On 28th of April the Australian Agricultural Company sold Rockhampton Downs Station, on the Barkly Tableland (Northern Territory), to the Harris family for $37 million. They probably can’t believe their luck.
Shareholder and previous board member Nick Burton-Taylor has pointed out the obvious. Why would you sell a Rolls Royce (Rockhampton Downs; prime Barkly grassland, next door to AACo-owned Brunette Downs) with a track record of profitability for a couple of loss-making Daihatsus (Tipperary and Litchfield). It looks like the AACo is set for yet more board upheaval in the near future, so stay tuned.
What no other media reports appear to have pointed out is that Rockhampton Downs was owned by the Australian Agricultural Company since 1948. A cattle station of this size that has had one owner for more than 50 years is cast-iron good quality. Why on earth did the AACo board think it was a good idea to sell it? AACo board members of years gone by would be rolling in their graves; talk about selling off the family silver.
Tags: Pastoral companies, Rural properties for sale and ownership, Rockhampton Downs Station