Joyce Varley property still not settled

29 Oct, 2012 01:00 AM

THE Joyce family's Lake Varley property remains unsold despite reports that it had been contracted to a Chinese company some time ago.

Receiver and manager of the property and McGrathNicol partner, James Thackray told Farm Weekly that he wouldn't disclose what the hold up was but it is understood there is an issue with how much land the buyer thought it was purchasing, specifically whether it is in Chinese or Australian acres.

The 14,500-hectare property has been contracted to the foreign investor but is still yet to be settled.

Despite this, Mr Thackray is confident the deal can be done by the end of the month.

"We have contracted the sale of the core properties and the company involved has already commenced some weed control and other maintenance," he said.

The settlement would be the final piece in the puzzle for the Connemara Holdings company which went into receivership in March.

The Karlgarin and Newdegate properties have already been sold for an undisclosed price to a Great Southern farmer who wished to remain anonymous.

Mr Thackray said Connemara Holdings had collapsed earlier this year having failed to service its debt.

National Australia Bank had been working with Connemara for more than two years and provided additional funding and assisted with the realisation with some of the land holdings.


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