Property

Barraba’s Plumthorpe aggregation makes +$100m

Property editor Linda Rowley, 09/11/2022

 

A PRIVATE family from New South Wales has paid more than $100 million WIWO for the historic northern New South Wales’ Plumthorpe Aggregation.

In September, Chris Meares from Meares & Associates and Charlie Hart from Hart Rural Agencies were appointed to sell the Plumthorpe Aggregation via simultaneous online auction on November 9. They described it as one of the most prestigious properties in Australia.

Prior to the sale, the agents received eight offers – four for the properties as a whole and four as three separate holdings.

While Mr Meares was unable to disclose the price or the buyers, he said the successful purchaser was a family with existing investments in the cattle industry who also secured Plumthorpe’s 6300 head breeding herd, including 3360 joined cows and heifers.

Early indications from the marketing agents suggested the property would achieve around $7500/ha bare, which means Plumthorpe made around $84 million. An additional $16-$17 million paid for the livestock is believed to have pushed Plumthorpe’s final price to more than $100 million plus plant and equipment, representing an independent estimated figure of between $10,450/AE and $15,000/AE.

Click on image for a larger view

Mr Meares said the result was a win for the Barraba district.

“The size, capacity and scale attracted a strong field of potential buyers including large family farmers, corporates and institutional investors,” he said.

“In fact, 90 percent of the 31 interested parties were existing landholders seeking additional country.”

Located in the productive Manilla River Valley 15km northwest of Barraba, the 11,323ha aggregation is rated to carry between 4000 and 4500 breeding cows or 80,000 to 85,000 DSE.

Comprising three adjoining holdings, Plumthorpe Aggregation currently operates as a beef breeding, backgrounding and finishing enterprise. It comprises:

  • 4110ha Plumthorpe – carrying capacity 1500 breeders or 30,000 to 32,000DSE.
  • 4466ha Mayvale – carrying capacity 1500 breeders or 30,000 to 32,000DSE.
  • 2747ha Campo Santo – carrying capacity 1200 breeders or 20,000 to 21,000DSE.

Featuring mostly heavy basalt soils with fertile loams along the river and creek and arable areas, there is 3500ha of productive farming country, 6350ha of native and improved grazing country, with the balance including some timbered land which also can be stocked.

In addition to pasture production, the three holdings are also suitable for prime lamb production and cereal and fodder cropping.

Plumthorpe is situated in an above average (700mm to 800mm plus) rainfall region and is watered by double frontage to the Manilla River and Tareela Creek, with 14 equipped bores and 150 surface dams.

Conservatively running 4000 Angus breeding cows and followers, during the peak of the season holding numbers can reach up to 9000 head, Mr Meares said.

“The vendors grow the progeny out to feedlot weights in excess of 400kg live weight. These animals are well sought-after by local feedlots and meat processors.”

Other features include the 1520sqm, 10 bedroom, fully restored homestead (circa 1936), five sets of large cattle yards, two wool sheds, hay and machinery sheds and 350 tonnes of grain storage.

Plumthorpe Aggregation has been held since 2008 by the family of the late Paul Ramsay, the chairman and founder of Ramsay Health Care, and London-based Lord Salisbury – a British Conservative politician who currently serves as Chancellor of the University of Hertfordshire.

Originally taken up in 1888, Plumthorpe (together with Mayvale and Campo Santo) has been owned by some other notable families including the Carters, the Wilsons, the Burdekins, the Capels, the Vickerys, the Maddens and the McHughs.

According to the Tamworth Regional Gallery, “In 1961 a substantial collection of 19th and early 20th Century Australian and European work, was left to the people of the Tamworth region by Margaretta Burdekin of Plumthorpe, upon her death in 1958, and by her husband, Norman Burdekin, who had predeceased her in 1947.”

 

 

 

 

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  1. JOHN WAUCH, 11/11/2022

    Good morning. Congratulations must go to Charlie Hart on the sale of The Plumthorpe Aggregation. He put in a tremendous effort.
    Yours sincerely,
    John Wauch.

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