Property

Weekly property review: Recently completed sales

Property editor Linda Rowley 29/01/2025

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

  • Taroom family pays $40m for 50pc of CQ’s Moorabinda
  • Historic Tasmanian grazing property achieves around $15m
  • SA’s historic Kappawanta Station returns to Wandel hands

Moorabinda is an institutional-grade beef production property in Central Queensland’s sought-after Taroom district.

Taroom family pays $40m for 50pc of CQ’s Moorabinda

As summarised earlier today, a Taroom family is believed to have paid around $40 million for a 50 percent stake in a flagship backgrounding, breeding and finishing property in Central Queensland’s blue-ribbon beef production region.

The 15,977ha Moorabinda, pictured above, was offered to the market in July last year for the first time in 109 years, however during the sales process, one of the owners decided to retain their portion.

Sources have told Beef Central that the half share spanning close to 8000ha achieved around $40 million.

LAWD agent Darren Collins was unable to disclose the vendor or the price, however Beef Central understands the owner trades as Tigrigie Cattle Co.

Mr Collins confirmed 50pc of the property sold and settled last month after drawing interest from corporate and private buyers, as well as institutional investors.

Located 64km south-west of Taroom and 130km north-east of Roma, Moorabinda is close to several major feedlots and saleyards.

As a whole, it was one of the largest single private landholdings in the sought-after Taroom district. With a proven carrying capacity of 6000 adult equivalents, it is known for delivering exceptional weight gains.

The carrying capacity for half of the property is around 3000AE or 2250 breeders.

LAWD director Darren Collins said Moorabinda was renowned throughout the district as a property of elite quality, featuring each element required for efficient and profitable beef production, at scale.

“During the sales process, one of the original owning families decided to stay on and increase their holding, with the new incoming purchaser happy to acquire the balance to complement their nearby backgrounding operation.”

Moorabinda benefits from ongoing land management and improved pastures, with more than 12,000ha of prime undulating brigalow, belah, bauhinia and vine scrub land types.

Situated in a 655mm average annual rainfall region, it has more than 15km of dual frontage to Scotts Creek, numerous permanent and seasonal waterholes and springs, 10 equipped bores (three are flowing) and 53 dams.

Infrastructure includes two renovated homes, two cattle yards, numerous sheds and equine facilities.

 

Historic Tasmanian grazing property achieves around $15m

A private investor has paid around $15 million for the historic grazing property Rheban on Tasmania’s lower East Coast.

Offered by the Gray family after 87 years of ownership, the 3250ha holding is located 12km south of Orford and 88km from Hobart.

Rheban is considered one of Tasmania’s premier coastal rural holdings and as a result received strong inquiry.

It boasts has extensive frontage to the Mercury Passage and unrestricted views of Maria Island and the Freycinet Peninsula to the north.

The property supports 5500 sheep (2000 ewes, 2000 wethers and 1500 lambs) and 100 Angus cattle plus replacements.

The Gray family purchased Rheban in 1937 and after World War II carried out extensive land clearing and pasture improvement.

Soil types vary from light sandy loams to alluvials and small areas of black, cracking clay.

During the marketing campaign, Elders agent Scott Newton said Rheban offered significant future water infrastructure and agricultural development opportunities.

“While Rheban is a dryland, livestock enterprise, there is the opportunity to develop irrigation for viticulture or horticulture. There are several potential dam sites which could harvest water from the extensive area of crown land adjacent to Rheban,” he said.

Water is sourced from Griffiths Creek and the Sandspit River, with a licence for irrigation.

Infrastructure includes a five-bedroom home, three cottages, a three-stand shearing shed, a shearers quarters, sheep and cattle yards, numerous sheds, and some historic stone buildings.

 

SA’s historic Kappawanta Station returns to Wandel hands

An historic South Australian sheep station known for producing high-yielding clean wool and meat has returned to former owners Mike and Jenny Wandel.

Settled in 1862, the 21,800ha Kappawanta Station is located 19km north of Sheringa and 22km south-east of Elliston on the Eyre Peninsula.

Sold after eight years ownership by Brenton and Christine Skinner, it was repurchased on a bare basis by the neighbouring Wandel family.

Elders agent Luke Duncan was unable to disclose the price paid but said station country is highly sought after in South Australia.

The crown pastoral lease was offered with a maximum stock rate of 3700 DSE or 740 cattle equivalents.

The region enjoys a reliable average annual rainfall of 400mm producing natural grasses and feed abundant for livestock production.

The country is mostly undulating open woodland with more than 2000ha of large picturesque red gum trees, as well as dense areas of mallee scrub.

The soils are red and brown sandy loams with limestone ridges – typical of the grazing areas in the district.

Water is a feature. There are 13 bores and wells, with nine of the 11 windmills equipped.

Centrally located on the station is the iconic Kappawanta five-stand stone woolshed built around 1867, with attached sheep yards made of local limestone. North of the woolshed is a seven-bedroom stone homestead.

The property also boasts several historical outbuildings and ruins, such as shepherd’s hut ruins, blacksmith shop, stables and horse yards.

 

 

 

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