Natural water key to big Northern Territory sales: HTW
Access to natural waters is key to the rural leasing and property market in the Northern Territory, according to Herron Todd White's rural report for November.
According to HTW, the main attractions of the two leases that have sold to businessman Kerry Stokes is access to natural water.
"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, HTW said.
"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.
"Another possible sale in the Kimberley is Yakka Munga, located approximately 100 kilometres north of Derby. The property has reportedly sold to an international purchaser for an unconfirmed amount. Although the property is a fair quality cattle station, it has good access and proximity to Broome and the ability for further development.
"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. We hope to have further details next month."