Billionaire Gina Rinehart is selling her sprawling Queensland grazing property from the S. Kidman & Co portfolio as she sets her sights on a new agricultural strategy.
The enormous cattle station is tipped to fetch more than $55 million, according to the Australian Financial Review , as Rinehart and her Chinese co-investor move towards producing premium Wagyu beef.
The 623,000-hectare Morney Plains Station, which is more than two times bigger than the entire Australian Capital Territory, is spread across three titles.
It is in Queensland’s southwest near the South Australian border in an area known as the Channel Country.
Located about 230 kilometres east of Birdsville, the station is home to a herd of 15,000 cattle, with the billionaire recently introducing Wagyu bulls to the property.
It is the second Queensland cattle station that Rinehart, the majority owner of S. Kidman & Co, has put on the market this year.
Australia’s richest person also sold the Rockybank aggregation to local farmers for more than $60 million in June.
The latest sale comes as the mining and agriculture magnate looks to focus more of her investment towards higher-value beef production.
Elders Real Estate agent Tom Russo is handling the off-market sale.
“An opportunity has come up, and we’re seeking to repurpose some of our capital with different investments within agriculture to better diversify our approach,” Adam Giles, the former Northern Territory chief minister who runs Hancock Agriculture and S. Kidman & Co, told the AFR.
Last year, S. Kidman & Co purchased Jindabyne Station in NSW for $36 million, where Angus-Wagyu cattle are run.
The company also recently snapped up Wirribilla Station in the state’s New England region for $70 million.
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