RECEIVERS have been appointed to three major cattle stations owned by grazing company Dunrossie in central west Queensland after mortgage payments were not met.
National Australia Bank appointed Ferrier Hodgson's Will Colwell and Tim Michael as receivers over the business, which includes about 45,000 hectares of country south of Hughenden, as well as cattle. The land alone would be worth about $10 million.
Australia's big banks are reviewing their capital requirements and have been tipping cattle stations into receivership across NSW, Queensland and the Northern Territory, with the expectation of selling them to operators who have better equity levels and can make the farms pay off.
Dunrossie, owned by John McClymont, includes the 8430-hectare station Inverness, the 21,866-hectare Stenhouse and the 14,966-hectare Dunrossie. Dunrossie borders Burslem Station, formerly owned by a separate grazing family and seized by receivers recently on behalf of ANZ Banking Group.
The move on the properties comes as new buyers enter the market, providing a more compelling proposition for banks to act on bad loans.
Culloden, a 22,000-hectare property that borders Burslem Station, has been sold to the Australian Investment Development Corp for a price tag believed to be more than $5 million based on surrounding values.
AIDC chief operating officer Patrick Purcell confirmed the sale but declined to comment on the price.
"There are very good opportunities out there. It is a good time to be buying. North Australia is showing some good value at the moment."
AIDC will lease Culloden back to the Black family on a long-term agreement.
