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More land on market

An Australian company with farmland in Esperance has gone into receivership. The South Australian-based Wake Group appointed McGrathNicol partners Sam Davies and Shaun Fraser as receivers and managers of the company on January 14. The Wake Group is the parent company to Esperance-based farming group Sugarloaf View Pty Ltd, which is understood to have owned about 10,000 hectares of land and employed about six people. It is also understood the company had also leased between 6000ha and 7000ha at West Point with the previous intention of buying the land off a local farmer in the area. One local source, who declined to be named, said they were unsure of what would happen to the property as the farming property market struggles, but they also said the farm was in good condition with some great canola crops in the past two years. It is still unclear why or how the Wake Group went into receivership, but McGrathNicol was appointed after the Wake Group directors had previously appointed KordaMentha as voluntary administrators. McGrathNicol partner Sam Davies confirmed the company had taken control of the assets and affairs of the companies from the administrators following their appointment. According to an Australian business website, Sugarloaf View Pty Ltd was a private company categorised under Cash Grains and located in North Adelaide, South Australia. The company was established in 1988 and had an annual revenue of over $8.1 million. The Wake Group is the parent company for a number of other entities including popular South Australian winery Ramco Wine Group in the Murray Valley. It is another blow to the WA agriculture industry as more farms come on the market with foreign investors the only real clear people in the market with the potential to buy. “The Land” http://www.theland.com.au/news/state/agribusiness/general-news/more-land-on-market/2645607.aspx

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