Mt Scrub is next door to a 3000 hectare waterfront cattle station, Balquhidder, which Mr Stokes purchased in April 2007 for about $20 million.
The two adjoining properties are subdivided into about 90 titles, offering future opportunity to sell the sites and pocket some financial return.
Steve Wise, property director of Mr Stokes Australian Capital Equity, told the Australian Financial Review “first and foremost the purchase is an extension of the farming that is taking place on Balquhidder.”
“Beyond that I think its location is sensation and so in a different view we will look at what else we can do with the land. There is no grand plan though,” he said, adding the purchase made sense to the company, which did not actively go seeking to buy the site.
Mr Stokes has a financial interest in Kangaroo Island, about 13 kilometres from Balquhidder, where he runs a 1600 hectare cattle business, Long Hill, with grazier and manager Peter Murray. The pair started buying property in the area in the late 1990s.