Property

Movement at the Station – Properties recently sold

Property editor Linda Rowley, 18/07/2018

THIS week’s property review includes this wrap-up of recently completed sales, and this separate article on noteworthy recent listings across the country.

  • Chinese investor secures Nimboy
  • New Zealand investors buy into Western Qld
  • Paraway’s backgrounding role for Moira Runda

Queensland

In separate transactions, two offshore owners have made grazing property purchases in western Queensland recently.

A Chinese foreign investor has paid $2.7m bare for the Andrews family-owned Nimboy, a 52,245ha beef and carbon cash-flowing asset in the state’s southwest.

The Cooladdi breeder enterprise, situated 120km west of Charleville, was offered for sale by private treaty after it failed to sell via an expressions of interest process last year.

Agent Ben Forrest from Colliers International said the new owner, a China-based logistics businessman, had his sights set on Australian rural land and had already purchased several properties.

Mr Forrest said Nimboy can generate multiple forms of cashflow, regardless of rainfall.

“It has the benefit of producing strong reliable cashflow in all seasons in the form of annual carbon payments over the following eight years and is an ideal income stream for debt reduction or general expense management.”

Pre-sale promotion claimed annual carbon income of $100,000 to $150,000/year.

Mr Forrest said the operation also had the capacity to run 1100 breeders.

The property supports gidyee and mulga, buffel grass, annual grasses and herbages on soils than range from red loams to black soil. There is a good supply of young mulga available as a feed resource.

Nimboy is well watered by a bore and multiple dams with opportunities to increase capacity from some additional water points.

In addition to carbon income, Cooladdi’s Nimboy has capacity to run around 1100 breeders

New Zealand investors buy into Western Qld

In a separate recent transaction handled by Colliers, a New Zealand investor has purchased the 50,000ha Granville aggregation in Western Queensland for $2.9 million.

Sam Bartlett, manager for Elders Quilpie and Trenton Hindman from Colliers International handed the sale process for the property, located in the renowned wool growing and grazing region of the Quilpie Shire.

“Granville offered buyers the opportunity to purchase a substantial safe and productive grazing property in Queensland’s southwest,” Mr Bartlett said.

Mostly sandy loamy type mulga country with flooded mulga flats, the aggregation is an ideal breeding block with seasonal fattening, with vendors estimating capacity of 1400 cows and calves or equivalent in normal seasons.

Colliers acted as the buyer’s agent on behalf of the NZ-based pastoral company.

Trenton Hindman, senior executive at Colliers said the vendor had entered into a sale-and-leaseback arrangement on Granville, to continue to expand pastoral activities in the region.

“The sale also satisfied multi-generational, family succession plans for vendors, the Sargeant family,” he said.

Granville’s vendor has entered into a sale-and-leaseback arrangement, to continue to expand pastoral activities in the region

Paraway’s backgrounding role for Moira Runda

As discussed on Beef Central yesterday, Paraway Pastoral Co has paid more than $13 million for 5314ha of prime backgrounding/finishing cattle country in Queensland’s tightly-held Condamine district.

Moira Runda, which means home of the friendly possum, is located 52km west of Condamine and 100km east of Roma.

It features large areas of improved brigalow belah and melon-hole country growing prolific stands of buffel, native grasses and herbages in season. It is well-watered by centrally-located bore, troughs and tanks and 12 dams.

The owners, Campbell and Roz Brownlie, who are downsizing, estimate the breeding, backgrounding or finishing property can carry 3000 backgrounders.

One of the attractions for new owners, Paraway was its scale, being about three times the size of most nearby holdings.

Moira Runda has 1457ha of cultivation providing increased production through fodder cropping of oats and forage sorghum for grazing, silage and hay.  More than 300ha currently planted to oats was included in the sale.

The new owner, Paraway Pastoral has grown to become one of the largest pastoral land owner operators in Australia since 2007, with a total combined land holding of over 4.4 million hectares.

It owns more than 30 properties and has aggregated these into 23 pastoral businesses. The company has the capacity to run over 200,000 cattle and 240,000 sheep across its portfolio, as well as a mixture of dryland and irrigated cropping.

The recent auction through Ray White Rural was only the second time the property has been sold in 80 years.

Bidding opened at $8 million, however the property was passed in at $13m before being sold later to Paraway for an undisclosed price.

Moira Runda features large areas of improved brigalow belah and melon-hole country growing prolific stands of buffel, native grasses and herbages in season. It is well-watered by centrally-located bore, troughs and tanks and 12 dams.

 

Click here to access more recent property sales results

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