A prized King Island beef farm has been sold to mainland-based farmers for close to $23 million.
The Australian Financial Review reports that the 1048-hectare grazing property was ‘snapped up quietly’ in March for $22.66 million.
Peter Gunn’s PGA Group sold the property, known as “Reedy”, to the Crouch family for $22.66 million.
Reedy was a part of a larger 1800ha holding near Egg Lagoon at King Island’s northern tip, which was offloaded to multiple buyers by PGA.
Mr. Gunn’s retirement at the age of 81 and the relocation of extended family members to the mainland prompted the sell-off of King Island by PGA.
The Crouch family, known for their operation of Waverley Station, a Scone-based Angus beef venture, already has a significant presence on King Island, alongside Tim Roberts-Thomson’s TRT Pastoral.
Located northwest of Tasmania, the island is renowned for its beef, cheese and lobster produce, making it highly desirable for beef producers due to its reliable rainfall and favourable climate.
Reedy Station was sold in a confidential deal, managed by Danny Thomas from agency LAWD.
The purchase price was about $21,000 per hectare, similar to other property sales in Tasmania during 2022.
