Breaking: Sale of Tasmania's biggest farm to UK forestry investor approved

Sale of Tasmania's biggest farm, Rushy Lagoon, to UK investor approved Wed 8 Jul 2026 at 12:50pm The sale of Tasmania's biggest farm to the UK's largest forestry investor has been given the green light. Federal Treasurer Jim Chalmers agreed to the $100 million plus offer from the Tasmanian Natural Asset Trust, which is managed by the UK's Gresham House, to buy Rushy Lagoon. The sprawling property, near Cape Portland, on the state's far north-eastern tip, has been owned by New Zealand's Pye family since 1996. It comprises of two contiguous properties — the 20,523-hectare Rushy Lagoon and 1,221-hectare East Wyambi. Mr Chalmers declared the sale was in the national interest after it was vetted by the Foreign Investment Review Board (FIRB). The FIRB has been reviewing the Gresham House application for more than six months, pushing back its final decision multiple times. "This was a very difficult, on balance call and it follows a rigorous process and extensive consultation that took account of all relevant considerations including economic, environmental and other national interest issues," Mr Chalmers said. "My decision is entirely consistent with the advice of the Foreign Investment Review Board that the proposal is not contrary to the national interest. "This decision was not taken lightly and I respect and take seriously the community concerns expressed about the sale of this property." The irrigated livestock and cropping farm was put on the market in October 2024. It was a drawn-out campaign, with expressions of interest closing in November 2025. London-headquartered forestry manager and investment firm Gresham House had been the frontrunner to buy the farm. In a statement, Liberal senator for Tasmania, Richard Colbeck, described the impending sale as raising "serious questions about transparency and national interest". "The Albanese government has used the cover of the winter parliamentary recess to approve the sale of Rushy Lagoon after months of delay, stonewalling and a complete refusal to be transparent with the Australian public," he said. "The approval of the sale of Rushy Lagoon is a disappointing decision that flies in the face of the concerns raised by local farmers, agricultural businesses and regional communities throughout this process. "My concern has never been foreign investment in itself. My concern has been that the proposed purchaser was reportedly able to benefit from support associated with the Clean Energy Finance Corporation, creating market distortion that disadvantaged other potential buyers and undermined confidence in Tasmania's agricultural land market." Loading