Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, 22/06/2022

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

  • Contracts exchanged for Hunter Valley portfolio
  • Historic Augathella property makes $20.7m
  • Neighbour pays $14.4m for Greenvale’s Rhonella Park
  • Northern NSW neighbour expands at Yetman
  • District record for NSW western lands lease
  • Negotiations underway for CQ’s Alarm Creek

Contracts have been exchanged for two of the three properties in the Upper Hunter Valley’s Bundaleer Portfolio, offered to the market two weeks ago.

Contracts exchanged for Hunter Valley portfolio

Contracts have been exchanged for two of the three properties in the Upper Hunter Valley’s Bundaleer Portfolio, offered to the market two weeks ago.

Michael Burke from McGrath Upper Hunter said the quick sales demonstrated the strength and confidence by locals in the region’s cattle property market.

“Hunter Valley-based cattle producers inspected the three holdings due to their quality soils, reliable rainfall and proximity to saleyards and abattoirs,” he said.

“Despite inquiry from interested interstate and international parties, local buyers were the best equipped to act quickly and have now secured two of the holdings.”

The Bundaleer Portfolio is situated at Greenlands, 28km north-east of Singleton, and comprises three non-adjoining properties within close proximity, operating as a single holding.

The three properties were purchased over four years between 2012 and 2016 and developed by Sydney-based vendor Dimitri Koureas who is selling due to ill health.

Spanning 2016ha of high-quality beef cattle country, Bundaleer is suitable for breeding, backgrounding or fattening. As a whole, it can carry 750 to 800 breeding cattle or 10,500 to 11,200 dry sheep equivalents.

Situated in a 700mm to 800mm annual rainfall region, the country ranges from arable valley floor and creek flats to hilly grazing.

Boasting four creek frontages, several creeks and watercourses, Bundaleer is underpinned by more than 100 dams (many of which are spring-fed and have been renovated).

Meanwhile, nearby interests secured the low-cost reliable grazing Bundaleer East, running 280 cows and calves plus replacement heifers. Featuring new steel cattle yards, 18km of new fencing, creek frontage and 31 dams, the 814ha block is believed to have sold for around the asking price of between $5 million and $5.25 million.

The 438ha Bundaleer South was sold for between $3.25 million and $3.5 million to the Farragher family, which owns a logistics company in the Hunter Valley. The block is suitable for fodder cropping and can carry 180 cows and calves and 35 replacement heifers. It comes with cattle yards, a shed, creek frontage and 42 dams.

At the same time, the family purchased the neighbouring 290ha Tank Mountain for an undisclosed sum. The cattle property which runs 85 breeders has a set of timber cattle yards and no other structural improvements.

In the meantime, the 761ha Bundaleer (homestead block) remains on the market and is estimated to sell for more than $10 million.

Boasting productive loam and basalt grazing country, it can carry 330 cows and calves and replacement heifers. The holding has two near new cattle yards, ample shedding, equine infrastructure, 20km of new fencing, two creek frontages and 31 dams.

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Historic Augathella property makes $20.7m

Luke and Kim Gibson from Tarago, Alpha, have paid $20.7 million bare for the historic Augathella district property Byrgenna in south-west Queensland.

The sale ends 55 years of ownership by the Ross family.

The 11,548ha property, plus an 1100ha term lease, are situated on the Ward River, 70km northwest of Augathella and 80km south of Tambo.

Situated in a sought-after district, the productive livestock operation is ideally located to provide strategic finishing and fattening in a vertically integrated beef production portfolio.

After beneficial rain and many years of conservative stocking, Byrgenna was carrying a huge body of soft natural grasses including Mitchell, Flinders and buffel.

The country is a mix of undulating soft red and black soils interspersed with creeks and run off flats. It is watered by semi-permanent water holes in the Ward River and the Bayrick, Byrgenna and Alarm Creeks, as well as nine dams.

Byrgenna features a large 117-year-old homestead with polished floors, fully gauzed with an established garden.

Keith Richardson from Elders handled the marketing and sale.

Byrgenna features a large 117-year-old homestead with polished floors, fully gauzed with an established garden.

Neighbour pays $14.4m for Greenvale’s Rhonella Park

Desmond Bolton from Gadara Station, Greenvale, has paid $14.4 million for the adjoining Rhonella Park in North Queensland.

The 27,000ha block is situated at the headwaters of the Burdekin River, in the tightly held area of the Upper Burdekin River Catchment, 130km west of Ingham and 240km north of Charters Towers.

