La Belle and Welltree Stations listed after receivership

La Belle and Welltree stations in the Northern Territory have been listed for sale after owner RM Williams Agricultural Holdings was placed into receivership in late July.

The stations, near Litchfield National Park, are being sold by receivers PPB Advisory through real estate agency Colliers.

PPB Advisory spokesman Greg Quinn said the company paid the price for diversifying its business too quickly.

"It's expanded too quickly and lost its way," he told ABC News in July.

"When you do that, trying to maintain that functionality and priorities of where your investors want to go becomes extremely difficult.

"This puts a spotlight on corporate agribusiness, how that might work in the future.

“In contrast, it also highlights how well the family-run business model is working: family farmers who are very passionate about what they do, know the business and have the skin in the game.”

The hasty listing is being sold through an expressions of interest campaign ending August 23.

The stations total 92,500 hectares and have a carrying capacity of 20,000 to 25,000 cattle.

They are 180 kilometres south south west of Darwin and 82 kilometres east of Batchelor.

The floodplain properties come with two sets of covered steel cattle yards, a homestead, an airstrip and a hangar.

The properties were bought in 2009 for a reported $72 million from controversial cattleman Peter Camm.

The Northern Territory News reported at the time the two stations were being bought to be used as carbon emission trade-offs for industrial projects.

Camm bought the properties in 2005 for a reported $13.5 million.

They have been used as a cattle agistment centre with previous cattle holdings being sold off some time ago.

According to PPB Advisory the stations are in good condition having being understocked for some time.

Its Queensland station Mirage Plains was also placed into receivership and was being marketed by Landmark Harcourts Sydney.

Its Inglewood Farms organic chicken business was also placed into receivership in early July.

 

Alistair Walsh

Alistair Walsh

Deutsche Welle online reporter

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