Billionaire Charlie Shahin has bought a group of South Australian sheep stations.
Billionaire Charlie Shahin has extended his foray into agriculture with the purchase of a group of South Australian sheep stations that make up the largest aggregation of their kind in the world.
Mr Shahin, of Adelaide’s wealthy Shahin family, which was formerly behind the OTR petrol and convenience store empire, has secured a whopping 1.29 million ha of the Jumbuck Pastoral empire, under his private investment company ATAYF.
No sales price has been disclosed but industry insiders have previously suggested the aggregation, which is a powerhouse of wool and sheep meat production and is capable of running more than 83,300 sheep, could easily fetch upwards of $40 million.
Commonwealth Hill station, which forms part of the Jumbuck Pastoral Aggregation in SA.
Commonwealth Hill station, which forms part of the Jumbuck Pastoral Aggregation in SA.
The sale represents an expansion of agricultural interests for Mr Shahin, who holds two degrees in agriculture, following the purchase of major Northern Territory cattle property Aileron Station for about $25 million two years ago.
“Owning and working with agricultural assets has been a lifelong ambition of mine,’’ Mr Shahin said.
“Agriculture sits at the heart of Australia’s identity and I have always believed there are few opportunities more meaningful than investing in the land that produces food and fibre for the world.
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“This acquisition is a long-term family investment. We intend to build on the foundations established by Jumbuck, support the existing operations and continue investing in the productivity and resilience of the enterprise for future generations.
“We have great confidence in the future of the Australian sheep and wool industry.
“Demand for high-quality natural fibre and premium protein continues to grow globally and Australia remains uniquely positioned to meet that demand.’’
The aggregation comprises the Commonwealth Hill, Mobella and Bulgunnia stations in SA’s northwest pastoral region.
Combined, the stations occupy an area that is 12 times the size of Hong Kong and a remarkable 5.5 times the size of the Australian Capital Territory.
Commonwealth Hill station, which forms part of the Jumbuck Pastoral Aggregation in SA.
Globally, it’s bigger than 96 countries and dependencies.
Jumbuck Pastoral’s Callum MacLachlan said the sale marked the end of a chapter in his family’s extraordinary farming dynasty.
“Throughout the sale process it was important to us that the aggregation passed to an owner who understood the significance of the assets, respected the work of the people who have managed them and shared our belief in the future of Australian agriculture,’’ Mr MacLachlan said.
“We have come to know Charlie and his family through this process and believe they will be excellent custodians of the aggregation.
“Their commitment to long-term investment, family values and Australian agriculture gives us great confidence that these stations have a bright future ahead.’’
Elders chief executive officer Tom Russo said the aggregation was one of the most significant sheep and wool production opportunities ever offered to the Australian market and interest had been received from a broad range of domestic and international investors.
The sale comes as longstanding SA pastoralists the Treloar family offer the renowned Mooleulooloo and Stathearn stations, near Cockburn, for lease.
Comprising about 88,500ha of productive rangeland, under multiple Crown leases, the stations are approved to stock a total of up to 12,000 sheep.