Hall & McLean – Freehold interest in commercial land in Wellcamp, QLD

WA-20008

Hall & McLean Pty Ltd (**Hall & McLean**) proposes to acquire a 100% freehold interest in commercial land comprising Lot 8 on SP296133, known as 2 Foundation Street, Wellcamp, QLD 4350 (the **Property**), from Vision Street Property Pty Ltd (the **Vendor**) (the **Acquisition**). Hall & McLean is a 50:50 joint venture between Ellerslie Free Range Farms Pty Ltd (**Ellerslie**) and the McLean family (through Alpair Pty Ltd). Alpair Pty Ltd, is an egg producer based on the Darling Downs in Queensland Ellerslie is an agribusiness entity operating principally in the chicken egg production sector. Ellerslie is 60% owned by PSP Investments, with the remaining 40% held by DHP Consolidated Pty Ltd on behalf of the Hall family. Ellerslie and Alpair Pty Ltd each have a 50% interest in Sunny Queen, an egg distributer. The Property is located ~13km outside of Toowoomba in Queensland and currently used by Ellerslie as an egg grading and cold storage site. Ellerslie has been renting the Property from the Vendor under a 5-year lease for the purposes of egg grading and cold storage for its egg production business. Prior to Ellerslie entering into that lease, the Property was vacant for a period of approximately 5 years. Following completion of the Acquisition, Ellerslie will continue to use the Property for egg grading and cold storage, albeit as owner rather than lessee.