GENETICS AUSTRALIA has sold its 125-hectare property at Parwan Park South near Bacchus Marsh for $14.65 million to a property developer.
The property was purchased by GA in 1986 and has been used as a quarantine facility for bulls prior to their admission to the co-op’s main collection and EU facility, Parwan Park.
GA CEO Anthony Shelly said 98.5 per cent of responding shareholders voted in favour of the sale and that proceeds from the sale would be invested in new technology and research.
“This opportunity to reinvest in research and technology will set a positive path for the next two decades,” Mr Shelly said.
“It will allow the Co-operative to invest in developing the next generation of the best bulls and genetics to deliver profitability for our farming family members.”
A five-year settlement will enable GA to plan its transition from the site.
Mr Shelly said GA had capability on its remaining properties to cover the loss of Parwan Park South while it evaluates other options over the next five years.
“We can manage long-term without that property but we need to transition those activities to either our Birregurra property or potentially a new greenfield site,” he said.