Property

Movement at the Station – a roundup of property briefs

Beef Central 02/03/2016
  • Stage three for Meeleebee Downs
  • SA’s Mt Lyndhurst for auction
  • Chinese in $9m Kimberley deal
  • New faces in property circles
  • Recent listings of interest

 

Stage three for Meeleebee Downs

The third-time lucky sales process for beef cattle property Meeleebee Downs appears to be gathering momentum.

Financial media suggests there are three parties in advanced due diligence in the Meeleebee auction, supposedly including billionaire Joe Lewis’ Tavistock Group. Mr Lewis is the major shareholder in AA Co.

The sale is expected to wrap up by end of March. At least one of the bidding parties is described as a new investor to the agriculture and cattle industry. A previous deal on Meeleebee fell over in December, despite a $60 million sale price and terms being agreed.

Meeleebee is 24,340ha of well improved brigalow country near Roma in Queensland’s Maranoa region. It was initially being sold alongside the 7300ha Lighthouse station.

Tom Strachan, the owner of Australia’s largest privately owned labour hire company AWX, acquired Lighthouse late last year for a reported $14 million. Lighthouse borders his pre-existing property, Lorraine.

SA’s iconic Mount Lyndhurst Station for auction

One of South Australia’s iconic pastoral zone station holdings, Mt Lyndhurst has been put to the market for auction in early April.

Mt LyndhurstStrategically located at the beginning of the Strzelecki track 350km northeast of Port Augusta, Mt Lyndhurst Station covers almost 3500sq km.

It was once a part of the massive Beltana Pastoral Co, but now stands alone as a pastoral holding of significance with its watershed southern hills fed from the Northern Flinders Ranges running into a myriad of creeks flooding out to the north of the station. The annual average rainfall is about 170mm.

Mt Lyndhurst is well watered by 17 bores and 15 dams, and is currently carrying around 1600 cattle and 10,000 sheep plus lambs, that will be included in a walk-in, walk-out transaction. The SA Pastoral board maximum rating for the property is 6800 cattle or 34,000 sheep equivalent.

The four- bedroom homestead is loaded with historical character and features, while the historic 12-stand stone shearing shed bears the date of 1877. It has received improved capital works in addition to the presentation of other improvements including living quarters, shearer’s quarters and outbuildings.

For auction on Friday 8 April at the Stamford Plaza, North Terrace, Adelaide. Inspections contact Landmark Harcourts Adelaide, Simon McIntyre 0407 843 202.

Chinese in $9m Kimberley deal

A Chinese entity with plans for cattle production in WA has bought a well-regarded smaller cattle station in the heart of the Kimberley.

The group is understood to have paid about $9 million for Yakka Munga, which carries about 7000 cattle and covers 189,000ha near Broome.

The deal came less than 18 months after oil and gas explorer Buru Energy purchased the station through receivers KordaMentha.

Buru confirmed to the West Australian recently that a wholly-owned subsidiary had entered into a conditional agreement to sell Yakka Munga. The sale is subject to State and Federal Government approval and an agreement on Buru’s continued access to the pastoral lease. The lease includes Buru’s Ungani oil drilling operations.

Buru did not disclose the sale price but said it reflected the increase in the value of cattle stations in the Kimberley since 2014.

Former banker joins Colliers

Former banker Ben Forrest has joined Colliers International’s Rural & Agribusiness team in Brisbane as Manager, Transaction Services, specialising in rural property sales across Queensland and Northern Territory.

Mr Forrest has had 20 years experience in agribusiness, mostly recently with Rabobank Brisbane in rural lending, and prior to that with Ray White Rural property sales.  After graduating from University of Queensland, Gatton with a Degree in Agribusiness, he worked on grazing properties at the operational level throughout Queensland and NSW.

He was born and raised on rural property near Longreach, Western Queensland.

CBRE appoints new leader for NSW/ACT agribusiness operations

Experienced agribusiness professional Col Medway has joined CBRE to head the firm’s expanding rural business in NSW and the ACT.

Col MedwayMost recently managing director of Landmark Harcourts Capital, Mr Medway has more than 25 years of experience in the agribusiness sector and was last year responsible for rural property sales totalling close to $70 million. His appointment boosts CBRE’s Pacific agribusiness team to over 20 sales and valuations professionals.

CBRE’s regional director, agribusiness, Danny Thomas said Mr Medway would have a focus on marketing quality rural assets and further building the firm’s six-strong team in NSW and the ACT.

A licensed stock & station agent, Mr Medway was born and bred in the Gunning/Yass district and has a Bachelor of Applied Science (Agriculture). He has worked in roles across the agribusiness spectrum, from cattle feedlots to advising clients on pasture and crop agronomy as well as livestock marketing and auctioneering.

Two veterans join forces at Ray White

TWO of Ray White Rural’s most experienced operators – Kevin Currie and Russell Wolff – have joined forces in Townsville to service rural property vendors throughout Northern Australia.

Mr Currie is one of the founders of the Ray White Livestock business and has built a successful livestock business operating out of Charters Towers and property marketing from Townsville.

Mr Wolff is one of the country’s leading property marketers and has unrivalled experience in selling large pastoral enterprises as well as large-scale farming and irrigation properties during his time in Emerald and later in the Territory.

Ray White Rural national marketing performance manager Bruce Smith said Mr Wolff had been a leader in the Ray White Rural business for two decades.

“We’re excited that Russell is teaming up with Kevin to give our clients across Northern Australia the opportunity to maximise the value of their property by exposing it to the broadest market and delivering them a premium price,” Mr Smith said.

“Townsville will provide him with the perfect base to market property, create competition between buyers and sell properties for more across the north.”

Recent listings of interest

The Mills Family’s Western Queensland aggregation is on the market. The portfolio comprises three properties in the Charleville district – Myndetta, Hythe and Mangalore. The Mills family recently purchased the 9000ha Blenheim and West Blenheim properties at Glenmorgan, on the Western Downs, for an undisclosed sum.

Also added to the market recently is 135,000ha Mary River Station in the Northern Territory. Fronting the Mary River and Kakadu National Park, it carries about 6000 head of Brahman cattle and comes with its own unique game ranch.

The 8750ha Ottley Station in northern NSW has recently been listed. It can carry 2000 breeding cows with progeny on heavy black basalt soils.

 

 

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