It reports that according to one industry source, Great Southern Land Holdings had approved the buyers on three properties, worth $5 million, but the sales were now up in the air as a new vendor, the receivers, was now in control.

Great Southern group owns and leases an estimated 240,000 hectares of land and a further 1.5 million hectares of freehold and leasehold cattle land.

Receivers McGrath Nichol said the sale of freehold or leasehold assets of the 11 horticultural and timber entities under their control would not proceed until a detailed review was conducted of each.

McGrath Nichol advised the sale process for timber and horticultural assets would not be as clear cut given that interests of grower investors must be taken into account.