Thursday, December 7, 2023

NT pastoralists offload central Australian farm

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Oolloo Farm
Image: Australian Property Journal

Northern Territory pastoralists Roy and Janet Chisholm have sold a central Australian farm for $6.1 million to Caason Group.

The 1,047-hectare Oolloo Farm, which produces irrigated hay, sits 200kms north of Alice Springs and included a 1,000-megalitre per year water extraction licence, as well as six centre pivots.

The farm, along with Territory Grape farm 12 km south, was put on the market by Roy Chisholm, former president of the Northern Territory Cattlemen’s Association, who has held the Ooloo property since 2017.

The farm, which produced approximately 4,500 tonnes of Rhodes grass hay over seven cuts in 2020, will now be operated by Caason’s Ti Tree Food and Fodder, who run the nearby Aileron Cattle Station.

“While Oolloo will provide support for its sister operations at Aileron Station on the beef cattle side, we are anticipating Oolloo will give strong cash flows from its current hay production,” said Craig Astill, managing director of Casoon Group.

“Oolloo will also support the group’s innovation/R&D agenda in developing new crops, soil management techniques and agritech.”

Though they have not yet produced a crop, Casoon Group announced plans in 2019 to begin producing hemp after the NT government passed legislation allowing the industrial production of the plant.

“We expect the group’s existing interests in industrial hemp will also benefit from the purchase and, subject to relevant approvals, enable the group to continue its development in this exciting growth sector,” said Astill.

Recent sales across the agriculture sector have included the $3 million acquisition of the 718-hectare Sorell Creek on the Derwent River north of Hobart for sheep or salmon farming, as well as Naranghi Downs a Darling Downs grain and grazing property for more than $5 million.

While VitalHarvest shareholders are continuing to benefit from the ongoing Roc Partners and Macquarie battle for control of the trust and its $305 million portfolio of orchards and farms.


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