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Indian sandalwood grower Tropical Forestry Services (TFS) has entered into a conditional contract for the purchase of Kingston Rest.
The property is an operating hay and cattle farm 66 kilometres south of Kununurra.
It comprises 2400 hectares of freehold land, 1200 hectares of pastoral leasehold land and a 3200-hectare dam with a current capacity of 65 gigalitres.
At least 1900 hectares of the land has been identified as being suitable for the growth of Indian sandalwood.
Total consideration of $18.05 million includes $0.9 million in respect of plant and equipment and, subject to satisfaction some conditions, will be paid over a period of time ending in July next year.
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