It is Dr Forrest's second station buy up in the north of Western Australia in a month.

The Springvale Aggregation takes in a total of about 604,430 hectares (1,493,560 acres) across the Kimberley comprising four pastoral leases - Springvale, Mable Downs, Alice Downs, and Texas Downs.

Last month he bought the also well known Balfour Downs Station in the Pilbara for more than $32 million.

Dr Forrest's Harvest Road bought Balfour's 634,000 hectare (1,566,650 acre) cattle station from Chinese-owned TBG Agri Holdings.

The mining billionaire bought Jubilee Downs and Quanbun Downs (221,408ha) near Fitzroy Crossing last year for a reported $30-$35 million.

Springvale Station is in the East Kimberley, about 70 kilometres north of Halls Creek and 320km south of Kununurra.

Springvale was sold to Dr Forrest by the Yeeda Pastoral Company owned by an agricultural investment fund run by UK-based ADM Capital.

The sale is believed to have included 35,000 cattle and for a price estimated at about $70 million.

Dr Forrest bought a stake in the Australian Agricultural Company in recent weeks as well.

He has also invested in Bega Cheese this week, grabbing another $35m worth of shares to now hold nine per cent of the company.

Yeeda Pastoral Company chairman Mervyn Key said the company had been privileged to be the custodian of the Springvale Aggregation for the past 20 years.

"We are very happy to be handing the reins on to Harvest Road to bring the station back to its former position as an iconic breeding property and build on the potential of the Kimberley pastoral industry," Mr Key said.

The property has traditionally been well developed with historic infrastructure including the original homestead built by famous bushman and poet Tom Quilty and was owned in recent times by the Burton family.

The sale includes the Bungle Bungle Caravan Park on the Mabel Downs lease.

Harvest Road says Springvale has the capacity to breed a large number of calves that will suit the company's fully integrated beef supply chain in WA, suitable for domestic processing and consumption, as well as export meat sales.

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The aggregation also includes staff quarters, sheds and 10 sets of permanent cattle yards.

Springvale Aggregation boasts many natural water holes and extensive water infrastructure, some water points have recently been upgraded with new solar pumping systems and a replacement trough program is underway.

Harvest Road, the diversified agribusiness of Andrew and Nicola Forrest, which includes the Harvey Beef brand, already has a historical connection to the property.

The current aggregation was put together by E. G. Green and Sons, who owned Harvey Beef, and was an important part of their supply chain in the 1980s and 1990s.

Tattarang chief investment officer John Hartman said Springvale Aggregation will form an important part of Harvest Road's integrated supply chain.

"Harvest Road is looking forward to becoming a member of the East Kimberley community and contributing further to the future of the Australian pastoral industry, and we're also excited about the opportunity to support tourism in this iconic region," Mr Hartman said.

Harvest Road's chief operating officer (pastoral, backgrounding and feeding facility) Ben Dwyer said the purchase would be another long-term investment in the future of WA's beef industry.

"We will focus on the sustainability of the property by destocking appropriately to leave a well-selected breeding herd and to build a strong genetic base for our supply chain, as well as allow the country a well-deserved rest," he said.

The purchase is subject to approval by the WA Minister for Lands, among other required approvals.