The investment arm of Chinese government-backed miner, Shandong Geo-mineral, has snapped up the 289 hectare Andermel Marron Farm on Kangaroo Island for more than $1.6 million.
Australian marron, a native of south west of Western Australia, is the largest commercially-grown fresh water crayfish.
Established in 1997 by John Melbourne, Andermel includes numerous ponds for breeding and growing marron for domestic markets as well as an eight hectare boutique vineyard and cellar door selling wines under the Two Wheeler Creek label, and the Marron Café.
The sale of Andermel to Shandong Geo-mineral International Investment Co Ltd was brokered by Colliers International’s Jesse Manuel and Tim Altschwager.
ShanDong Geo-Mineral, listed on the Shenzen Stock Exchange, engages in mining, overseas investment and asset management.
Mr Manuel said the heads of agreement for the sale was signed during South Australian Premier Jay Weatherill’s Trade Mission to China in May 2015 and has now settled after an extensive due diligence period.
“The purchaser has been a regular attendee at the Shandong-Australia Investment and Trade Promotion Forum organised by the South Australian government and it is excellent to see a significant deal finalised as a result of this initiative,” he said.
“We have seen a rapid increase in enquiry in the demand for agriculture and tourism assets on Kangaroo Island,” he added.
Kangaroo Island, just off the mainland of South Australia, south west of Adelaide, will benefit from $171 million of projects approved or planned over the next few years including a new airport runway that will allow direct flights from Sydney and Melbourne.