A company that for seven years has been growing indian sandalwood on a former NT cattle station is looking to offload the property that has 'underperformed for a variety of reasons'.
Indian sandalwood company Quintis is looking to sell one of its major projects in the Northern Territory — years before harvesting a single tree.It bought Stylo Station in 2015 and says the indian sandalwood plantation has underperformedQuintis sold the western side of Stylo Station near Mataranka for $2.1 million in June and in February sold a freehold block near Katherine called Eagle Park West for $800,000.
Qunitis, formerly known as TFS, bought Stylo Station in 2015 from cattle producer and political candidate Tina McFarlane, in a dealThe company said in a statement the sandalwood plantation at Stylo "had underperformed for a variety of reasons" and it was looking to sell and focus on its other plantations near Katherine, the Douglas Daly , the Burdekin region of Queensland and the Ord Valley region of Western Australia.
"Someone might come along and reinvigorate the plantation, but based on the information we have from the owner, that's not likely." Mr Gray said the property, being marketed under a new name of Roper Plains, was expected to fetch about $9.5 million. "That's based on comparable sales and the fact that it's likely the new owner will have the expense of removing those sandalwood trees," Mr Gray said.Quintis started buying land in the NT back in 2012.TFS starting planting sandalwood trees in the Ord Irrigation Scheme in 1999 and quickly grew into the world's largest producer of the exotic timber, which is valued for its heartwood oil.
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