A cattle farm sitting on $1billion worth of sand has been placed on the market.
The Meridan Plains property, on Queensland’s Sunshine Coast, has spent the past few decades as a cattle fattening operation – despite holding the biggest deposit of alluvial sand ever discovered in the state.
Now the 208 hectare chunk of land is up for sale and could become a lucrative investment for the right buyer.
The site is tipped to fetch between $7million to $10million, according to industry experts, meaning the next property owners could rake in more than $900million in profits if they mine the treasure beneath.
WHAT IS ALLUVIAL SOIL?
SOURCE: Geoscience Australia
‘The potential of the Meridan Plains sand deposit — estimated at more than 100 million tonnes and worth at least $1 billion wholesale — is enormous,’ CBRE Managing Director Rem Rafter told the Courier Mail.
‘This is certain to attract the interest of investors, particularly as Sunshine Coast Council has already granted a licence to excavate sand on a neighbouring property.’
The reservoir is large enough to supply southeast Queensland for 35 years and is more than double the amount currently allowed to be extracted under state approval.
The Sunshine Coast Council is currently considering an application lodged in 2016 to excavate up to 1million tonnes of the natural resource from the property per year.
Mr Rafter said the site could alternatively be retained as a cattle farm or converted into a solar farm.
‘With a national focus on exploring every possibility for renewable energy, the prospect of a new solar farm on the Sunshine Coast is particularly exciting.’
Alluvium refers to rock deposits left by flowing floodwater in a river valley or delta and can consist of clay, silt or sand.
Sand is a major resource for construction, such as manufacturing concrete, landscaping and agriculture.