News

NQ cattle properties sell after auction

Beef Central, 21/11/2011

Two Northern Queensland cattle properties sold last week for a sum believed to be in the vicinity of $17m.

Neighbouring Charters Towers properties Burdekin Downs and Oakey Park, comprising 26,640 hectares and carrying 4300 cattle, were auctioned by Geaneys at Charters Towers last Thursday.

The breeding properties had been held by the Burt family for more than a century, and feature a combined 27km frontage to the Burdekin River.

Bidding reached $12.45 million before the property was passed in at auction. The Townsville Bulletin reported on Friday that the properties sold after auction to Charters Towers landholders Pip and Dale Knuth and their son Blair and his wife Lenore.

The Bulletin said the price was not disclosed but sources suggested the price was in the vicinity of $17m.

"The property was sold with a good list of plant, including a road train, front-end loader and a grader, which along with the 4326 head of cattle would have to be valued between $2.5 and $3 million," the Bulletin quoted a source as saying.

"Stripping that out gives a sum of $10 million for the property, which equates to about $150 an acre.

"However, the general belief is that the property has sold for much more, some say $17 million. A $12.45 million figure would be a good outcome."

See the full Townsville Bulletin article here

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