THIS week’s property review includes this wrap up of recently completed sales, plus a second item on significant recent listings across the country.

• Historic SA holdings make $30m
• Excel Farms’ Karrara Aggregation makes $20m
• Meandarra’s Croydon Park makes $10m
• NQ properties sell to Rio Tinto

Historic SA holdings make $30m

Willalooka’s Ian and Louise Johnson family from Amherst and Moville Stations, have expanded with the purchase of two significant properties in South Australia’s south-east producing prime lamb, wool and beef.

The 1870ha Crower and Fellwood are situated 16km south-west of Lucindale in the tightly held Conmurra area on the Limestone Coast.

When they were listed for sale in February, they were anticipated to make above $30 million.

Around 200ha was carved off and sold to a local for around $2 million while the 1670ha balance was purchased by the Johnson family for close to $28 million.

Elders agent Grant Schubert described the sale as a positive result.

“In terms of market sales, it has been one of the best and proves that quality holdings are still making good money,” he said.

Crower and Fellwood have a history dating back 165 years when brothers, John, William and Malcolm MacInnes took over the leases.

Since 2000, they have been held by the Giles family and running around 5000 ewes, 6000 prime lambs and 380 head of cattle.

During the marketing campaign, Mr Schubert said Crower and Fellwood were also ideal conversional cropping country.

“Drainage works have been undertaken over the last 10 to 15 years and the high ground red loams to productive grey loams have the ability to almost instantly respond to opening rains.”

Situated in a 600-650mm average annual rainfall region, Crower and Fellwood have five irrigation pivots spanning 206ha (with water sourced from a shallow underground aquifer) and three water licences totalling 1371ML.

Infrastructure includes a heritage-listed four-bedroom home (circa 1865), a three-bedroom home, a six-stand shearing shed, a four-stand historic stone shearing shed built in 1864, cattle and sheep yards and numerous sheds.

The 1870ha Crower and Fellwood are situated 16km south-west of Lucindale in the tightly held Conmurra area on the Limestone Coast.

Excel Farms’ Karrara Aggregation makes $20m

A South Australian family has paid around the $20 million asking price for Excel Farms’ 967ha Karrara Aggregation in the renowned Western District of Victoria.

Elders agent Rob Rickard was unable to disclose the buyer or the price paid however he did say Karrara was purchased to compliment the family’s existing operations and will be used to finish livestock.

“Karrara was one of the largest sales in the Western District negotiated this spring. It is a large-scale parcel of land in an 890mm rainfall area that is traditionally dairy country,” he said.

Highly improved and well developed, it is described as a ‘grass factory’ used to breed and grow cattle but is also suited to sheep.

Located near Ecklin South, 30 minutes from Warrnambool, the aggregation incorporates the 558ha Karrara Farms and the 408ha Acacia Downs capable of running 20,000 dry sheep equivalents.

The gently rolling arable land has fertile soils (mostly basalt over clay) established to perennial and annual pastures and reliably watered by six bores.

During its tenure, Excel Farms has carried out significant capital expenditure focussing on lime, gypsum, water systems, drainage, perennial pasture development, infrastructure and a fencing/laneways network.

Improvements include six recently renovated homes, newly constructed undercover yards complex, sheep yards, a shearing shed, workshop and substantial grain storage.

The sale was handled by agents from Elders and LAWD.

Located near Ecklin South, 30 minutes from Warrnambool, the aggregation incorporates the 558ha Karrara Farms and the 408ha Acacia Downs capable of running 20,000 dry sheep equivalents.

Meandarra’s Croydon Park makes $10m

Oasis Pastoral, an Australian-based Chinese-owned company that runs a Wagyu operation near Cecil Plains on Queensland’s Darling Downs, has paid $10 million for a southern Queensland breeding and backgrounding property.

The 2498ha Croydon Park is situated near Meandarra, 84km from Miles, in the heart of Queensland’s Western Downs.

Described as a well-developed and well-located beef breeding and backgrounding property with cropping potential, it was offloaded by the Pittsworth-based Curr family to expand its footprint further west.

