Shanghai CRED expand their Northern Territory reach

Shanghai CRED expand their Northern Territory reach
Shanghai CRED expand their Northern Territory reach

Some 400,000 hectares of pastoral land in Western Australia's Goldfields region has been sold to the Chinese real estate conglomerate Shanghai CRED.

Shanghai CRED is also part of a $365 million joint bid with Gina Rinehart's Hancock Prospecting to purchase the Kidman cattle empire.

Shanghai CRED has paid about $2 million to purchase Melita, Jeedamya and Kookynie stations, sold by WA cattle identity Jack Burton, from the Yeeda Pastoral Company.

The Chinese company has also sought FIRB approval for several other Goldfields stations including Yakka Munga, located 100 kilometres north of Derby.

"Although the property is a fair quality cattle station, it has good access and proximity to Broome and the ability for further development," HTW valuer Terry Roth said.

"If this sale does proceed, this will be the fourth sale to occur in the Kimberley for 2016," he said noting sales of Napier Downs, Mount House and GLENROY and Carlton Hill.

"There is continued momentum in the NT pastoral market, with Mount McMinn now offered for sale.

"This 809 square kilometre pastoral lease reportedly has a carrying capacity of about 5,000 head," Terry Roth said.

Mount House and GLENROY Stations, located 270 kilometres east of Derby have sold. The adjoining leases have sold to prominent businessman Kerry Stokes.

"This is the second holding in the Kimberley that Kerry Stokes has purchased this year with the purchase of Napier Downs at the start of the year.

"One of the main attractions of the two leases is the access to natural waters.

Roth noted the northern section forms part of the Isdell River catchment and drains into the Walcott Inlet and the southern section is formed by the Adcock and Hahn Rivers.

"At the time of the sale, the property was relatively undeveloped, however since settlement, the purchaser has embarked on a development program of pastoral infrastructure."

Tags: 
Cattle Station Rural Property

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