Divestment of iconic Wave Hill & Cattle Creek Stations under contract

One of Australia’s largest beef producers, Western Grazing, has announced the sale of its iconic Northern Territory Wave Hill & Cattle Creek Stations.

The properties have gone under contract to prominent South Australian based graziers, the MacLachlan Family, after the divestment process began in September 2020.

The MacLachlan Family, trading as Jumbuck Pastoral, already owns large sheep and cattle properties in SA, NT & WA.

Wave Hill & Cattle Creek Stations together comprise over 1.25 million hectares of grazing country in the Northern Territory’s lower Victoria River District.

While details of the sale are confidential, the unconditional sale contract has been exchanged between the parties.

Western Grazing has owned and operated the properties for close to 30 years.

Bentleys Queensland’s Ben Cameron and Brendan Goulding led the sales programme. Bentleys are financial advisors to Western Grazing and helped the directors negotiate with prospective purchasers and manage the divestment of the properties.

“There was strong interest from both local and international buyers from the start of the sale process,” said Bentleys Queensland Managing Partner Ben Cameron.

“From the expressions of interest received, our client selected 10 ‘shortlisted’ parties to progress with property inspections.

“The inspections were undertaken over a 5 week period following which final bids were submitted last Thursday for consideration by our client.

“They are now delighted to have successfully negotiated a contract for sale of the properties with Jumbuck Pastoral”.

Western Grazing extend their thanks and appreciation to the Wave Hill staff and to Bentleys for their efforts and expertise during the sale. The sale was an exceptional result given the difficult economic and seasonal conditions.

For more information, please contact Ben Cameron at Bentleys (07) 3222 9777.