In this week's property roundup: A premier North West Queensland cattle station, ‘May Downs,’ has hit the market, offering expansive scale and long-term profitability just 28km west of Mount Isa. Meanwhile, the proposed $780 million sale of Australian Food and Agriculture (AFA) to a US-based special purpose acquisition company has collapsed, with the sprawling 225,000ha portfolio now set to return to market.
Size: 233,000ha
Location: Mount Isa
Sale method: Auction at Ibis Mount Isa and online via AuctionsPlus at 11am (AEST) on May 29.
Price guide: N/A
A premier North West Queensland cattle station, ‘May Downs,’ has hit the market, offering expansive scale and long-term profitability just 28km west of Mount Isa.
Spanning 233,000ha, ‘May Downs’ features ecologically diverse country and robust infrastructure, making it an attractive proposition for large-scale producers and corporate investors alike.
Stockplace Marketing’s Luke Westaway described the property as a standout opportunity.
"Offering immediate cash flow potential and significant long-term growth opportunities, 'May Downs' presents a geographically strategic and scalable investment with a profitable future in the pastoral industry,” he said.
Owned by James and Marjorie Lord for the past 38 years, the property has never been destocked, courtesy of its resilience and well-managed pasture base.
“In all our years at 'May Downs', it has never been destocked," Mr Lord said.
"The combination of secure 'top feed' and a variety of resilient pastures has been key to our long-term success."
Currently supporting a young, fertile composite herd, ‘May Downs’ is geared for productivity.
The selective breeding program ensures high-quality stock with weight-for-age performance, while an estimated 9,500 head will be on property at settlement, with a guaranteed handover muster of 8,000 head.
The station’s improvements are extensive, with multiple cattle yards, secure water systems including bores, dams and waterholes, and stockproof fencing across 13 large paddocks.
Operational facilities include homesteads, sheds, and staff accommodation, all set within Queensland’s renowned mineral province.
‘May Downs’ will be auctioned at the Ibis Mount Isa and online via AuctionsPlus at 11am (AEST) on May 29.
Mr Westaway said the open auction format would deliver transparency for buyers.
“An open auction will enable the market to accurately assess and assign a transparent value to this incredible property," he said.
The proposed $780 million sale of Australian Food and Agriculture (AFA) to a US-based special purpose acquisition company has collapsed, with the sprawling 225,000ha portfolio now set to return to market.
AFA, one of NSW’s largest diversified agricultural businesses, had struck a deal in August 2024 with Agriculture & Natural Solutions Acquisition Corporation (ANSC), a NASDAQ-listed, Cayman Islands-incorporated entity backed by Riverstone Holdings and Impact Ag Partners.
The transaction had received Foreign Investment Review Board approval by December, with plans to list the merged business on the New York Stock Exchange.
However, ANSC confirmed in an April 11 filing to the US Securities and Exchange Commission that the agreement was “mutually terminated” on April 10.
The exact cause of the deal falling over has not been given however, in a March 28 filing to the SEC, ANSC had said increasingly volatile equity market conditions meant it and AFA were looking for “the best path forward” for the business combination and that could include terminating the agreement.
The high-profile deal would have seen ANSC acquire AFA’s full portfolio, which spans 13 farms across the Deniliquin, Hay and Coonamble districts.
These include historic properties such as Wanganella and Boonoke stations—home to the renowned Wanganella and Poll Boonoke Merino studs—as well as extensive dryland and irrigated cropping operations, a 12,000-head feedlot at Conargo, and water entitlements exceeding 54,000ML.
Founded by the late Colin Bell in 1993, AFA is majority owned by Bell Group Holdings and Alastair Provan, with US hedge fund billionaire Ray Dalio also holding a stake.
The company formally listed its assets in September 2023 to support estate planning following Bell’s passing.
Bell Potter Securities will again handle the sale.
Size: 2832ha
Location: Mullaley, NSW
Sale price: $32.4 million
The agricultural arm of a major US religious investment entity has added another key asset to its growing Australian farmland portfolio, acquiring the 2832ha ‘Carnarvon Aggregation’ near Mullaley, in NSW, for $32.4 million.
