Tipperary Group for sale

02 Oct, 2015 06:25 AM
Comments
12
 
It's understood Myers has installed a new management team at Tipperary ahead of the sale,

PROMINENT barrister Allan Myers, QC, has added his Tipperary Group of Stations to the pile of Australian cattle properties up for grabs, hiring Melbourne's Flagstaff Partners to run the sale.

Following strong international interest in the Australian cattle sector, sources said Myers had started a process for the iconic Tipperary Group, which covers close to one million acres located less than 200 kilometres south of Darwin.

It's understood Myers has installed a new management team at Tipperary ahead of the sale, led by former Australian Agricultural Co Ltd executive David Connolly, who has decades of experience in the local cattle industry.

Connolly is expected to focus on backgrounding and fattening cattle for the live export market and make use of Tipperary's ability to accumulate significant numbers of cattle prior to sending direct to the port.

The sale is likely to be pitched to potential buyers in Indonesia, China, Japan, Korea and other countries wanting to secure supply out of northern Australia.

It is understood indicative bids are due in early November, with final bids prior to Christmas. It means that any bidders who missed out on S. Kidman and Consolidated Pastoral Company may find themselves pretty busy in the run up to Christmas.

For Flagstaff, the role comes as it also goes about selling a lease for the Port of Darwin on behalf of the Northern Territory government.

AFR
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READER COMMENTS

Jock Munro
2/10/2015 8:19:22 AM

Here we go again- more Australian land to be flogged off to the highest foreign bidder.
angry australian
2/10/2015 9:56:15 AM

Jock, does it occur to you that people just don't sell things for the sake of it? If Allan Myers was getting a decent return on his investment commensurate with the risk would he be selling? How many people over the years have tried to make money out of ag, especially Northern Australian ag? How many other than Kidman stood the test of time? The new owners will have to comply with a myriad of Australian laws that almost make it impossible to make consistent profits
Jock Munro
2/10/2015 10:21:35 AM

That is no reason to sell to foreigners angry Australian .
wtf
2/10/2015 10:56:27 AM

Look at the countries mentioned there angry, who is to say they want to sell its production, it says "secure supply". Its like jack selling the cow for beans but no magic bean stalk or goose who lays golden eggs.
david
2/10/2015 10:58:29 AM

I am sure if an Australian wanted to buy it and could buy it then there would be no problem
hayseed
2/10/2015 12:10:01 PM

Foreign ownership of Australian farmland has been about a fact of Life, since the days of the English Owned pastoral houses.& there's been plenty since. Vesty, Clyde, Dalgety, King Ranch are the ones that readily spring to mind. When I was kid in the early '70s everyone was saying that the Japanese were going to end up owning the Australian Cattle Industry. The mid '70s beef crash put paid to that theory..LOL.There's always been ebbs & flows in Foreign Capital & there always will be!!! this just happens to be the current one...
Baz
2/10/2015 6:03:43 PM

David makes a good point. Do we want to restrict returns for local investors by only allowing them to sell to other local investors. I dont think that will work as returns on investments will be lower and yield returns are already very marginal. We need to move on from non commercial and not well considered nationalistic approach to farm ownership. They cannot take it home with them!
carl
3/10/2015 4:26:43 AM

re flogging ag to the highest bidder. Rather than being critical of foreign invest in Aust Ag, should the question be 'why aren't Australian institutions buying into Ag?". If we didn't have foreign investment, we would have a depressed land market, leaving existing land owners with lower asset values and hence reduced equity which would put further pressure on family farms.
Digger
5/10/2015 7:14:58 AM

Look, I'm pretty dumb to all of this argument, but here is a though, Canberra real estate is going strong on 99 yr lease, how about you all giving some consideration to a lease conversion as a stipulation for foreign ownership?
angry australian
5/10/2015 8:01:13 AM

Jock, would you sell your place to an Australian for a lesser price than you could get from a foreigner? How much of a discount would YOU be prepared to offer to keep it in Australian hands?
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