First Top End cattle station sold since live export ban

Consolidated Pastoral Company has added the 23,000-hectare Comely-Mapala station near Bauhinia, south west of Rockhampton, to its 19-strong cattle property portfolio.

It is the first major cattle station sale since the government’s month-long live cattle ban was lifted on July 7. The ban cast doubt over rural property valuations and according to Herron Todd White valuer Terry Roth increased the risk profile of investing in the northern Australian cattle industry.

The price was not disclosed but is reportedly significantly below the $35 million asking price.

The sale of the property was negotiated by Elders agent Virgil Kenny on behalf of Bill Reid.

Reid purchased the property from the Georgina Pastoral Company in 2008 for $26.5 million, including cattle.

The Comely-Mapala Station was sold bare of livestock.

According to the Australian Financial Review, Reid was happy with the price paid by Consolidated Pastoral.

Consolidated Pastoral’s 19 properties covering more than 5.7 million hectares and is responsible for the management of more than 350,000 cattle across North Australia.

The company is majority owned by London-based private equity firm Terra Firma.