THE UK-owned Consolidated Pastoral Company (CPC) has bought the Underwood family's Bunda Station in Northern Territory's Victoria River District, close to the West Australian border.
The 178,800ha breeding and growing station currently runs in more than 13,000 Brahman and Charbray infused cattle, including a 2000 head purebred Brahman stud.
CPC, Australia's biggest privately owned beef producer, believes Bunda Station has considerable development potential to run additional cattle which CPC will develop.
CPC chief executive Troy Setter said Bunda was a high-quality station with some of the best black soil plains in the Victoria River Downs.
"The acquisition is consistent with CPC's strategy of selectively bolting on stations that have efficient scale and enable us to increase our cattle breeding and growing capacity, increasing flexibility in the way that the company's cattle are bred, grown and marketed," he said.
"CPC and our owner Terra Firma see considerable opportunities across the beef value chain.
"We continue to look at value-adding acquisitions which will allow us to expand grazing capacity as we continue to transform CPC from a farmgate producer to a vertically integrated, customer-focused business."
Founded as part of the famed Inverway Station in 1894, "Bunda" has been owned by the Underwoods since 1956.
In October 2013 the brother of current owner Reg Underwood, John, and his family, sold their own blue ribbon Territory properties "Riveren" and "Inverway" for a reputed $35 million to Indonesian lot feeding and processing company Santori, a division of the Japfa group.
The "Bunda" sale to CPC lifts the former Packer family pastoral business's portfolio to 20 stations across Queensland, Western Australia and the Northern Territory.
The stations are vertically integrated with two joint venture feedlots in Indonesia and comprise of 375,000 cattle.
"Our 28-year ownership of neighbouring station Kirkimbie gives us great confidence in the opportunity to apply our operational expertise at "Bunda" to further improve productivity and extract synergies and optimise performance from the merger of the two stations," Mr Setter said.
"This acquisition strengthens our portfolio in the north of Australia, the gateway to the rapidly expanding Asian markets."