Alkira Farms, a subsidiary of Farmland Reserve—an integrated investment auxiliary of The Church of Jesus Christ of Latter-day Saints—purchased the property from a private UK investor who had instructed Growth Farms to divest nearly 5000ha of farmland across NSW and Victoria last year.
The ‘Carnarvon Aggregation’ was part of that broader portfolio, which included seven properties as part of the wind-up of a decade-long Australian investment.
The aggregation spans four parcels—1335ha Carnarvon, 540ha Kairi, 298ha Part Tourable and 659ha Dunroamin—across two hubs separated by 7km.
Comprising mostly level, black basalt self-mulching country, the land has supported a mix of winter and summer cropping including wheat, chickpeas, oilseeds and cotton.
It includes 1764ha of dryland cropping, 156ha of lasered irrigation backed by 1000ML from Cox’s Creek and 850ML of on-farm storage, plus 108ha under centre pivot.
Farmland Reserve has retained Growth Farms to manage the holding.
The acquisition is Farmland Reserve’s fourth major Australian purchase in 12 months, following deals including the $350 million ‘Worral Creek’ portfolio in Queensland, the $68 million ‘Calrossie Farm’ near Moree, and the $38 million ‘Kentucky Farms’ purchase.
Though affiliated, Farmland Reserve operates separately from the church, with earnings supporting its mission.
Its Australian farmland holdings now approach $500 million in value.
Size: 328ha
Location: Strathbogie, VIC
Sale method: Private sale
Price guide: $10 million
‘Strath Hill’, a landmark estate in Victoria’s Strathbogie Ranges, has been listed for sale and is expected to sell for about $10 million.
Set across 328ha, the property blends luxury living with a fully operational farm.
The centrepiece is a restored six-bedroom homestead, originally built in 1910, complemented by a major extension completed in 2000.
Owners Greg and Jady Roberts have enjoyed the estate for the past 15 years, captivated by its natural light and panoramic views.
“The original homestead was built in 1910 and features 14-foot ceilings and ornamental fireplaces that we’ve kept with period furniture, and a fairly large extension was added in 2000 when the whole house was renovated, featuring a formal dining room, high-end kitchen and living areas,” Mr Roberts said.
About two hours’ drive or a 45-minute flight from Melbourne, ‘Strath Hill’ boasts its own helipad and 750m private airstrip.
The property includes two tenanted cottages generating $32,000 annually, plus leisure facilities such as a gym, floodlit tennis court, indoor heated pool, event pavilion with liquor licence, and a two-hole golf course.
Currently running 200 Angus cattle and 200 Australian White sheep, the farm is well-equipped with laneways, machinery sheds, yards, and an equestrian centre.
“Strathbogie is a lovely place, we’re up at about 550m above sea level and summer can be quite warm, although it’s always cooler than Euroa, Mansfield or Benalla,” Mr Roberts said.
“The first year we were here we got snow in winter.”
The estate is drought-proofed with four bores, 18 spring-fed dams, and frontage to Seven Creeks.
“There are walking trails along the creek and at the bottom of ‘Strath Hill’, there is a platypus sanctuary maintained by a Melbourne-based secondary school,” Mr Roberts added.
LAWD Sales Executive Patrick Kerr said the combination of a working farm and luxury retreat would ensure ‘Strath Hill’ gained maximum attention from a wide range of potential buyers.
“The property combines a securely watered working farm in an incredible natural setting with picnic areas, fishing and scenic horse riding and walking tracks, with remarkable facilities suited to a premium private home, corporate retreat or farm stay,” Mr Kerr said.
“We are expecting the property to sell for around the $10 million mark, and anticipate considerable interest from domestic or Melbourne-based investors looking for rural landholdings, or from neighbouring and nearby landowners seeking expansion opportunities.”
Kylie Dulhunty is a journalist with more than 20 years experience covering everything from court to health. Today, Kylie loves nothing more than turning market trends, industry insights and epic property sales - residential, rural and commercial into captivating stories.