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Legune Station sale paves way for Project Sea Dragon

Property Markets / Planning, Zoning, Infrastructure

Australia / Brisbane

Dec 19 2018

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CBRE Agribusiness has completed the novation of an option to acquire a circa 280,000ha property in the Northern Territory, which is set to become home to one of the world’s largest integrated land-based prawn farms.

Seafarms Group Limited has successfully novated the option to purchase Legune Station to the AAM Investment Group, an Australian owned agricultural investment and asset manager with a portfolio of diversified investments throughout the country.

Seafarms, a leading aquaculture producer, had held an option to buy the property for a period of time – during which it received all required approvals to commence development of Project Sea Dragon – one of the world’s largest integrated land-based prawn farms. 

Spanning 178,870ha in the east Kimberley Region of the Northern Territory, Legune Station was transacted on a Walk in Walk Out basis, including the associated Licence Area providing an additional 106,400ha. AAM Investment Group is an agricultural operational specialist and as such will continue to run the large-scale cattle operation and invest further in property improvements to improve production capacity.

CBRE’s Geoff Warriner and Chris Holgar handled the transaction. 

“The Legune transaction was an immensely complex transaction and marks the first of a series of acquisitions by AAM Investment Group in Northern Territory. The sheer size of Project Sea Dragon and the benefits the project will deliver to the local communities means it has achieved Major Project status by the Northern Territory, Western Australian and Australian Governments and once developed will provide an exciting new industry for Northern Australia,” Mr Warriner said.

Mr Holgar added: “The finalisation of the transaction provides Seafarms secure tenure for a period of 90 years to develop the project whilst also providing increased capital efficiency.” 

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