The new owner of the sprawling Rushy Lagoon property in the state’s far North-East has confirmed its plans include a combination of forestry, conservation, continued beef grazing, and potentially cropping, according to reporting from the Tasmanian Country Newspaper.

The property, Tasmania’s largest farm at nearly 22,000 hectares, was recently sold to the Tasmania Natural Asset Trust (TNAT), an investment platform managed by UK forestry firm Gresham House. The sale, for a reported price of more than $100 million, was approved by Federal Treasurer Jim Chalmers in early July after a lengthy review by the Foreign Investment Review Board.

Gresham House told the Tasmanian Country Newspaper that while the land is best suited for sustainable forestry, the company intends to maintain and grow its beef cattle operation. A spokesperson for the new owner also flagged the possibility of adding cropping and “agri-tourism” to the property’s portfolio.

The primary plan to convert large sections of the historic dairy and beef farm into a pine plantation has been a source of controversy. ABC News reported that the sale would lead to a “huge, new pine tree plantation”. Farming advocacy body TasFarmers told media outlets the decision meant “22,000 hectares of prime dairy and beef country” would be “locked up under a pine plantation”.

In a statement reported by ABC News and other outlets, Gresham House and its partners said the project will “combine commercial softwood plantations on low-productive land with large-scale conservation and ecological restoration and sustainable grazing”. The company’s Tasmanian Asset Manager, Jonno Craven, told the Tasmanian Country Newspaper that about 9,000 hectares of the property consists of coastal dunes, wetlands, and native vegetation, describing the project as a “large conservation project” and not just a forestation project.

The previous owner of Rushy Lagoon, which comprises the main property and the neighbouring East Wyambi, was the Pye family from New Zealand, who had owned it since 1996.

More details on the original story can be found at ABC News.