Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, 13/04/2022

Local sources claim the 575ha Timber Downs, halfway between Inverell and Glen Innes on the tightly held Kings Plains plateau, sold for substantially more than its 2020 listing price of $5684/ha or $3.3 million (when it was withdrawn from the market due to COVID). Note wind turbines in the background.

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

  • Inverell grazing records smashed
  • Sydney property developer secures Bangadilly Station
  • Riverina producer secures high rainfall country
  • Nundle’s Lucella returns to local hands
  • Investor secures SA’s historic Jockwar
  • Three mixed properties sell to Wandoan’s Golden family

 

Inverell grazing records smashed

An interstate producer chasing grass has outbid locals and smashed Inverell district price records for two grazing blocks in the New England region of New South Wales.

Bob Jamieson from Jamieson Agencies was responsible for marketing and selling Timber Downs and Croye, however he was unable to disclose the prices paid or the buyer.

Local sources claim the 575ha Timber Downs, halfway between Inverell and Glen Innes on the tightly held Kings Plains plateau, sold for substantially more than its 2020 listing price of $5684/ha or $3.3 million (when it was withdrawn from the market due to COVID).

The 910ha Croye, situated on the western edge of the Kings Plains Plateau overlooking Inverell (34km to the west) to Mount Kaputar, was expected to make around $10,000/ha or $9 million.

Both blocks were independently assessed and base-lined for soil carbon, which is believed to have been a significant factor in the sales process.

Two years ago, a district record was set when a local farming family paid almost $9900/ha for one of Inverell’s best mixed farming blocks, prior to auction.

The Moseley Dene Aggregation, located five minutes’ drive from Inverell, offers excellent soils and due to the gently undulating topography and length of river flats there is very little, if any, unproductive country.

Timber Downs

For the past 17 years Timber Downs has been owned by Angus and Eunice Vivers from Jindalee Herefords who are selling to enable succession planning.

The country is well grassed and ideally suited to a cattle breeding or backgrounding operation rated to carry 220 cows with calves to weaning.

The country features a 50/50 mix of granite and basalt soils, well-improved pastures and a 2km double frontage to the permanent Kings Plains Creek, as well as 14 dams.

At the time of sale in February, the vendors had set aside around 365ha for annual winter forages.

A 120ha timber paddock has been fenced and kept free of livestock as part of a non-compulsory biodiversity project (a CMA carbon offset / Infrastructure project). This land is not included in the property’s estimated carrying capacity.

 

Croye

In March, Bob Jamieson described Croye as ‘the best mixed farm he had seen in 45 years of agency work.’

Offered for the first time in 70 years by the retiring Frizell family, Mr Jamieson said the property ticks all the boxes in terms of location, outlook, climate, soils and water.

“Croye is a beautiful farm. It has a lovely feel and carries my highest recommendation. The soils are predominantly beautiful basalts, the pastures are magnificent and the climate is mild.”

The altitude ranges from 851 to 970 metres and the average rainfall is 851mm.

The soils are 95 percent black basalts, with about 40ha of timbered traprock. Around 580ha is suitable for cultivation.

Croye is watered by a bore, 14 dams, numerous springs and the Weean Creek.

 

Sydney property developer secures Bangadilly Station

One of the largest landholdings in the Southern Highlands region of New South Wales has reportedly sold to Sydney property developer Jing Wang and her son William Wenhao Wu for more $35 million.

Ms Wang heads up the family’s Chinese-backed property development company the Mayrin Group which owns prestige properties in Sydney’s eastern suburbs. The purchase of Bangadilly Station is believed to be their first foray into the rural property market.

Spanning 1815ha, Bangadilly neighbours the Bangadilly National Park at Cayonleigh, 34km from Sutton Forest and 42km from Moss Vale.

For the past 17 years the enterprise has been owned by Ben Cottle, the founder and managing director of the FDC Group of companies. The local identity, with other grazing interests in the area, purchased the property in 2005, for $4.6 million.

Currently operating the property as a mixed-grazing enterprise, Mr Cottle has focused on pasture improvement, paddock subdivision and fencing to bolster carrying capacity to 400 cows and calves, as well as 1000 ewes.

Bangadilly benefits from more than 6km of Wollondilly River frontage, with additional water supplied by a large network of dams, including the 230ML lake, which provides abundant water for irrigation.

When Bangadilly was listed in October last year it was described by Inglis Rural Property as a rare landbank offering.

There are 33 titles under the current zoning. The minimum lot size is 40 hectares offering a land banking opportunity, with subdivision potential in the future.

Selling agent Sam Triggs was unable to discuss the buyer or the price paid.

 

Riverina producer secures high rainfall country

A Riverina producer has paid just short of $9 million for high rainfall country featuring quality soils in northern New South Wales.

The 1460ha Rimbanda is located at Kentucky South, halfway between Tamworth and Armidale.

