Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, 16/03/2022

A Sydney-based investor has paid more than $11.25 million for Timor Creek, a well-developed beef cattle operation in New South Wales’ Upper Hunter Valley.

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

  • Browns buy Blundy’s Amungee Mungee share
  • $11.25+ for Upper Hunter grazing
  • Neighbours secure high performance QLD cattle country
  • FNQ producers secure a CQ base

Browns buy Blundy’s Amungee Mungee share

Emma and Adrian Brown have purchased the Northern Territory’s Amungee Mungee Station from majority shareholder Brett Blundy.

It is understood the two vendors reached an agreement on the transaction late last year when Amungee Mungee was withdrawn from the market. The deal is currently in the process of being concluded.

The 317,000 hectares are situated in the Daly Waters region, 132km north east of Elliott and 240km south west of Borroloola.

When the property was offered for sale in June, it was running 24,000 Brahman cattle plus calves/weaners. In normal seasons it has a carrying capacity of 35,000 adult equivalents.

Emma and Adrian Brown secured the $6.5 million holding in 2014, in partnership with Brett Blundy’s BBRC Beef. The couple, who manage Amungee Mungee, are minority investment partners in the co-ownership deal.

Following the purchase, the Browns (who established the Northern Stock Water business in Katherine) took up the reigns of Amungee Mungee with plans to develop its water infrastructure and lift the carrying capacity.

Amungee was bought as an undeveloped, bare block with 12 watering points.

At the time, it was reported the Browns intended to install an additional 170 to 180 watering points and lift the carrying capacity from 4500 to 5000 breeders to around 20,000 head – targeted at live export.

Amungee Mungee has been subjected to intensive development over the past seven years, focused on the provision of additional watering points and subdivisional fencing aimed to expand carrying capacity by spreading grazing pressure more evenly across the country.

The property, along with Walhallow and Creswell Downs (see yesterday’s report), are regarded as some of the best improved and performing beef cattle assets of their type in the nothern industry, on a very large scale.

The key objective was to reduce grazing radius down to about 2km, with Amungee set out in grid form in 1600ha blocks.

Amungee Mungee has been subjected to intensive development over the past seven years, focused on the provision of additional watering points and subdivisional fencing aimed to expand carrying capacity by spreading grazing pressure more evenly across the country.

$11.25+ for Upper Hunter grazing

A Sydney-based investor has paid more than $11.25 million for Timor Creek, a well-developed beef cattle operation in New South Wales’ Upper Hunter Valley.

The 1679ha property is situated 30km from Murrurundi and 45 minutes north east of Scone, at the foothills of the Liverpool Ranges. The country comprises a mixture of open cleared arable valley country rising to sheltered valleys with scattered timber.

Numerous dams and permanent springs with double creek frontage provide reliable water sources, along with two bores.

Timor Cattle was originally developed for beef cattle and Thoroughbred breeding by Jack Kelso. In 1987, it was purchased by the Stern family who continued to develop the commercial beef cattle operation.

Timor Cattle, a Southern Highlands-based investor which held the property for the last four years, spared no expense – erecting all-new 800 head steel cattle yards, 6km of new fencing and refurbishing the 32 bay horse stables.

Michael Burke from McGrath Upper Hunter described Timor Creek as one of the most productive and well improved properties in the region.

“Significant capital expenditure has greatly improved this highly regarded enterprise into one of the district’s trophy properties. High volumes of cattle have been traded off the property delivering a sound return on investment,” he said.

 

Neighbours secure high-performance QLD cattle country

High-performance cattle country in southern Queensland has been snapped up prior to auction by the neighbouring West family from Silver Valley.

The price paid for Tamarang, 50km south east of Roma, exceeded expectations, achieving a district record, at around $9.5 million.

Owned by the Mills family for 47 years, Tamarang is regarded as one of the finest mixed cropping and grazing properties in the Maranoa region.

The backgrounding and finishing asset spans 2023ha and can carry 350 breeders.

The country features a mix of buffel, creeping bluegrass and soft native grasses with herbages in season.

The property boasts immaculate fencing, quality infrastructure and an extensive pasture improvement program carried out since 1975.

It is watered by 10 earth dams and a solar powered electric sub-artesian bore.

Dom McSween from Colliers Agribusiness handled the marketing and the sale of Tamarang which included a 283ha mature leucaena crop to boost livestock weight gain.

FNQ producers secure a CQ base

Luke and Helen Simmons from Normanton, in Queensland’s Gulf country, have paid $4.4 million ($4247/ha bare) for a well-located grazing property in the Central Highlands.

Situated half way between Emerald and Capella, the 1036ha Girraween is suited to running breeders or backgrounding steers or heifers to feeder weights.

Matt Beard from Nutrien Harcourts described the sale as very good.

“Girraween attracted plenty of inquiry from producers wanting to downsize, those seeking a starter block and existing landholders pursuing expansion. The property sold immediately after auction to a family looking for a base in the region, while maintaining their current country,” he said.

The undulating semi-open to open downs grazing country has been lightly grazed over recent years and is currently boasting abundant feed.

Girraween is watered by two equipped bores, with seasonal water in the Belcong Creek.

For the last six years, the property has been owned by Barry and Vicki Gifford who will now retire.

Situated half way between Emerald and Capella, the 1036ha Girraween is suited to running breeders or backgrounding steers or heifers to feeder weights.

 

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