The large-scale breeding and backgrounding property was offered to the market by Pat and Delinda Sheahan for the first time in more than 40 years.

David Woodhouse from Nutrien Harcourts said the result was in line with market expectations.

“The price confirms that properties with genuine capabilities are attractive to the market and highly sought after. The property was extremely well presented after receiving recent rainfall,” he said.

As well as breeding and backgrounding, Rhonella Park would integrate well into a larger breeding operation or as the supply hub for a backgrounding and/or fattening operation, Mr Woodhouse said.

The country is undulating with hills. There are large areas of river flats and hollows, as well as an extensive area of flat tableland.

The property is traversed by many waterways with adjacent areas featuring strong alluvial, granite and basalt soils carrying a strong mix of native pastures and stylo.

The current owners have been focused on ensuring a secure supply through varying seasons. Rhonella Park is watered by 37 dams, one bore, one well and numerous seasonal and semi-permanent waterholes.

The vendors’ long term estimate of carrying capacity is between 3500 and 4000 adult equivalents depending on the season.

The property was sold with 500 head of mixed cattle plus followers. No plant or equipment was included.

The vRhonella Park vendors’ long term estimate of carrying capacity is between 3500 and 4000 adult equivalents depending on the season.

Northern NSW neighbour expands at Yetman

A neighbour has paid $5.6 million ($2854/ha bare) for 1962ha of grazing country at Yetman in northern New South Wales.

Owned by Simone and Shane Tully for the past 20 years, Lisgar can run up to 500 breeders with the neighbouring stock route providing additional grazing.

Ben Forrest from the Resolute Property Group said competition came from six local and Queensland-based bidders.

“Lisgar’s central location – between Inverell and Goondiwindi in Queensland -attracted strong competition from both cattle producers and mixed farming operators,” he said.

Situated in a 700mm annual average rainfall region, Lisgar is watered by three bores and multiple dams.

Featuring highway frontage, Lisgar has a mix of bluegrass, vetches, medics and native grasses, as well as 151ha of cultivation with additional areas clearable for pasture or farming.

Lisgar was sold bare of livestock but is able to run up to 500 breeders. A neighbouring stock route provides additional grazing.

District record for NSW western lands lease

A district record $304/ha or $1.05 million has been paid for Richmond, a 3452ha western New South Wales lands lease, 30km south of Bourke and 130km north of Cobar.

Greg Seiler from Nutrien Harcourts said a Sydney investor seeking a rural getaway outbid two locals and a Melbourne investor for the property.

“Bourke was once perceived as being in the middle of nowhere, but it is centrally located to the capital cities of Sydney, Brisbane or Adelaide. People, keen to escape the city, don’t mind spending eight hours in the car to spend time away in the country with friends and family.”

Mr Seiler said Richmond’s guaranteed carbon income stream was also a drawcard, with an HIR Carbon Project contracted with the Australian Government until 2027.

During his 12 years of ownership, vendor John Thatcher developed the cattle and sheep property by improving and upgrading fencings, installing yards and shedding, as well as trapping the waters for harvesting goats.

Richmond features red loam soils with areas of woody weeds. Box flats and swamps are dispersed throughout the property.

After 12 years ownership, Windsor-based John Thatcher has offloaded Richmond, a 3452ha western lands lease, 30km south of Bourke.

Passed in: Negotiations underway for CQ’s Alarm Creek

Nutrien Harcourts GDL is negotiating with an interested party for Central Queensland’s Alarm Creek, which was passed in at auction recently for $16 million.

Owned since 1994 by well-known cattle breeders Joyce and the late Des Dingle, the 4727ha property is situated about halfway between Mount Larcom and Calliope and 50km from Gladstone, and can comfortably run 1000 cows.

Around 1700ha is well developed blue gum river flat country with areas of ponded pastures. The balance is mostly cleared, undulating forest country running into grass hollows.

The property fronts the Calliope River, Harper and Alarm Creeks. Water is also secured via a 100 megalitre water licence, 13 bores, dams and permanent lagoons.

Selling agent Andrew McCallum said a property of this size and calibre seldom becomes available in this region.

“Alarm Creek is presenting a good body of feed on strong and healthy country in an area well regarded for its performance, capital appreciation and reliability,” he said.

Alarm Creek boasts secure water, conservative management and continuous development. It is being offered with 918 breeders and progeny, plant and equipment.

Owned since 1994 by well-known breeders Joyce and the late Des Dingle, the 4727ha Alarm Creek is situated about halfway between Mount Larcom and Calliope.

 

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