Billionaire sheik sells off NT cattle station for $7m-plus
A billionaire sheik from the United Arab Emirates who made his fortune in the oil industry has sold a huge chunk of Territory land south of Alice Springs for more than $7 million.
Covering an area of 462,800ha over a single pastoral lease, it is only the second time since 1952 that Idracowra Station, which can carry 7500 head of cattle, has sold.
The estate owned by Sheik Hamad bin Hamdan al Nahyan, sold to a local pastoral family through JLL.
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JLL selling agent Chris Holgar, a director of its agribusiness operation, says the property was priced at $7 million but it had sold for far more. The deal included 3000 cattle as well as plant and equipment.
“This substantial landholding situated within the heart of Central Australia generated significant levels of interest as it represented an efficient, low-cost pastoral enterprise enabling the supply of livestock to primarily southern (domestic) markets,” Holgar says.
JLL’s co-selling agent Geoff Warriner says Idracowra’s proximity to the Stuart Highway provided ease of access to Alice Springs and end-markets located to the south providing a logical addition to the purchasers existing holdings.
The northern part of the property is traversed by the Finke River for 90km, which provides semi-permanent and permanent waterholes. The areas which flank the Finke River are fertile and provide exceptional pasture during favourable seasonal conditions, the agents say.
Pastures include spear and various summer grasses along with areas of spinifex.
This article originally appeared on www.theaustralian.com.au/property.