NT’s Broadmere Station sells to Vietnamese-backed hotel developer

  

  

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A Sydney-based property developer owned by wealthy Vietnamese businessman Anh Tuan Do has bought 259,000ha Broadmere Station in the Northern Territory from the estate of the late cattle baron Peter Sherwin.

A title search shows Mr Do’s Ultimo-based Arthur Winston Group paid $10.5 million for the cattle station, which has been up for sale since 2019.

Mr Sherwin was once Australia’s largest private landowner, with 17 cattle stations stretching across the NT and WA’s Kimberley region and a 300,000 herd of cattle.

He paid $7.4 million in 2017 for Broadmere Station, buying the property in his late 80s.

Just a month before he died in July 2019, Mr Sherwin listed the property for sale. It took another four years for Broadmere Station to officially change hands before last week’s settlement.

Situated 170 km east of Daly Waters in the Gulf of Carpentaria, Broadmere Station borders the Carpentaria Highway at Borroloola and has a carrying capacity of over 6500 cattle, with scope for expansion.

A unique natural feature of the property is an escarpment of sandstone pillars known as the “Lost City”. Apart from cattle production, Broadmere Station is also well suited to ecotourism and carbon farming.

Geoff Warriner and Chris Holgar from JLL brokered the sale of Broadmere Station.

The new owner, Arthur Winston Group, owns properties in the Sydney CBD as well as in Darwin.

In 2021, Arthur Winston, in partnership with Vietnamese developer Kita Group, revealed plans to build a $200 million hotel and apartment complex known as North One adjacent to the Mindil Beach Casino Resort in Darwin.

In the same year, Arthur Winston paid $25 million for two neighbouring sites at 810-812a George Street and 806-808 George Street that included a permit for a 10-storey hotel or hostel. The 560 sq m site is adjacent to Central Station, where Atlassian, Dexus and Frasers are developing their Tech Central precinct.

Arthur Winston’s acquisition of Broadmere Station adds to growing corporate activity in the Northern Territory livestock sector.

Earlier this month, fund manager Sam Mitchell teamed up with carbon project investor Viridios Capital to buy 139,200-hectare Conways Station south-east of Katherine for around $20 million.

Mr Mitchell’s Wealthcheck also purchased 451,200-hectare Benmara Station for $40 million earlier this year.

Northern Territory cattle stations currently on the market include Rich Lister Brett Blundy’s Walhallow aggregation, which spans over 1 million hectares and is expected to sell for more than $200 million.

Also up for sale are 67,500ha Dorisvale station, which has an asking price of about $30 million, and 408,662ha Aileron Station and Oolloo Farm and Woolner Station on the outskirts of Darwin.

In Goondiwindi in Southern Queensland, the Undabri and Yambocully cropping aggregation owned by Shanghai-based Orient Agriculture is expected to sell for around $100 million.

Representing a combining landholding of 13,920ha, the aggregation comes with up to 15,000 megalitres of water entitlements and a mix of irrigated and dryland cropping suited to growing cotton and sorghum. JLL’s Clayton Smith, Chris Holgar and Geoff Warriner are selling Undabri and Yambocully via expressions of interest.

“It’s a blue-chip asset with strong appeal to local, domestic and foreign buyers,” Mr Smith said.

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 Broadmere Station was offered for sale by the estate of the late cattle king Peter Sherwin and offers tourism and carbon potential. Broadmere Station was offered for sale by the estate of the late cattle king Peter Sherwin and offers tourism and carbon potential. 

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