Great Southern receivers sell cattle station

Two out of three sold

By Alice Uribe
Fri 21 Aug 2009

Great Southern receivers have successfully sold the collapsed agribusiness company's second major cattle property, and are on the look out to sell the third.

McGrathNicol ,the receivers for the collapsed agribusiness giant Great Southern, have sold the second of three major cattle properties to the former Packer family-owned Consolidated Pastoral Holdings for an undisclosed price.

According to the receivers the sale of Wrotham Park was completed on a "walk-in walk-out basis" after the property was passed in at auction earlier this year when Consolidated Pastoral Holdings' bid failed to meet the reserve.

"The sale price was an acceptable advance on the auction bid in June this year," McGrathNicol spokesperson James Thackray said.

Consolidated Pastoral Holdings offered $43 million for the 596, 798 hectare Queensland property at the auction.

At the same auction McGrathNicol was trying to sell two other of Great Southern's major cattle properties.

Chudleigh Park in Queensland sold on the day to landowner Peter Camm for $28 million which was $500,000 less than Great Southern paid for the station in 2006.

The third property Moola Bulla which is in the Kimberley region was passed in at auction and is yet to secure a buyer after Consolidated Pastoral Holdings bid $25 million

"If current negotiations are not concluded shortly it will be withdrawn from sale and will most likely reoffered for sale following the wet season," Thackray said.

According to media reports Consolidated Pastoral Holdings remain the firm favourite for the purchase of Moola Bulla.

Mustering is continuing at Moola Bulla.

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