Property profile: Cerberus

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Acquisition, lease and development

Cerberus is an 8,280 ha cattle breeding and backgrounding property located near Rockhampton in central Queensland. RFF acquired the farm in September 2018 for $10.8m, the adjusted property value as of 31 December 2024 is $26.2m.

Since acquisition, improvements in farming infrastructure including fencing and cattle yards, as well as improved water access and pastures, has seen increased weight gain and weaning rates.

The primary lessee, an established private farming enterprise, Acton Cattle Company Pty Ltd, entered into a five-year lease in October 2024.  

In May 2022, Clarke Creek Energy Pty Ltd entered a lease for 25 years for a portion of the property to build wind turbines. The area leased is remnant vegetation that is unsuitable for cattle grazing.

The acquisition of Cerberus is consistent with RFM’s strategy of acquiring assets with potential for productivity improvements, in agricultural sectors in which RFM has operating experience and Australia has a comparative advantage.

Historical significance

The RFF portfolio holds many farms with a rich history, Cerberus is no exception.

From hospital to homestead

The Cerberus property was drawn by a young family in a Queensland government land ballot in 1971. The property, when drawn, had no infrastructure on the property. Approximately 50km northeast of Cerberus sat the structurally sound, decommissioned, Ogmore Emergency Hospital. It was purchased for $1,050 in 1976 and transported from Ogmore, to its current day position as the Cerberus homestead atop a hill overlooking Mount Gardiner.

Before it’s final resting place on Cerberus, Ogmore Hospital was opened in May of 1949 and cost, at the time, £4,235 to construct and equip. The hospital was built to treat victims of accidents at the nearby Styx coal mine as well as locals and those in the surrounding townships. The hospital had a treating capacity of four general patients and 10 patients in emergencies. The hospital was decommissioned in 1956.

The homestead had not been renovated from its original condition until 2019, after RFF purchased the property.

Notorious bushranger

In 1864 notorious bushranger Frank Gardiner was arrested for his role in leading the 1862 Eugowra gold heist. He was arrested in the old town of Apis Creek, now a neighbouring property of Cerberus. Frank Gardiner led a gang of eight bushrangers in holding up the Lachlan Gold Escort, travelling from Forbes to Orange, near Eugowra in NSW. They stole bank notes and 77kg of gold, worth £14,000 in 1864. It is one of the largest gold robberies in Australian history.

After the robbery Frank travelled to QLD where he owned and operated a general store with his wife in Apis Creek, before police arrested him. Frank received 32 years imprisonment but was pardoned and exiled after 10 years served.

Cerberus demonstrates RFF’s strategy of acquiring and enhancing agricultural assets with productivity potential. From its origins as a pioneering cattle property and connection to Australia’s bushranging past, Cerberus also holds historical significance.