Andrew "Twiggy" Forrest has bought the well known Balfour Downs Station in Western Australia's Pilbara for more than $32 million.
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Dr Forrest's Harvest Road has bought the 634,000 hectare (1,566,650 acre) cattle station from TBG Agri Holdings.
TBG Agri Holdings is owned by Chinese ball bearing billionaire Xingfa Ma who still has substantial beef and wine interests in Western Australia.
It is believed he paid $18 million for Balfour Downs in 2014.
Dr Forrest bought Jubilee Downs and Quanbun Downs (221,408ha) near Fitzroy Crossing last year for a reported $30-$35 million.
His latest purchase comprises of two main pastoral leases - Balfour Downs on 431,180ha and Wandanya on 202,824ha.
Balfour Downs is in the East Pilbara region of WA, about 175km from Newman and 1360km north of Perth.
The sale includes about 12,000 head of cattle, predominantly Brahman with some Droughtmaster cattle.
The property features modern infrastructure including a newly built homestead, staff quarters, sheds and massive 3000 head capacity steel cattle yards.
Balfour Downs, while enjoying a reputation as one of the best beef breeding stations in Australia, is also the birthplace of Australian writer Doris Pilkington, author of Follow the Rabbit Proof Fence.
John Hartman, the chief investment officer for Mr Forrest's investment arm Tattarang, said Balfour Downs would form an important part of Harvest Road's integrated beef supply chain.
"For more than a century, Balfour Downs been an important part of the development of Australia's cattle industry. We are committed preserving this legacy and investing in its future to further enhance this iconic property's status as some of the most productive pastoral lands in WA," Mr Hartman said.
Balfour Downs also boasts extensive water infrastructure to support its large-scale cattle breeding and finishing operations, with 92 equipped watering points, including 35 ring dams, 48 fully equipped bores and numerous permanent and semi-permanent pools along the river and creek systems.
Harvest Road's chief operating officer (pastoral, backgrounding and feeding facility) Ben Dwyer paid tribute to Balfour Down's previous owners for their spending on key infrastructure.
"The acquisition of Balfour Downs is part of our long-term investment into the future of WA's beef industry and our commitment to developing a world-class network of integrated supply chain assets across the state," Mr Dwyer said.
IN OTHER NEWS:
The planned transaction by Harvest Road is subject to approval by the Western Australian Minister for Lands.
A company of Tattarang, Harvest Road is the state's largest beef processor with a modern processing facility in Harvey.
Chris McLennan
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
ACM national rural property writer based in Bacchus Marsh, Victoria. Career journalist. Multi award winner.
