Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, February 26, 2020

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

  • Clarke & Tait sales exceed expectations
  • Greenvale’s Marionvale makes more than $11m
  • Iona rewrites the record books
  • Bymount district’s Croydon makes $3.54m

Clarke & Tait sales exceed expectations

The sale of seven outstanding Central western Queensland grazing properties owned by Clark & Tait has exceeded price expectations despite the drought, and could top $230 million when finalised.

The quality aggregation spanning 535,000 hectares across Western and Central Queensland, was offered to the market by Bentleys International Advisory in August last year, after 121 years ownership by one of the oldest remaining multi-family grazing partnerships in Australia.

Ben Cameron from Bentleys was bound by a confidentiality agreement, and could not disclose any individual prices. However he told Beef Central that the overall sales process exceeded expectations by around 15 percent.

Last year, property contacts suggested the Clark & Tait assets were collectively worth around $200m.

Jointly carried 53,000 head of cattle (adult equivalent basis) in normal seasons or 46,550AE and 68,000DSE, the properties have sold as separate going concern enterprises on a walk-in-walk-out basis.

  • 134,744ha Mantuan Downs, Springsure – a large scale cattle breeding & fattening property sold to the North Australian Pastoral Co. Beef Central first reported the Mantuan sale in this article back in January. A sale price of well in excess of $60 million bare is believed to have been paid, plus 12,000 cattle negotiated separately.
  • 46,735ha Barcaldine Downs, Barcaldine – a large scale (stud & commercial) sheep property was purchased by Rob McGavin including 15,700 sheep and 700 cattle. The leasehold portion was sold to Toowoomba grazing identity, Andrew Kibble, as reported in this earlier article.
  • 55,800ha Hobartville, Alpha – a cattle breeding & backgrounding property was picked up by Michael and Kylie McTaggart, Moura, for $13.5 million bare. With 4000 head of cattle and plant, the property achieved around double that price.
  • 48,408ha Boongoondoo, Jericho and 45,163ha Powella, Aramac – the two cattle breeding & backgrounding operations were sold to a Taroom buyer backed by foreign money. The transaction, including around 2500 cattle, still requires FIRB approval.
  • 68,370ha Bimerah, Longreach – a large scale sheep & cattle property was sold to C&T director Gordon Welsh, Molong NSW, with around 17,445 sheep.
  • 135,200ha Enniskillen, Tambo – the large-scale cattle breeding & fattening property is yet to be sold. It is understood negotiations are continuing with interested parties.

The seven rural aggregations comprising Clark & Tait span 535,000ha across the western districts of Central Queensland and can jointly carry 53,000 head of cattle in an average season

Greenvale’s Marionvale makes more than $11m

Premium basalt grazing in the tightly held Valley of Lagoons area of North Queensland has exceeded expectations, selling for $11.45 million.

Greenvale’s Marionvale, 130km south of Mt Garnet, had been held for 60 years by the Lucey family.

At auction, it was snapped up by Andrew and Toni Bourke from Roma.

Marionvale comprises 16,053ha of breeding and grow out country in a safe seasonal area and can carry 3000 adult equivalents. The flat to undulating black and red basalt country is dotted with expansive black soil plains, merging into some low lighter ridge country.

Marionvale boasts an abundance of underground water with permanent and seasonal spring fed creeks, as well as nine bores. Another attractive feature is its potential for farming development on the big open plain areas.

Selling agent Peter MacPherson from Ruralco Property said the property’s quality and location attracted tremendous interest.

The sale included plant and around 2400 head of good quality Brahman and Brahman cross breeders.

The price is estimated to be around $9.5 million or $591/ha bare.

Marionvale boasts an abundance of underground water with permanent and seasonal spring fed creeks, as well as nine bores.

Iona rewrites the record books  

Wallumbilla district property Iona has rewritten the record books selling for $4147/ha or $6.4 million at auction.

The 1543ha block is considered to be some of the most productive and fertile country in Queensland’s Maranoa, in the state’s south west.

The mixed farming operation, which consistently produces high yielding cereal crops, is home to the highly-regarded Iona Murray Grey cattle. It also produces 600 round bales of hay off 32ha.

The property is exclusion fenced, suitable for grazing sheep.

The property is watered by three bores, four dams and semi-permanent holes in Paddy Ward and Six Mile Creeks.

Held by three generations of the Smith Family, the new owners are the Bates, a local Wallumbilla family.

Daven Vohland from Elders handled the sale which included 700 tonnes of oats silage.

Wallumbilla district property Iona has rewritten the record books selling for $4147/ha or $6.4 million at auction.

 

Meantime, Brian and Delma Sutton and Brad and Yasmin Vidler have secured the 1454ha Croydon, in Roma’s tightly held Bymount district, for $3.54 million.

Offering an excellent mixture of soil types and sweet grazing, Croydon lends itself to breeding, fattening or backgrounding.

After 20 years operating a successful bull breeding and commercial cattle enterprise, vendor Paul Weir has decided to relocate.

Mr Vohland said there was strong inquiry for the property which was ideally suited for buyers seeking to expand their operations, or as a standalone holding.

Offering an excellent mixture of soil types and sweet grazing, Croydon lends itself to breeding, fattening or backgrounding.

 

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