Tasmania Natural Asset Trust begins work at Rushy Lagoon

Rushy Lagoon’s new owners have been planting potatoes and calving cows under lease as they prepare to convert around 10,000 of the farm's 22,000 hectares into plantation.

UK-based firm Gresham House bought the north-east farm, which is Tasmania’s largest, for $142 million.

The sale drew the ire of the TasFarmers and the state government, which has responded by launching an inquiry into the purchase.

The controversy stems from the federal government’s backing of the sale and an $8.8 million Commonwealth pine plantation grant for the new owners.

The Tasmania Natural Asset Trust (TNAT), an investment platform managed by Gresham House, is selling equipment from Rushy Lagoon’s three dairies.

The new owners began work on the farm in August, including servicing irrigation pivots and having drainage crews work on culverts and firebreaks.

TNAT Tasmanian Asset Manager Jonathan Craven said more than 20 tradespeople have worked on the farm since settlement.

“The houses on the property needed a lot of work, fences needed repairing and the pivots needed servicing to support ongoing cropping,” Mr Craven said.

“That has meant we have had electrician, builder, handyman, cleaners, painters and fencing crews on site since August, and every one of them is from the local region.

“There is a lot more of it coming.”

Mr Craven said that from autumn, they will progressively plant around 9000 hectares of former grazing and dairy country with radiata pine over four to five years.

They also plan to establish a further 1000 hectares as permanent native forest.

Mr Craven said that in recent weeks, they planted around 80 hectares of potatoes and 3000 beef cows calved and are grazing under lease.

“This is a true mixed-agricultural operation; potatoes are in the ground, cattle are grazing and trees will go on country that independent experts assessed as marginal for other forms of farming.

“Our commitment has been to ensure the benefits of our $142 million investment in Rushy Lagoon is felt in this community.

“Local contractors will be engaged across the plantation program, including marking and surveying, roading and drainage, planting and fertilising, spraying, cultivation and fire management.

“The timber will be processed in Tasmania and there have been positive early discussions about the volume supporting a return of local harvesting capability that was lost with the closure of Frenchpine and Auspine in the early 2000s.”

TNAT will appear before the Tasmanian government Select Committee on the sale of Rushy Lagoon on November 6.