Wellards buys premier WA property

21 Jan, 2010 02:35 PM
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AGRIBUSINESS company Wellard has continued its portfolio diversification by purchasing the well-known Dongara property, The Grange.

The 14,500 hectare property was owned by the Stoney family, who own agricultural properties in many regions in WA, and orginally purchased The Grange in 2006 for reportedly between $20 and $30 million.

According to Wellard, settlement is scheduled to occur in 2011 and a transitional lease agreement has been arranged for the interim period.

The company said the sale terms remained confidential.

Long considered one of the state’s blue chip properties, The Grange would continue to be run as a grazing and cropping property.

The property is located 64 kilometres from the port of Geraldton and features three centre pivots to irrigate 140ha, for intensive grazing.

Wellard subsidiary Wellard Agri general manager Tim Macnamara said there would be little change to the existing operations on the property, although sheep and cattle numbers would be increased to capitalise on the grazing and water potential of the property.

“Wellard Agri has just completed its first year of operations, and the addition of The Grange provides a unique opportunity in terms of location, flexibility and economies of scale, consistent with our strategy, and that of the Wellard Group,” Mr Macnamara said.

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READER COMMENTS

John Creese
22/01/2010 5:56:44 PM, on Farm Weekly

Great to see a company with so much confidence in the shipping trade to go out and buy properties like this. They will also find out that running these sorts of properties, the prices paid to the producers are not enough to keep us going in the long term. I wish them luck in this new venture and hope it will boost demand and prices for us all in the future.

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