The fertile brigalow and belah soils grow a mix of pastures including buffel, Rhodes, purple pigeon, bambatsi and bluegrass, as well native legumes capable of carrying 1000 adult equivalents.

Croydon Park is benefitted by fertile grey, self-mulching, cracking clay soils that have excellent moisture retention capacity. When listed in May, 350ha was under forage crops but the dryland cropping area could be expanded to 1200ha.

Situated in a 572mm reliable annual rainfall region, Croydon Park is watered by a bore and 10 dams.

During their ownership, the Currs made extensive capital expenditure on pasture improvement and fencing, including 9.5km of exclusion fencing.

Infrastructure includes a four-bedroom home, cattle yards, a machinery shed, a three-stand shearing shed and three silos.

LAWD agents Simon Cudmore and Grant Veivers handled the sale.

NQ properties sell to Rio Tinto

Mining giant Rio Tinto has secured 3000ha in North Queensland to develop Pongamia seed farms, as part of a new biofuels pilot.

It has purchased part of Dingo Park and Oakey Park, owned by Burdekin farmer David Cox, as well as the adjoining 547ha Keshvale, offered for sale by Dingo Park’s Jeff and Jenny Reid.

Located in a coastal area near Woodstock, 60km south of Townsville, the project will explore the potential of Pongamia seed oil as a feedstock for renewable diesel, a cleaner alternative to traditional fossil fuels.

The pilot aims to determine if Pongamia seed oil can contribute to Rio Tinto’s renewable diesel needs while potentially contributing to the growth of a new biofuel sector in Australia.

Rio Tinto has partnered with Midway Limited to oversee the planting and management of the Pongamia seed farms. Midway will engage with nurseries, agricultural experts and research organisations throughout the pilot, and prioritise opportunities for traditional owners and local communities.

A separate feedlot project established on adjoining land is not included in the sale, and has been retained by Mr Cox.

Further reading: https://www.graincentral.com/carbon/rio-tinto-to-trial-pongamia-for-biofuels-near-townsville/

Troy Trevor from Queensland Rural negotiated the deal for Dingo Park and Oakey Park, however he was unavailable for comment.

Slaney & Co agent Henry Slaney was responsible for selling the second property, Keshvale.

Keshvale

The 547ha irrigation farm with some grazing adjoins the 830ha Billabong which was also offered for sale earlier this year by the Reids.

Both are located in a safe rainfall area, have a high catchment, an unregulated bore field and a free of charge water harvesting licence.

Keshvale has coastal forest country that has been largely cleared and developed to improved pastures. Well-drained, flat and fertile, it has a mix of black and alluvial creek frontage soils.

Previously, it grew sugarcane but today, 200ha of flood irrigation is planted to Rhodes grass with a further 100ha of potential irrigation land which could be repurposed to grow other crops, including grains and pulses.

There are two dams underpinned by a 2200ML licence from the Majors Creek which bisects the property.

Infrastructure includes a four-bedroom home, cattle yards and numerous sheds.

Plant and modern hay-making machinery was included in the sale.

Meantime, Mr Slaney is still negotiating with interested parties for the neighbouring 830ha Billabong.

The sale of the grazing property (with some irrigation) includes around 400 mixed cattle and basic plant and machinery.

Around 247ha of grazing country supports a breeding herd, but Mr Slaney believes pasture improvement could grow and finish cattle.

Based on its present low-key land use, Billabong has considerable production upside possibilities.

Around 110ha of flood irrigation previously grew Rhodes grass and leucaena and there is significant potential to dryland farm the balance of country or increase the area to improved pastures.

Billabong is bisected by the Majors Creek anabranch and the Bullock Creek and it has numerous seasonal waterholes, three equipped bores and a 600ML irrigation licence.

Infrastructure includes a six-bedroom home, workers quarters, sheds and steel cattle yards.

Keshvale has coastal forest country that has been largely cleared and developed to improved pastures. Well-drained, flat and fertile, it has a mix of black and alluvial creek frontage soils.