THE sale of the Ravenill Dairy looks to be off after it has been revealed that it has still not settled.
Earlier this year Elders Real Estate negotiated a contract for the sale of the Ravenhill Dairy and its factory enterprise for an undisclosed amount to an undisclosed Chinese buyer.
The sale was initially due to settle in August.
According to Elders Real Estate Albany agent David Treeby, the buyers were given every opportunity with several extensions of settlement date but did not complete the sale and were now in default.
He said he couldn’t comment further on the issue at this stage.
Ravenhill Dairy’s Bevan Ravenhill also said he wouldn’t make comment on the situation only to say the dairy would continue to operate as normal.
Mr Treeby told Farm Weekly in January the Chinese buyers saw the investment as a long-term project of cooperation and growth, not only for the benefit of themselves, but for the local and Statewide dairy industry as well as the local economy.
At the time he said it was the company’s intention to make a further investment in equipment at the factory on Ravenhill Diary with the installation of a high temperature pasteurisation plant for fresh milk and a milk powder production plant.
He had also said it was the buyer’s intention to continue to produce high quality milk production for the local market and directly target the upper end of Chinese and international consumers for export.
REIWA Rural Chapter president Don Fry said it was important for people to be aware of the risks in dealing with foreign investors.
He said the situation with Ravenhill was similar to what other real estate companies had recently experienced with foreign investment.
“I think it will make us wary in any future similar dealings,” Mr Fry said.
“Foreign investors have different agendas and priorities that we don’t sometimes understand.
“At the end of the day, the returns have to be there at the farm gate for anyone to invest in this sector.” He said the current situation would be quite challenging for the sellers who would have been planning the next stage of their life.
“But until there is money in the bank, there is no deal,” he said.