Ulupna Island Station Listed for $15 Million Amidst Internal Disputes

Ulupna Island Station Up for Sale Amid Breakdown Between Investment Partners

A major rural asset on the Murray River is up for grabs—and the sale isn’t just about the land.

Ulupna Island Station, a 731-hectare freehold property straddling the NSW-Victoria border, has hit the market with an asking price of up to $15 million. But behind the scenes, the listing is more than just a transactional moment. It marks a breakdown in the relationship between Danny Thomas, founding director of LAWD, and one of his investment partners, ROC Partners.

In a move that raised industry eyebrows, the property is being marketed by rival firm CBRE, not LAWD itself. This shift suggests growing internal tensions following a series of governance and reputational issues, including past links to failed investment ventures.

From a conveyancing standpoint, this sale highlights a crucial point often overlooked: ownership structure matters. When rural or commercial assets are acquired via joint ventures or multi-tiered entities, disputes over control can halt transactions, stall settlements, or—like here—result in public fallout and forced sales.

The land itself is notable. With over 4.5 km of river frontage and highly productive irrigation capability, it will appeal to both private agricultural investors and institutional buyers. Given the recent rebound in rural property values post-COVID, this sale is likely to attract strong bids—but also scrutiny.

For purchasers, it's a timely reminder to investigate not only land titles but also stakeholder interests. Who has authority to sell? Are there encumbrances, caveats, or competing claims? When entities fall out, the conveyancing can become litigious fast.

The situation also casts light on how transparency and due diligence in large-scale property transactions must go beyond title searches. When clients are investing in rural assets with co-investors or syndicates, proper legal and financial structuring at the outset is crucial to avoid this kind of conflict.

This case also serves as a broader lesson: even experienced professionals can fall prey to poor investment alignments. The land may remain, but partnerships can quickly unravel.