RURAL property rumours have gone into overdrive this week with industry sources suggesting Thames Pastoral Company, an Australian subsidiary of a global investment fund, has signed a contact to buy the Northern Territory property Forest Hill, located south of Katherine.
It is said a contract price more than $6 million has been exchanged on a walk-in walk-out basis for the 600 square kilometre property, including 7000 cattle.
Forest Hill, previously owned by Peter Schubert and family, is a versatile property and the indicators are it would fit like a glove with the Thames Pastoral Company's initial investment in 2012 when the investment group purchased Tanumbirini.
It is understood Tanumbirini will be used for large-scale breeding, and Forest Hill would be ideal as a weaner growing backgrounding operation.
The sale also provides a much-needed confidence boost for the lacklustre NT property market.
When Fairfax Agricultural Media approached David Connolly, CEO of Thames Pastoral Company, he would neither confirm nor deny the purchase.
Mr Connolly did add that with the lower property prices and subdued cattle market it was an ideal time for an investment fund to consider prospective property purchases in the market place.
