Tasmania’s largest farm could be acquired by Gresham House — the UK’s largest forestry investment firm — with the federal government’s Foreign Investment Review Board poised to hand down a ruling on Rushy Lagoon in the coming days.
Wood Central understands the deal is expected to fetch more than $100 million, with Gresham House, the UK asset manager with close to AU$7 billion in forestry and natural capital assets, making a play for the 22,000-hectare beef, dairy and cropping property 140 kilometres north-east of Launceston.
And its plans go far beyond milk and beef, with large-scale pine plantations, carbon projects, biodiversity credits and income from Australia’s Nature Repair Market all in the mix.
However, not everyone in the state’s north-east is welcoming the change.
“You can’t eat pine trees, that’s a big one,” according to St Helens beef farmer and former Liberal MP John Tucker, who spoke to ABC Rural Tasmania over the weekend. “I think it’s got a lot of potential for livestock farming out in that area. A lot more potential in my opinion than trees.”
Meanwhile, Rhys Beattie, the mayor of the Dorset Council, said that whilst the council is not opposed to forest-based industries, it is calling on both federal and state governments to carefully consider the implications of large-scale agricultural land conversions: “The preservation of productive agricultural land is vital to the sustainability and prosperity of our community.”
At the same time, TasFarmers president Ian Sauer has taken the matter to Canberra, meeting Federal Agriculture Minister Julie Collins to clarify what financial assistance, if any, is being directed toward tree planting in the north-east.
Gresham House’s track record.
Wood Central understands that the firm has managed forestry assets for more than 4 decades and is the world’s 7th-largest forestry investment manager. In December, it closed the first tranche of its Sustainable International Forestry Strategy Platform at €250 million — anchored by Worcestershire Pension Fund and Australian superannuation fund NGS Super — the first time an Australian super fund has partnered with the UK forest giant. The strategy targets allocating 40 per cent to Australia and New Zealand, with the balance split between Europe and other afforestation investments.
“Reaching over €250 million in this first close with two cornerstone investors underscores both the strength of the forestry asset class and our track record managing it at scale,” said Gresham House CEO Tony Dalwood. “We are proud to partner with forward-looking investors who recognise the role forestry plays in addressing climate change and biodiversity loss.”
NGS Super chief investment officer Ben Squires said sustainable forestry aligns with the fund’s objectives to achieve stable, risk-adjusted returns while contributing to global climate and biodiversity goals.
It comes as Tasmania’s farmland commands the highest median price per hectare in the country, with investor appetite increasingly driven by carbon, biodiversity and renewable energy income alongside productive agricultural land. Rushy Lagoon is already earmarked for the ACEN Australia-managed North East Wind project — 210 turbines across Rushy Lagoon and Waterhouse — which was declared a project of state significance in 2022.
Sale agent Jarrod Ryan of RMS Advisory has declined to confirm details, saying only there is “nothing to report at this stage.” Gresham House was contacted for comment on the Rushy Lagoon bid specifically.
- To learn more about Gresham House’s timber strategy, click here for Wood Central’s special feature.
