OFFSHORE BUYERS RACE IN FOR PATINACK FARM
Written on the 25 September 2014 by Nick Nichols
INTERNATIONAL buyers could be in the running to snare Nathan Tinkler’s Canungra horse-breeding property Patinack Farm when it goes to auction next month.
The property has generated interest from the US, UAE and New Zealand, says LJ Hooker Surfers Paradise’s commercial agent Cameron McPhie.
“It is very clear that potential international investors want to take this rare chance to spearhead a first-class southern hemisphere racing empire,’’ says McPhie.
Patinack Farm will be offered as a single lot or in four separate lots when it is offered up for auction on October 23.
The sprawling 447ha equine property is among the last of Tinkler’s horse racing assets to be sold.
The property will be up for auction after Tinkler’s thoroughbred portfolio is put through the Magic Millions sales next week.
The former billionaire’s other Patinack property, in the Hunter Valley, also is to be auctioned on October 30.
The auction follows reports that a deal to sell Tinkler’s entire racing operation to Arab interests in May fell through.
It is understood Tinkler still owes retail king Gerry Harvey $40 million, even though he reduced the debt earlier this year by $25 million through a transfer of horse flesh.
McPhie says the Patinack Farm facilities at Canungra are in top shape and the buyer interest in the property underlines the quality of the facilities.
“The level of first-class improvements is absolutely second to none, plus the location is unsurpassed being so close to the Gold Coast and Brisbane.
“There has been no expense spared on the development of the property and all facilities are of the highest standard and state of the art construction.
“The property includes some exciting features and structures including a machinery shed, a helipad, silos, feed sheds, more stables, hospital barn and vet stations.”
Author: Nick Nichols