne, which it recently sold to the University of Melbourne for about $40 million, and parts of the City Mazda site in William Street, which sold to a mix of developers for more than $30 million.