Henbury Station, NT listed for sale through insolvency firm PPB Advisory
Henbury Station, where one of Australia’s most controversial carbon farming projects is located, was placed on the market last week through the insolvency firm PPB Advisory.
Located 230 kilometres south of Alice Springs, the property was purchased and destocked by R.M. Williams Agricultural Holdings in 2011 with $9 million of federal funding.
R.M. Williams Agricultural Holdings, the parent of a few subsidiary companies, has since gone into administration. PPB Advisory was appointed as administrator and manager.
However, the company responsible for the Henbury Station project, R.M. Williams Agricultural Co Landscape Management, was the only subsidiary company to not go into receivership.
Greg Quinn from PPB Advisory said the company name has been changed ahead of the station’s sale, in an ABC report.
"The licence agreement with R.M. Williams Agricultural Landscape Management has now been terminated, so we've had to change the name to Henbury Station Proprietary Limited," he said.
"The directors have resigned and retired and we've had to appoint a director, Mr Bob Hansen, who is bringing the property to market."
Hansen was previously the Peanut Company of Australia’s chief executive and a manager for poultry company Ingham’s in Victoria.
Quinn revealed that a Federal Government agreement, as well as a deal with Qantas, still applies to the property. Qantas previously agreed to purchase carbon credits generated at the property.
"The contracts and agreements are still on foot," he said.
"It will be up to a purchaser to do their due diligence... and negotiate going forward.
"A lot of the conditions of those agreements are commercially sensitive," he said.
Mr Quinn added that there would be no requirement for R.M. Williams Agricultural Holdings to repay the initial investment in the purchase of Henbury Station at this stage.
Some proceeds from the sale may be returned to the Federal Government.
He said in the ABC report that there has already been extensive interest in the property from environmental, Indigenous and pastoral organisations.
Director of the Central Land Council David Ross said in an ABC radio report that the Council wants Henbury Station returned to the traditional owners of the land.
Henbury Station, known to locals as “Henbury”, was once a cattle empire. It was planned to become part of the National Reserve System and be regenerated after nearly 150 years of grazing.
Carbon credits sold from its natural regeneration would have made it the world’s largest carbon farm.
The property can be put on the market because Henbury was never transferred from a pastoral lease to a conservation covenant, a requirement of the National Reserve System.
Expressions of interest for Henbury station close September 6.
