The 451,176ha Benmara Station has been sold to a UK farming family for $26m. Photo: CBRE

A FARMING family from the United Kingdom has entered the Australian cattle industry, with the purchase of a property on the Barkly Tableland from Sam Mitchell’s Wealthcheck, which was placed into liquidation last year.

Benmara station has seen some big fluctuations over the past decade, having been purchased by Mungindi farmer Malcolm Harris in 2016 for $12m, then moved onto Wealthcheck for $40m and now onto UK-based Shaun Davis for $26m. This is the first purchase Mr Davis has made in Australia.

The sale has coincided with another of Mr Mitchell’s assets Maryfield and Limbunya going back on the market this week.

According to the listing by selling agents John Harrison and James Beer from CBRE, the 451,176ha property has been largely destocked in recent years. However, there are some cleanskin cattle.

Beef Central asked several property sources in the Northern Territory whether they thought the $14m reduction in Benmara was an indication of the market dropping.

None of them believed that was the case, but rather the $40m paid for Benmara was a particularly strong sale and that the move from $12m in 2016 to $26m in 2026 was more indicative of the trajectory of the market.

A carbon partnership

In partnership with global energy and commodities firm Hartree Partners, Mr Mitchell had planned to set up carbon projects on Benmara to diversify its income. A project was set up under the now-defunct Human Induced Regeneration methodology and was later revoked.

Hartree took over from Wealthcheck when it went into liquidation, before the property was listed for sale in the middle of last year by CBRE agents John Harrison and James Beer.

Hartree put the asset back on the market saying uncertainty created by the Federal Government’s lack of decision making on the carbon market pushed the sale.

The selling agents said the property has potential for further development and expansion.

Water infrastructure includes 20 bores supplying 90 tanks and troughs (most of which have been developed within a 2km grazing radius). Additional water is supplied by 19 dams, numerous watercourses and eight springs which provide seasonal waterholes.

Infrastructure includes three homes, staff quarters, cattle yards and numerous sheds, as well as new and upgraded fencing.

The sale has been a slow burn, having to go through the Foreign Investment Review Board before it settled at the start of this month.

Benmara is one of several properties that were purchased by Wealthcheck in the Northern Territory, alongside:

• Conways – a property on the edge of Arnhem Land which Mr Mitchell purchased with Viridios capital for $14.5m in 2023
• Maryfield and Limbunya – in a $175m deal, Wealthcheck acquired the land while Garry Edwards’ Brisbane-based AAM Investment Group entered a long-term lease arrangement that included buying the 50,000 Brahman cattle on offer and operating the cattle enterprise.