Cobbora Holding Company Sale of land in Hunter Valley
McCullough Robertson advised Cobbora Holding Company in relation to the disposal of all of its landholdings being 95 properties comprising over 39,006 hectares for a sale price totalling in excess of $70million.
Cobbora Holding Company is owned by the State of NSW and was formed 2011 to develop the Cobbora Coal Project. Following testing of the market appetite for the development of a coal mine at Cobbora, the NSW Treasurer announced that the land would instead be sold for agricultural use.
The land use is a mix of agricultural (grazing and cropping), smaller lifestyle blocks, native vegetation and areas of biodiversity value which were to offset the impact of the former mine project.
The sale campaign was conducted as a multi-stage process over a period of 12 months with six rounds of auctions being held in total.