A highly-regarded Northern Territory cattle station, which had been under contract for six months, has been returned to the market with the purchaser unable to complete the sale.
A foreign entity had reportedly committed $70 million for Kalala Station, south of Katherine on the Sturt Plateau, in October last year.
However, after a lengthy settlement period, the buyer could not meet the conditions of the contract.
The 3,760 square kilometre property, which runs 35,000 head of brahman cattle, is now the most prominent station on the market in northern Australia currently.
While it has been a difficult sale process for Kalala, owned by the Murphy family, Territory Rural agent Andrew Gray says he is confident a new buyer can be found.
"The purchasers simply haven't been able to complete, and it's absolutely no reflection whatsoever on Kalala, the Murphy family or any other aspect of the sale," he said.
"It's unfortunate, however we reload, we refresh, we take a magnificent property back to the market.
"It's had an extraordinarily good wet season, has a tremendous body of feed, beautifully improved and a large-scale herd."
With demand for Top End rural real estate plateauing, it is unclear whether record land prices seen in recent sales are still achievable.
Mr Gray said he was continuing to field interest from potential domestic and international buyers for pastoral land.
"The cattle market remains very strong, the Australian herd numbers are down and demand is up," he said.
"We've experienced to a large degree, an excellent wet season across the north.
"Unless I'm mistaken, this is the only large-scale property in northern Australia to go to the market that will receive a healthy enquiry going forward."
