$104m price tag includes the expansive landholding as well as 40,000 cattle
$104m price tag includes the expansive landholding as well as 40,000 cattle

AFL boss has stake in NT cattle station

AFL chief Gillon McLachlan and the billionaire family behind Reece Plumbing have emerged among the big names in the syndicate that splashed out $104m to buy the Territory's famous Wave Hill cattle station in the Victoria River District, 750km south of Darwin.

Western Grazing which is one of Australia's largest beef producers, put Wave Hill and Cattle Creek Stations on the market in September.

It owned and operated the properties for almost 30 years and directors said the sale was part of a strategic review of its cattle operations.

ASIC documents reveal Jumbuck's Wave Hill purchase came with significant backing from the Wilson family, which owns a controlling stake in ASX-listed Reece Group, and was worth $2.5bn in 2019 according to Forbes.

The $104m price tag includes the expansive landholding as well as 40,000 cattle, and is one of the highest prices ever paid for a single cattle property in Australia.

Wave Hill Station is best known as the scene of the Wave Hill Walk Off - a strike by Gurindji stockmen in 1966 which went on to shape the Aboriginal land rights movement in the 1970s.

The deal to sell the property to key syndicate member Jumbuck, owned by the MacLachlan family and run by the AFL chief executive's cousins Jock and Callum MacLachlan, was announced in December and settled last week.

The AFL boss and Melbourne-based investor Robert Frost hold minor shareholdings. Wave Hill is Jumbuck's second NT investment, having purchased the Killarney Station for $35m in 2014.

 

gary.shipway@news.com.au

Originally published as AFL boss has stake in NT cattle station


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