Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, May 20, 2020

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

  • More than $11m for a southern Qld trophy property
  • $7.5m paid for an established NT breeder property
  • Victorian sub-alpine pastoral portfolio exceeds expectations
  • Locals secure tightly held NSW New England block

Bollier Park is capable of running up to 2000 cattle on extensive areas of alluvial soils and heavier flood plain soils, with Mary River and creek frontage rising to gently sloping forest country.

More than $11m paid for southern Qld trophy property

More than $11 million has been paid for the trophy cattle property Bollier Park in southeast Queensland’s Noosa Hinterland.

Despite strong interest from producers in New South Wales, Queensland’s north and Central Highlands, the property was passed-in at auction earlier this month, but eventually sold to a specialised Queensland producer.

The 789 hectare holding, regarded as the jewel in the crown in the Mary Valley, is suited to cattle production, horses, cropping or lifestyle.

Bollier Park is capable of running up to 2000 cattle on extensive areas of alluvial soils and heavier flood plain soils, with Mary River and creek frontage rising to gently sloping forest country.

It features an abundance of water via the Mary River, with a 16ha irrigation licence, frontage to Coonoon Gibber Creek, plus bores and 33 troughs.

The high standard of structural improvements includes quality fencing – 4-barb wires and mostly steel gateways divided in 26 main paddocks.

Bollier Park has changed hands twice in 11 years.

In 2006, the Queensland Government proposed the $2 billion Traveston Crossing Dam near Gympie, designed to secure water for Brisbane during extended dry periods.

In 2009, the government paid $483m for 464 properties, spanning 13,000 hectares, in the Mary Valley. Bollier Park owners, the Gears were offered $25.3m – an offer too good to refuse – and subsequently rented their property back from the state government for $20 a week.

When the federal government decided not to go ahead with the dam project, the properties were divested, resulting in a $250m shortfall.

In 2016, the Gears acquired their property for $8.6m, netting them a $16.7m profit in just seven years.

This month’s re-sale of Bollier Park was handled by Dick Allpass and Garry Martin from Elders.

$7.5m paid for established NT breeder property

Raymond Murphy, the former owner of the Northern Territory’s 3760sq km Kalala Station, has purchased the 59,700ha established breeder property Tarlee for $7.5m.

Located 280km south of Katherine near the township of Daly Waters in the Northern Territory, Kalala was sold for around $58m by Mr Murphy and his wife Pam in May last year after 14 years ownership.

The family continues to operate livestock, trucking, earthmoving and hay contracting businesses in the NT.

Tarlee is situated 60km west of Larrimah and 200km from Katherine and has been used primarily as a cattle grazing property and for growing hay.

It currently runs 4500 cattle, however it has capacity for more than 6000 head.

The country features typical Stuart Plateau country with a Banjo land system including some Bulwaddy and Larrimah vegetation, and good soils for farming.

Around 330ha has been cleared, with 150ha under hay production producing 4000 round bales per annum.

The property was sold by Alison Ross from Elders as an going concern, walk-in walk-out with 3000 mixed cattle and an extensive list of machinery.

Ms Ross said it was good to see the Murphy family remaining in the NT after selling their big pastoral lease, because it showed the family’s confidence in the northern cattle industry.

Tarlee, situated 60km west of Larrimah and 200km from Katherine and has been used primarily as a cattle grazing property and for growing hay. It currently runs 4500 cattle, however it has capacity for more than 6000 head.

Victorian sub-alpine pastoral portfolio exceeds expectations

A sub-alpine pastoral portfolio at the foothill of the Victorian Alps has exceeded its $3.3 million price expectations.

Ideally suited to grazing, timber production and recreational pursuits, Ben Cruachan Pastoral is set across 1281ha.

Located 28km north west of Maffra and 222km east of Melbourne, the property was offered to the market by Elders as a whole or as five separate lots.

Two local buyers secured the blocks – two for lifestyle and the remaining three for farming.

Ben Cruachan Pastoral boasts panoramic views, quality infrastructure and an impressive 215 megalitre dam with specialised gravity-fed irrigation.

The sheltered rolling grazing lands can run 500 breeders and is surrounded by Ben Cruachan and Avon Mt Hedrick natural features and scenic reserve.

Anthony Stevens from Elders handled the expressions of interest campaign.

Ben Cruachan Pastoral, a sub-alpine pastoral portfolio at the foothill of the Victorian Alps has exceeded its $3.3 million price expectations.

Locals secure tightly held NSW New England block

Inverell’s John and Sarah Thompson have purchased Khancoban, in the tightly held New England of northern New South Wales, for around the $2.4 million ($3414/ha) asking price.

Located 42km south east of Glen Innes and 46km north east of Guyra, the 703ha holding boast a productive blend of basalt and granite soils.

Watered by 41 dams, mostly spring fed, a bore and a 1.7km of frontage to the spring-fed Moggs Swamp Creek, Khancoban boasts spectacular valley views.

Vendors Jim and Jackie Wedge will now focus on taking their Warwick-based Ascot Angus and Charolais seedstock enterprise to the next level of excellence.

Geoff Hayes from Ray White Rural handled the marketing and sale of Khancoban.

Located 42km south east of Glen Innes and 46km north east of Guyra, the 703ha Khancoban boasts a productive blend of basalt and granite soils.

 

Click here to access more property sales results.

 

 

 

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  1. David Connellan, May 21, 2020

    So, through selling the property, twice, and buying it back once, the original owners of Bollier Park made $19.1 million profit in 11 years – all through sheer government incompetence…

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