It’s expected that an announcement will soon be made on the purchase of between 40 and 50 dairy farms in southwest Victoria by Chinese-backed interests.
As part of the deal, the now empty Glenormiston agriculture college will be leased from the State Government to train staff for the cluster of farms, the Weekly Times Now reports.
The purchase of the farms comes after months of speculation of foreign-investor interest in the region’s dairy properties.
The exact stage of the sale process is unclear, with local rumours suggesting some farms have been sold while others are in negotiations.
There is also speculation two processing plants between Colac and Warrnambool could be built.
Corangamite Shire mayor Chris O’Connor said the farm buy-up would be “wonderful news” for the region.
O’Connor said he believed the deal would be announced “within weeks”.
The deal is being driven by Tasmanian-based private investment firm Linear Capital Pty Ltd, working with at least one Chinese investor.
Linear Capital executive chairman and managing director Troy Harper was tight-lipped about the dairy farms’ sale because it was a “live deal at the moment”.
Harper did reveal Linear Capital wanted to lease the 300ha and 120 bed Glenormiston College.
“We have no proposal to buy Glenormiston College; we do have a proposal in front of the Victorian Government to lease Glenormiston College and we are aware of the sensitivities around some of these issues in Western Victoria,” Harper said.