Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, 21/10/2020

There was strong inquiry for Quilpie’s Yambutta, a south west QLD grazing property with a strong local reputation. See sale story below.

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

  • Theodore’s Acacia makes $6.8m plus
  • Drillham’s Mundibulanga sells for $8m
  • A district record for Maranoa’s Tomoo
  • Expansion for south west QLD family
  • Well-watered Yambutta sells to local family
  • New England block changes hands after 131 years
  • Quality buffel country at Mitchell makes $2.8m
  • Locals expand with Central QLD backgrounding country

Theodore’s Acacia makes $6.8m plus

A local grazing family has paid in excess of $6.8 million ($6320/ha) for Rob and Kate McGavin’s highly developed irrigated cattle enterprise in Queensland’s tightly held Theodore region.

Located on the banks of the Dawson River 180km south west of Rockhampton, the 1076ha Acacia comprises 204ha of flood irrigation, 216ha of irrigated leucaena, 161ha of dryland leucaena and 427ha of grazing.

The property was jointly listed for sale by JLL and TopX Australia via an expressions of interest campaign which closed on May 27. After it failed to sell, Acacia was subsequently auctioned.

Tom McLeish from TopX said there were four registered bidders at last week’s online auction, however the property was passed in at $6.8 million.

“We have since negotiated a sale to a local grazing family for an undisclosed figure, with some water sold to a third party,” he said.

During their six years of ownership, the McGavins invested a significant amount of capital, transforming the property from a cotton and grain operation into an intensive cattle enterprise, combining both beef production and irrigated farming.

The property benefits from significant water licences which underpin the operation and provide production security year-in, year-out, irrespective of the prevailing seasonal conditions.

The grazing areas are supported by more than 220ha of irrigated leucaena, while irrigated farming areas have the ability to grow a range of summer and winter crops including forage, cereals and cotton.

Earlier this year, the McGavins purchased the 46,735ha Barcaldine Downs, a large scale stud & commercial sheep property at Barcaldine – one of the seven outstanding grazing properties owned by Clark & Tait.

Located on the banks of the Dawson River, 180km southwest of Rockhampton, the 1076ha Acacia represents a viable standalone operation or a logical addition to an established supply chain providing a tangible hedge against seasonal risks.

Drillham’s Mundibulanga sells for $8m

Longreach producers James and Susie Milson from Bellen Park have reportedly paid more than $8 million for the Mundibulanga Aggregation, in southern Queensland’s Western Downs.

Located 7km south of Drillham, the 2678ha property comprises the 1698ha Mundibulanga and the 979ha Sandlewood Grove, which combined can carry 800 adult equivalents.

Land soil types are complementary across the aggregation and include mainly deep dark/brown and grey cracking clays of undulating brigalow/belah land types.

The aggregation was the operational headquarters of Austpec Pastoral – the private investment company of the Northcott family – which produced Wagyu and Wagyu cross cattle across four owned and leased cattle properties in the western Darling Downs region of Queensland.

During its four-year ownership, Austpec invested significantly into the holding by improving pastures and upgrading water reticulation systems and livestock handling infrastructure to ensure efficiency and productivity.

In July, it divested its cattle and agricultural land holdings.

The Mundibulanga Aggregation was offered for sale in one line or as separate assets through an expressions of interest campaign conducted by JLL Agribusiness.

It is understood that the Milsons paid more than $3m for another 1055ha Drillham property about 20 minutes from Mundibulanga, earlier this year.

Longreach producers James and Susie Milson from Bellen Park have reportedly paid more than $8 million for the Mundibulanga Aggregation, in southern Queensland’s Western Downs.

A district record for Maranoa’s Tomoo

The Warby family has paid more than $9 million bare ($325/ha), a record district price, for the neighbouring Maranoa holding Tomoo, in Queensland’s south west.

It had been listed with a $10 million price tag by Colliers International after failing to sell at auction in June.

Earlier this year, owners Dean and Theresa Willaton from the Bangor Cattle Co, decided to list their two Maranoa properties (Tomoo and Bangor South) after 17 years ownership, in order to retire to Queensland’s Gold Coast.

Spanning 27,701ha of open alluvial plains, soft mulga and yellow jacket, kurrajong and popular box woodlands, Tomoo has access to 3025ha of unfenced stock route.

The country is well-developed with around 80 percent cleared and sown to pasture or pulled for mulga browse. The boundary fence is an exclusion fence located within two exclusion cluster fences, allowing Tomoo to benefit from being double-fenced.

Tomoo is watered by the Mungallala Creek that runs through the middle from north to south. There is also a 2018 drilled bore that services most of the property, together with 23 dams and 40 troughs.

The property has a rich history in wool production and features historic shearing quarters. It is currently used as a beef cattle enterprise carrying 1650 cows and calves, or 2500 adult equivalents, however, Tomoo could be further enhanced by goats and/or a Dorper sheep operation.