For the past 15 years it has been held by Kerry and Anne Brett who will now downsize.

Simon Burke from Davidson Cameron & Co said Rimbanda sold under the hammer for $8.92 million to a Riverina producer looking to increase his pasture program and run more breeders.

In the past, Rimbanda produced sheep and wool. Today, it runs 600 cows and calves (weaning at a heavy weight).

The soils are a mixture of basalt, fine granite and trap rock, with a good fertiliser history.

The country ranges from creek flats to open softly undulating, to well sheltered timber hills and mountains.

Rimbanda is watered by close to 40 dams and four creeks, as well as a water licence that is drawn from a dam.

Nundle’s Lucella returns to local hands

A local buyer is believed to have paid in excess of $7.55 million for Nundle’s Lucella in northern New South Wales.

Michael Burke from McGrath Upper Hunter was unable to disclose the buyer or the price paid but said the property will complement the purchaser’s existing interests in the Tamworth district.

Mr Burke said following healthy inquiry from regional and metropolitan New South Wales, Lucella sold within 20 days.

“The sale demonstrates the underlying strength of the Tamworth rural property market, the positive outlook for the protein markets and the scarcity of good quality assets in this part of the state,” he said.

The highly improved 734ha grazing Lucella is located at Garoo, 16km from Nundle and 45km south of Tamworth – an area with a reputation for production, performance and capacity.

It was offered to the market by an international based investor after just two years of ownership with a $7.35 million ($10,000/ha) to $7.55m ($10,300/ha) price guide.

Situated in a 785mm rainfall area, Lucella has responded well to recent rain.

The country ranges from level creek flats to predominantly soft rolling hills. Open grazing country with alluvial, basalt and loam soils flank the Goonoo Goonoo and Spring Creeks.

There are 21 dams, two bores and eight new stock watering troughs.

Lucella can carry 350 cows and calves, however it has been running more than a 1000 mixed females.

Most of Lucella features new cattle fencing (100 percent of internal fencing and around 75 percent of boundary).

 

Investor secures SA’s historic Jockwar

Significant buyer competition is believed to have pushed the price for South Australia’s historic Jockwar Homestead well above the $4 million pre-sale expectations.

The sale, which was handled by Jesse Manuel of Colliers Agribusiness and Dee-Hunt of Williams Real Estate, was achieved two weeks earlier than the original advertised expressions of interest due date.

Mr Manuel said the property was sold to a private investor from South Australia after overwhelming interest from a diverse range of groups including downsizing producers and interstate buyers seeking a tree-change.

Situated on the shores of Lake Alexandrina, the 272ha block was offered for sale for the first time since settlement by Brenton and Sue Hicks (a descendent of the McFarlane family).

The couple has been operating Jockwar as a beef cattle property running 100 breeders.

The country is flat to gently undulating suited to grazing, dryland cropping and irrigation.

Once a sprawling sheep station comprising more than 5300ha, today it is an admired country estate steeped in South Australian pastoral history.

The Jockwar holding has been held by the same family for six generations. The district is extremely tightly held – the neighbouring Brinkley Station and Wellington Lodge have never been offered to the market.

 

Three mixed properties sell to Wandoan’s Golden family

Wandoan’s Richard and Helen Golden have secured three mixed grazing and cropping properties in southern Queensland for an undisclosed sum.

The non-contiguous Boxyards, Binalong and Jimbruce are located 85km north west of Goondiwindi and 35km north west of Toobeah, in the Kioma/Toobeah district.

Each property has its own PMAV locked in, its own access to the Kayawanna Bore scheme and all-weather gravel road access.

Bill and Ngare Davison offered the well-presented properties featuring excellent infrastructure and management.

Andrew Jakins from Nutrien Harcourts was unable to disclose the price paid for the aggregation, however farming country in the area has recently sold for more than $5300/ha and mixed farming and grazing country has sold for less.

Boxyards

The 2759ha Boxyards is run as a mixed farming and cattle operation running 300 cows and calves. With a cluster exclusion fence on two sides, the property features gently undulating brigalow / belah type soils with some areas of box.

Around 1340ha of the better soils are used for dryland farming.

Boxyards is well-watered by a piped bore scheme and stock dams.

Binalong

The 1034ha Binalong, together with Jimbruce, is run as a combined farming operation.

Around 921ha of the gently undulating self-mulching dark and red brigalow, belah and myall type soils are used for dryland farming.

Binalong is watered by a bore and four dams.

Jimbruce

The 1040ha Jimbruce is currently run as a dryland farming operation together with Binalong.

The country features gently undulating self-mulching dark and red brigalow / belah type soils that are watered by a bore and a stock dam.

The non-contiguous Boxyards, Binalong and Jimbruce are located 85km north west of Goondiwindi and 35km north west of Toobeah, in the Kioma/Toobeah district.

 

Click here to access more property sales results

 

 

 

 

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