The subdivided land is approximately 80% arable and includes a semi-derelict house and some dams. The sale price was $170,000 and was subject to land division.
As part of the sale agreement, the Company will retain ownership and rights over approximately 50 ha of standing plantation timber (mostly radiata pines) on the subdivided land, for a 15 year period.
As announced on 17th March 2015, the Company has one further land division and sale in train, again for a 100 ha parcel including a former farmhouse, which it expects to complete in the current half-year.
Kangaroo Island Plantations Timbers manages a wholly-owned portfolio of hardwood and softwood forestry plantations and of cleared and uncleared agricultural land on Kangaroo Island, South Australia.
