13,400 hectares to be developed in the Kimberley
A major rural development earmarked for Western Australia's Kimberley region will see 13,400 hectares transformed into irrigated farmland - potentially attracting the interest of property investors.
State premier Colin Barnett said Kimberley Agricultural Investment (KAI) has been selected as the preferred developer to undertake the project which is part of the Ord-East Kimberley Expansion.
KAI has proposed a $700 million investment to establish a successful sugar industry in Kununurra as part of the development.
With sub-leasing and share-farming partnership opportunities on the table for farmers and growers, the project is likely to stimulate interest from investors looking for rural real estate.
"This investment in large-scale agricultural industry and downstream processing will be the start of an exciting new era for the East Kimberley and northern Australia," Mr Barnett remarked.
"I thank the federal government for their commitment to this project, which has resulted in a significant investment in the community that will benefit the broader region for decades to come."
Under the proposal, KAI will lease and develop 13,400 hectares of government owned land into irrigated farming lots, which will be available for lease with terms ranging from ten to 50 years.
About 1,700 hectares will also be developed and made available for other farming pursuits to ensure the Kimberley region maintains agricultural diversity.