Rushy Lagoon Project: Information for the local community

Aviva Investors, the Clean Energy Finance Corporation (CEFC) and Gresham House are launching the Tasmania Natural Asset Trust (TNAT), a new plantation forestry and natural capital platform in Tasmania. TNAT is acquiring a c.21,745‑hectare landscape in north‑eastern Tasmania (Rushy Lagoon and East Wyambi) to deliver a blended land‑use model combining sustainable softwood plantation forestry with sustainable grazing, native restoration and conservation.

Yes, TNAT has acquired Rushy Lagoon. Transfer of ownership will occur in August 2026.

TNAT is a joint-venture between Aviva Investors (a global asset manager), Australia’s government‑owned CEFC, and Gresham House as manager. The project brings together domestic and international institutional capital to support regional jobs, sustainable timber production and environmental outcomes.

No. The property has been 100% foreign-owned since 1998. Following completion of this acquisition, it will become almost 50% Australian-owned.

Yes. The property was widely marketed to the agricultural sector on several occasions from 2018 onwards. However, the vendor was unable to secure a sale at independently assessed market value. Following these unsuccessful sales processes, Gresham House entered into a purchase agreement with the vendor.

No. The CEFC has invested on the same commercial terms as the private sector investors. Its investment has helped attract capital to Australia and support investment in Tasmania, benefiting the local economy. The CEFC’s investment is expected to generate a market-rate return for Australian taxpayers.

No. The purchase price was consistent with an independent agricultural valuation and below the original vendor price expectations.

No. The project’s primary activities are sustainable softwood plantations for the supply of construction timber into the domestic market, alongside native environmental plantings for conservation and grazing. The investment targets both timber production and high‑integrity, nature‑based carbon outcomes, with robust external audit and certification along with transparent monitoring.

Yes. Our aim is to optimise the land across multiple land uses. Sustainable grazing will continue on the property, and opportunities to expand other agricultural activities are also being explored. In addition to forestry, the management team has strong agricultural backgrounds and practical experience in the sector, and all investors have existing investments in agriculture.

The focus areas for planting will be on marginal grazing land, generally mapped as Land Capability Classes 5–6, which the State Government does not classify as prime agricultural land. Achieving the highest and best use across this landscape includes sustainable timber production on suitable areas, alongside grazing and the restoration of other ecologically sensitive areas.

We recognise the importance of Australia’s agricultural sector and the critical role it plays in producing food, supporting regional communities and driving the economy. We do not believe productive, high-value agricultural land should be converted to plantation forestry.

Rushy Lagoon is different. The areas proposed for plantation forestry have been classified by the Tasmanian Government’s land capability rating system as marginal agricultural land. They comprise lower-quality land with relatively poor soils. The property’s location, a considerable distance from dairy processing facilities and major markets, has also historically presented longstanding commercial challenges for intensive dairy operations.

Agriculture will remain an important part of the property. Sustainable grazing will continue on land best suited to farming, and additional agricultural opportunities are also being explored.

This is not a choice between food and timber—Australia needs both. As the country works to address housing shortages, demand for construction timber continues to grow, while Australia’s softwood plantation estate has been declining for many years. Expanding Australia’s sustainable plantation estate on appropriate land is important to improve domestic timber security, reduce reliance on imports and support the construction of new homes.

The vendor decommissioned the dairy platforms. TNAT will transition those areas, based on the highest and best land use, to combinations of Radiata pine plantations and environmental plantings that reduce nutrient‑run off contamination risks to nearby ecologically significant wetlands and conservation areas. Cattle grazing will continue on certain sections of this area, and TNAT is also exploring opportunities for other agricultural activities where they are compatible with the property’s long-term environmental and commercial objectives.

The indicative planting design consists of Radiata pine plantations and environmental plantings that will be staged over four to five years to match logistics, seedling supply and safeguards. Areas of high conservation value, wetlands and sensitive vegetation will be protected and buffered, not planted.

No. The programme prioritises converted grazing land. Restoration works will increase native vegetation cover through environmental plantings and conservation covenants where suitable.

Yes. The forests will be managed under PEFC or FSC certification and in accordance with the investors’ sustainability requirements, which are among the highest internationally.

Logs are expected to be processed by Tasmanian sawmills and supplied into the domestic market, helping address Australia’s softwood shortfall and reducing reliance on native forests. Forest products will be certified under recognised schemes (e.g., FSC/PEFC) and aligned to Gresham House’s existing Forest Charter.

The design includes protective buffers, hydrology safeguards and nutrient‑runoff controls near sensitive wetlands. TNAT will also remediate historic environmental risks on the property, including the cleanup of effluent lagoons and waste dumps within the Ramsar boundary. A property‑wide Environmental & Social Management Strategy (ESMS) will govern safeguards, monitoring and adaptive management.

TNAT will implement certified Forest Practices Plans (per the Forest Practices Code), whole-of-property weed, pest and biosecurity management.  A comprehensive fire management plan will also be developed, using requirements specified in the Forest Practices Code, the Fire Service Act 1979 and under guidance from strategic documents like the Tasmanian Vegetation Fire Management Policy 2017. Planting layout and location will be designed to protect waterways; plantation and restoration programs will follow best-practice establishment and maintenance standards.

As with all certified plantation and restoration projects, targeted herbicides and fertilisers may be used during establishment under strict standards, buffer setbacks and environmental management plans. TNAT will have clear protocols and engage with neighbours on timing and methods to avoid off‑site impacts.

Overall, this investment will be creating jobs, with more than 190 new jobs expected over the life of the project. The land‑use mix changes the type and timing of jobs. Forestry creates multi‑year roles during establishment, tending, thinning and harvest, plus steady work for local contractors (e.g., silviculture, fencing, pest control, building trades, transport, nurseries, surveying). We will consult with local workers and businesses to manage transitions and support procurement locally wherever practicable.

We expect the project to deliver significant benefits to the local community. It is expected to create local employment opportunities with an estimated 190 new jobs created over the lifetime of the project and over $30 million to be invested in the property over the next five years. We are also exploring opportunities for ecotourism, camping facilities, birdwatching, mountain bike trails, and engagement with local schools, alongside ongoing investment in sustainable agriculture and forestry.

Establishment and harvest phases bring periods of increased activity. TNAT will sequence operations, use designated haulage routes, and work with local authorities (and schools) on road safety and maintenance. Visual buffers will be incorporated around sensitive receptors and public viewpoints where feasible.

The project will employ a local Tasmanian management team to oversee the day-to-day operation of the property. Gresham House’s senior manager responsible for the project will be Jonathan (“Jono”) Craven, who will provide strategic oversight and work closely with the local management team to ensure the property is managed effectively and in line with the project’s objectives.

Public engagement was paused during the Foreign Investment Review Board (FIRB) process due to vendor confidentiality obligations and commercial sensitivities. Now that the FIRB process has concluded, Gresham House’s Tasmanian-based management team is committed to engaging openly with stakeholders and the local community.

Yes. We plan to hold regular community drop-in sessions to provide updates on the project, share future plans, and hear directly from local stakeholders.

The planned wind farm, the North East Wind Project, is being developed by ACEN Australia, which is a separate and independent organisation from TNAT. Please direct any questions regarding the wind farm to ACEN: https://acenrenewables.com.au/project/north-east-wind/