In June, the Willaton’s 2070ha Bangor South, 15km north of Mungallala, sold via online auction to a producer from Central Queensland for $2.6 million or $1256/ha.

The marketing and sale of both Tomoo and Bangor South were handled by Trenton Hindman and Rawdon Briggs from Colliers International.

The Warby family has paid more than $9 million bare ($325/ha), a record district price, for the neighbouring Maranoa holding Tomoo, in QLD’s southwest.

Expansion for a south west QLD family

Thargomindah weaner factory Besm has sold under the hammer for $3.9 million ($85/ha bare) to a Quilpie family who also have interests in central western New South Wales.

Andrew McCallum from Nutrien Harcourts GDL said the family will run the property as part of their grazing operations.

“It was a solid sale with strong interest from ten registered bidders. The price paid was good value, in line with what country is selling for at the present.”

Located 50km north east of Thargomindah and 160km west of Cunnamulla, Besm is a low-cost grazing operation estimated to carry 1000 cows and calves.

The 45,601ha holding is described as drought-resistant, sweet productive country, featuring beneficial flood-out country from both the Bulloo River and the Bundilla Creek.

When Besm was listed last month, Mr McCallum said country in the Thargomindah area was hard to come by.

“It is a tightly held area and generally, not as well-known as some of Queensland’s other breeding areas. It is seen as good value buying, considering its productivity and capabilities to continually produce.”

Well-watered Yambutta sells to local family

A southern Queensland family has paid more than $5.4 million for Quilpie’s Yambutta, a south west Queensland grazing property with a strong local reputation.

For the past six years, it has been held by Mick and Hayley Hughes. The new owners will use Yambutta to expand and integrate their existing livestock and cropping operations.

Darryl Langton from Nutrien Harcourts was on Yambutta last weekend and said it is experiencing a wonderful season and continues to present very well with plenty of feed.

Yambutta (pictured at top of page) is situated 70km west Quilpie on the Grass Hut Channels which flood into the Kyabra Basin.

Spanning 41,083ha, 70 percent of the country is soft, open and lightly shaded grass country and watercourses. The red, grey and black soils grow a diverse mix of natural grasses combined with productive herbages in season.

Seven creek and channel systems flood out across Yambutta and when there is a good season, buffel grass grows prolifically.

The remaining 30pc of the property features soft mulga country with good stands of low and pulled mulga.

Yambutta can carry 1000 cows or up to 16,000 DSE.

New England block changes hands after 131 years

A local grazing family has paid $11,000/cow area or $700/DSE for Spring Ridge, in the reliable eastern fall country of New South Wales’ New England region, as an additional holding.

The 530ha block was offered to the market for the first time in 131 years by members of the Finlayson family.

Located 57km from Armidale and 40km from Guyra, Spring Ridge features a balance of highly developed and arable areas suitable for cropping and intensive sheep and cattle grazing for 4000 dry sheep equivalents.

A standout is the water security, with significant access to the renowned Backwater and Johns creeks, substantial dams, and reticulation to troughs.

The expressions of interest process and the sale of Spring Ridge was handled by Andrew Starr of Ray White Rural.

A local grazing family has paid $11,000/cow area or $700/DSE for Spring Ridge, in the reliable eastern fall country of NSWs’ New England region, as an additional holding.

Quality buffel country at Mitchell makes $2.8m

A local family has paid almost $2.8m or $1333/ha for quality buffel cattle country at Mitchell, in southern Queensland, to expand their business.

Scottsvale, 15km west of Mitchell, is a 2082ha freehold farming and grazing property with poplar box red soils, brigalow belah scrub and bendee ridges.

The current carrying capacity is suited to 350 to 400 breeders or 500 to 600 dry cattle.

The property is extremely well watered by 12 watering points, with most of the dams desilted in 2008.

The sale of Scottsvale was handled by Seamus Filan from Roma’s MAA Livestock & Property who described the price paid as “within expectations”.

Scottsvale, west of Mitchell, is a 2082ha freehold farming and grazing property with poplar box red soils, brigalow belah scrub country and bendee ridges.

Locals expand with Central QLD backgrounding country

A local grazing family seeking backgrounding country has paid $2.4 million ($284/ha) for Central Queensland’s Inverness.

Located 53km north of Muttaburra, most of the 8430ha holding is black soil Mitchell and Flinders grass downs.

Tom McLeish from TopX said after a light 2020 wet season and the impact of grasshoppers, the country is only carrying a minimal body of grass, but the grass is healthy and alive, and ready to respond.

Inverness is watered by the Horse Creek that runs through the property from north to south, and a capped and piped artesian bore that provides water to around 15 watering points and two earth dams.

A local grazing family seeking backgrounding country has paid $2.4 million ($284/ha) for Central Queensland’s Inverness.

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