A SUBSTANTIAL cane and beef production asset with a sizeable water rights portfolio is being offered to the market by an expression of interest process.
The 100-year-old Faust family farming enterprise is a 3134 hectare (7744 acre) aggregation with 3119 megalitres of water entitlements.
The holding is understood to be the largest in the Proserpine cane growing region.
The Faust family has been part of the Proserpine community since 1895 when the family established the local store. In 1910 the family became involved in cattle production and then the family expanded into cane growing.
Peter Faust is recognised as the person who paved the way for the development of two critical infrastructure projects that ultimately underpinned the growth and prosperity of the Whitsunday region.
In the early 1990s the council, under his leadership, secured government support to establish the strategic Lake Proserpine, which now bears the family patriarch’s name: Peter Faust Dam.
It is also understood that Mr Faust was the person who convinced the late Sir Reginald Ansett, the then owner of Hayman Island, to invest in the development of the Proserpine airport, now known as the gateway to the Whitsundays.
Marketing agent Tom Russo, Elders, said the substantial water portfolio, coupled with the Faust family’s investment in water infrastructure and sustainable farming initiatives, would be of particular interest to investors.
The soils are described as ideal for cane production or other high value horticultural crops.
An area of 1132ha is used for cane production with a further 800ha of country cleared.
The farm also has an estimated carrying capacity of 500 breeders plus followers.
Contact Tom Russo, 0409 873 837, or Robert Murolo, 0418 799 934, Elders.