One of South Australia’s most iconic sheep and cattle stations, Mt Schanck, has been purchased by a well-known Australia family for over $50 million, representing one of the state’s largest agribusiness deals.
The Melbourne-based Evans family appointed CBRE Agribusiness’ Danny Thomas and Phil Schell to market the property in October this year – the first time it has been offered to the open market in history. The property was sold on a Walk-In Walk-Out basis a week before the official Expression of Interest (EOI) campaign was due to close on November 30.
Mt Schanck spans approximately 2,870 hectares and includes close to 5,000 megalitres of Ground Water Entitlement. The sale also included more than 2,000 Angus cows with calves (Rennylea, TeMania and Landfall bloodlines) and heifer replacements, along with around 2,500 Composite ewes with lambs at foot, as well as an extensive list of fit-for-purpose plant and equipment. The purchasers have also retained all existing staff.
Mr Thomas said the property’s scale and prominence attracted strong buyer interest from all market segments, but particularly from high net worth local families and family offices.
“Marking South Australia’s largest agribusiness transaction in several years, Mt Schanck represented an outstanding opportunity to acquire an investment scale asset that has played an important part in the history of Australian agriculture,” Mr Thomas said.
“The iconic nature of the property, its reputation and its presentation by the Evan’s family, were key factors in drawing the attention of a strong field of buyers. These factors combined to elicit a very strong offer prior to the close of the EOI, which the vendors chose to accept given it was on cash terms with little conditionality and included the retention of their loyal staff.”