Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, September 9, 2020

After a year on the market, Chinese company Harvest Agriculture has paid around $60 million for Yaloak Estate, one of the largest single landholdings within 60km of Melbourne.

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

  • Chinese pay $60m for Victoria’s Yaloak Estate
  • $27m secures Clermont’s Dooruna for expansion
  • Maranoa’s The Haven under offer post auction

Chinese pay $60m for Victoria’s Yaloak Estate

After a year on the market, Chinese company Harvest Agriculture has paid around $60 million for Yaloak Estate, one of the largest single landholdings within 60km of Melbourne.

Harvest Agriculture is an Australian-based wholly- owned subsidiary of Guangxi Investment Co Ltd.

When the property was listed in September last year, industry sources were tipping it could sell for around $50m.

The well-known, large-scale landholding, pictured above, was held for 50 years by Peter Yunghanns, a Melbourne businessman, lawyer and winery owner.

The 5071ha Yaloak Estate at Ballan is operated as a productive cropping and grazing enterprise, but also represents a land bank opportunity with outstanding future potential, possibly as a housing estate.

The property comprises about 2000ha of arable land suitable for cropping, with the balance used for grazing.

There are extensive structural improvements of historic significance, including the Yaloak Estate Homestead (circa 1890), seven additional residences, numerous other structural improvements and the renowned Yaloak Polo Club. Yaloak Estate also benefits from a wind farm agreement, which provides passive income for the incoming purchaser.

The expressions of interest sale of Yaloak Estate was handled by Colliers International’s Duncan McCulloch and James Beer, in conjunction with David Williams and Tim Faulkner of Kidder Williams.

It is the second major Victorian rural property secured by Chinese interests this year. In March, Tianyu Wool, one of the biggest buyers of Australian wool, paid around $25m for the Western Victorian grazing property Mawallok.

$27m secures Clermont’s Dooruna for expansion

The Duddy family from Goondiwindi has paid $27 million ($2109/ha) for Dooruna in Central Queensland’s tightly held Kilcummin district.

The 12,800 hectares comprise a sizeable cattle operation, as well as large-scale irrigation and dryland farming.

Located 110km north east of Clermont and 100km west of Moranbah, Dooruna has been held by the Plath Family for almost 40 years.

Matt Beard from Nutrien Harcourts Emerald said there was strong inquiry leading up to auction, with five registered bidders on the day.

“In the end, the Duddy family paid a very good price for a very good property including all crops and some plant. The family is now planning to expand Dooruna’s irrigation and dryland farming potential,” he said.

The grazing country on Dooruna comprises 4612ha of developed brigalow, gidgee and yellow-wood scrub, 2050ha of open downs and 2676ha of open and semi-open coolibah.

The farming country consists of 3600ha fully developed fertile black soil dryland cultivation (including 1368ha planted to wheat, 924ha planted to chickpeas and forage sorghum) and 400ha of fully developed lateral irrigation fertile black soil scrub country.

Dooruna can comfortably run 1200 breeders or 2000 adult equivalents, without interfering with any of the irrigation and dryland farming country.

The property has a licenced 12,500 megalitre dam which catches off Logan Creek.

Dooruna will comfortably run 1200 breeders or 2000 adult equivalents without interfering with any of the irrigation and dryland farming country.

Maranoa’s The Haven under offer post-auction

Drillham property The Haven, on Queensland’s Western Downs, is under offer after passing in at auction.

The 1290ha freehold property is underpinned by productive land and soil types comprising predominantly brigalow/belah softwood scrub.

Owned since 2016 by Greg and Louise McMahon, the couple has been running Angus and Wagyu cattle, with the property estimated to carry 500 backgrounders.

Geoff Warriner and Chris Holgar from JLL said The Haven had benefitted from significant development and capital investment.

“The McMahons have radically developed the property across all facets to a high standard. Significant investment has been made into the establishment of improved pasture, soil condition, regrowth clearing and stick raking,” Mr Warriner said.

“All the fencing has been replaced or renovated, a central laneway has been constructed, a new water reticulation system installed, and livestock handling facilities have been dramatically upgraded to ensure efficiency and productivity.”

Notwithstanding the scale of recent investment, opportunities exist for further development through the establishment of arable areas and utilising the large 200 megalitre licensed dam and associated 480 megalitre allocation to their potential.

Drillham property The Haven, on Queensland’s Western Downs, is under offer after passing in at auction.

 

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  1. Baden davis, September 10, 2020

    australian goverment should place a hold on Chinese buying land of any size

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