British-backed CPC buys another NT station for $47.4m
Consolidated Pastoral Company has bought Vermelha Station in the Northern Territory for $47.4 million, which includes a water licence for 2,956ML.
British-backed Consolidated Pastoral Company (CPC) has acquired Vermelha Station in the Northern Territory for $47.4 million. This deal includes a 2,956-megalitre water licence and over 15,000 cattle. The 204,000-hectare station, located near Larrimah, 500 kilometers south of Darwin, was previously owned by Vietnamese investors since 2016.
CPC, owned by British billionaires Guy and Julia Hands, has been expanding its property portfolio in Australia with acquisitions such as the Beetaloo Aggregation for over $300 million and the largest sheep station in Western Australia, Rawlinna. The company now owns more than 18,000ML of groundwater licences across the Northern Territory.
CPC's CEO, Troy Setter, plans to use the water licence at Vermelha, along with other water licences, to irrigate crops for cattle. The station currently has a 45-hectare pivot irrigator and 60 hectares of cleared land, with a clearing permit for an additional 3,659 hectares.
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