China-based property developer Hui Wing Mau’s Kimberley cattle portfolio worth more than $250m hits the market

Nearly 3 million hectares of Kimberley cattle country worth an estimated $250m is up for sale, with a billionaire Chinese-Australian property tycoon pulling the pin on the investment after just six years. With capacity to run up to 50,000 breeding cattle at a time, the 2.9m hectare aggregation of properties encompasses seven pastoral leases, five sub-leases and an agistment agreement. Dubbed the Kimberley Cattle Portfolio, the huge land parcel has been listed by specialist rural property firm LAWD. Hong Kong-based property developer Hui Wing Mau acquired the first portions of the portfolio in 2017 when his family’s Archstone Investment Group purchased the Yougawalla, Bulka and Margaret River stations from Australian entrepreneur Harold Mitchell. The approximately $70m sale also included the additional subleased pastoral leases of Louisa Downs, Bohemia Downs, Carranya Station and Lamboo Station. Soon after, the group purchased the Argyle Cattle Company comprising Moola Bulla and Mt Amhurst stations near Halls Creek, Beefwood Park near Fitzroy Crossing, and Shamrock Station near Broome. All the properties are within a 350km radius, boasting land types ranging from red Spinifex to black soil grasslands and river frontage. Kimberley Cattle Portfolio general manager Haydn Sale said an extensive development program had been completed during the past seven years. “This business was essentially built around putting together an aggregation of properties that were close enough to work together to create key efficiencies, with potential to develop in a way that would escalate production,” he said. “We have put in place strategic watering points, fencing, yard, road and accommodation infrastructure to increase carrying capacity and create an entity that does not require management on every property, but can be run from a centralised management group, with teams deployed as needed. “There is, however, still scope to further grow efficiencies and water development, and again increase the number of stock that can be run across the aggregation.” The portfolio is being sold by expressions of interest but could be worth more than $250m according to industry sources. LAWD senior director Danny Thomas said it was unique in its scale and ability to service a diversity of livestock markets. “This aggregation is special in that you can breed, background and finish, and the owners have done an excellent job in putting together a significant landholding that can be run as a single entity, including irrigated land to finish stock,” he said. “It is very rare to find a property in the region at this scale that can so easily pivot between live export to the north and the southern markets.” Water is in abundance throughout the properties, with frontage to the Margaret, Mary and Louisa rivers, as well as Christmas Creek, and extensive underground water resources. About 210ha has been developed to centre pivot irrigation with approval for another 294ha, underpinned by a 9500ML irrigation licence on Shamrock Station from the Broome Sandstone aquifer. “This is currently used to produce Rhodes Grass hay to supply fodder to the broader property group,” Mr Sale said. “The aggregation is unique in that it is a pastoral operation that can breed weaner and feeder cattle but has the option, with further investment, to go to a feedyard production model as well.”