ROCKLANDS Station is one of two cattle properties owned by Western Grazing Company that have recently sold to Macquarie Group's Paraway Pastoral.
The recent purchase for over $130 million acquired around 1.7 million hectares of Western Grazing's land throughout Queensland.
Rocklands Station near Camooweal in North West Queensland and Tanbar Station in the Cooper Creek Channels in the south west of the state, were the two properties sold.
The deal will see Paraway acquire 667,900 hectares at Rocklands and 1.02 million hectares at Tanbar Station.
Paraway said it had purchased the assets, because they were “complementary to our existing portfolio and enhance our ability to deliver a consistent, reliable supply of quality livestock into key supply chains”.
Western Grazing Company used Rocklands as a breeding property with Brahman, Brahman cross Santa, Charbray and Senegus cattle. Approximately 35,000 head of cattle were kept at the property, with weaner steers moving to Tanbar for fattening to grass-fed bullocks.
Western Grazing Company is one of Australia’s largest beef producing company’s and will continue to own five properties in Queensland and one in the Northern Territory.
The deal, confirmed by Paraway, exceeds the market expectations on pricing and follows a very active six months in the cattle station market, where values have risen and major transactions have taken place.
The acquisition now gives Paraway more than four million hectares of land across Australia and will help the cattle company, the ability to build a higher quality cattle herd, which will be worth more in value and marketability.