The last property in the Packhorse Pastoral Company portfolio has been acquired by Queensland Investment Corporation, in a deal reportedly worth upwards of $30 million.
The purchase of Stuart's Creek is part of QIC's efforts to grow its Natural Capital platform, with the 8300-hectare pastoral property north-west of Roma marketed as a beef grazing operation with registered carbon baselines and sequestration strategies in place.
Natural Capital head Tom Murphy said the acquisition allows QIC to build on its existing agricultural and
natural capital investments and expertise.
“Packhorse is a recognised leader in carbon farming and that legacy is not lost on any of us,” Mr Murphy said.
“In Stuart’s Creek, we acquire a solid foundation to explore environmental market opportunities that are
complementary to the existing traditional cattle grazing operations.
“This is prime agricultural land that also has significant areas registered for sequestration, offering the best of
both worlds in cattle and carbon."
Mr Murphy said they welcomed the opportunity to continue collaborations with academic, environmental and industry groups to support new and existing biodiversity projects on site.
“There is a genuine alignment of the Packhorse vision and QIC’s Natural Capital platform, giving us great
confidence in carrying on this important work to deliver positive commercial and environmental outcomes.”
Stuart's Creek was part of a portfolio of three properties listed by Packhorse Pastoral Company, with the 10,000ha Moolan Downs Aggregation and the 8400ha Ottley Station acquired earlier in the year by Gina Rinehart's Hancock Agriculture for a reported $80 million.
Packhorse Pastoral managing director Geoff Murrell said the sale was a true alignment of outcomes and solutions for the environment and investors.
“The sale of Stuart’s Creek has delivered strong shareholder returns and the compatibility of a new land steward to continue building on the solid regenerative agricultural practices Packhorse had underway,” Mr Murrell said.
“Packhorse had registered 20,000 hectares of land with the Clean Energy Regulator that is primed for carbon
“We are fortunate to have collaborated with some notable partners and industry experts to establish an
exceptional foundation for biodiversity above and below the ground.”
Stuart’s Creek is the second acquisition under the QIC Natural Capital platform, following the purchase of a 600ha irrigated sugar cane property south of the Mackay region last year.
Both acquisitions were made possible through a foundational investment from the Queensland Government’s
Land Restoration Fund.