Challenge
Very few Northern Territory pastoral properties had sold during the past four years, with Thomas & Rawdon responsible for the only major floodplain sale. The property had a standing reputation for weed infestation (Mimosa Pigra) and low standard of infrastructure, especially fencing. Strong pull back in the sole market for far northern cattle producing properties in the Northern Territory; the Indonesian Crisis. High annual rainfall in region limits the use of productive floodplain country for a number of months a year. Access issues during the wet season could delay operations for up to five months.
Strategy
A strong database of active large- scale buyers was produced from past sales and approached soon after the La Belle Downs & Welltree Station project. Many of this buyer group was still active in the market, with very few listings available. The subject property was also very similar in terms of floodplain asset.
Targeting of buyers was mostly off-shore. Additionally, approaches were made to known domestic pastoral houses and private investors.
Results
Colliers Agribusiness managed the ensuing tender offers and complex negotiation process between the vendor and a number of purchasers, which resulted in offers being accepted.
- 40 private introductions
- 1 compliant tenders and cleared deposits
- A good mix of both domestic and offshore buyers, with interest varying from owner occupier to passive investors
- Properties sold directly by tenders.
