Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, 31/08/2022

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

  • NQ’s Peronne Station smashes records
  • Western Grazing secures North QLD’s Camel Creek
  • CQ’s Mountain Hut makes close to $7m
  • Victorians pay $4m for well-improved SE QLD beef holding
  • Southern NSW’s Springbank fails to sell for $22.5m
  • Due diligence underway on FNQ’s Bamboo Station

 

NQ’s Peronne Station smashes records

Doug and Helen Keough and family from Lyndhurst Station, Einasleigh, have paid a record $13.1m (including 480 cows) for Hughenden’s Peronne Station.

The 9788ha property features sweet, quick-responding, dual-purpose breeding, backgrounding and fattening country in North Queensland.

Tom Brodie from Brodie Agencies said the price exceeded expectations, setting a record for the region.

“There was unprecedented inquiry for Peronne with 31 inspections and 16 registered bidders at auction,” he said.

The sale price equates to around $1185/ha on a bare basis, depending on the price of the cattle (which are currently calving).

Peronne is a freehold property in tick-free country 35km south of Hughenden. Situated in a 475mm rainfall area, it has enjoyed an excellent season.

Mr Brodie said Peronne was extremely well improved and boasts very good cattle country.

“All the hard work has been done. Peronne’s improvements are first class in terms of fencing, laneways, cattle yards, waters, sheds and a renovated homestead.”

The high kilogram producing country is low cost to manage, with little to no declared woody weeds, plants or trees.

The pastures, which show the full benefits of rotational grazing and paddock spelling, can run 700 breeders plus progeny or background 1700 weaners.

The country features undulating chocolate and red pebbly self-mulching fertile soils growing a thick body of buffel, Mitchell, Flinders and other native grass, as well as summer and winter herbages.

Most of the property is exclusion fenced and is well watered by two equipped bores and four dams.

After 32 years ownership, vendors John and Ann-Marie Cowan will now downsize.

Western Grazing secures north QLD’s Camel Creek

Western Grazing is expanding, paying between $17 million and $20 million for a strong-performing, large-scale breeding and fattening operation in north Queensland.

Camel Creek Station was offered to the market for the first time in more than 100 years by the Atkinson family on a walk-in walk-out basis including 2250 mixed cattle.

The highly regarded ‘ZW7’ brand was also sold with the property, as well as an extensive list of plant and machinery.

David Woodhouse from Nutrien Harcourts Charters Towers said there were ten registered bidders at the auction, attended by 80 people.

“Camel Creek was passed in on a vendor’s bid, however it sold immediately afterwards,” he said.

Western Grazing, originally a Vestey company, was bought by the Oxenford family in 1992. The well-known, family-owned beef operation owns five cattle properties in Queensland spanning 775,000 hectares:

  • 21,000ha Allendale Station at Augathella is a backgrounding property for cattle coming from its northern breeding properties, Morstone and Magowra.
  • 22,000ha Eurella Station at Muckadilla is a breeding and growing property.
  • 294,000ha Magowra Station, near Normanton in Queensland’s Gulf Country, is a breeding property running around 25,000 head.
  • 176,000ha Morstone Downs Station near Camooweal is a breeding property running around 12,000 head of cattle.
  • 261,000ha Oban Station, Boulia, is a fattening block running around 10,000 head of cattle.

Mr Woodhouse was unable to disclose the price paid but said it was in line with market expectations.

“After experiencing an average season, Camel Creek presented well during the marketing campaign. Properties with genuine capabilities are attractive to the market and are still sought-after,” he said.

The 26,100ha property in a single rolling-term lease is located 75km from Greenvale and 110km west of Ingham.

The country undulates into hills with large areas of river flats and hollows, as well as an extensive area of open and semi-open country.

Alluvial and large areas of strong dark soils are predominant and carry a strong mix of native pastures and stylo.

Camel Creek has been conservatively stocked with between 2800 to 3000 adult equivalents. However, the vendors estimate a long-term carrying capacity of between 3250 and 3500 head season dependent.

Camel Creek is watered by 130 dams, two bores and numerous seasonal and semi-permanent holes in the traversing water systems including the Camel and Redbank Creeks.

 

CQ’s Mountain Hut makes close to $7m

Marlborough-based RV Pastoral has paid $6.95 million ($1981/ha) for Mountain Hut in Central Queensland’s Glenroy district.

The sale ends five generations of single-family ownership by the Edgar family.

The 3508ha block was granted to James Edgar in 1904 and is located 60km from Marlborough and 80km from Rockhampton.

Netty Wendt from Ray White Rural said the vendors and purchasers were happy with what she describes as a ‘solid’ price.

“It was difficult to gauge what price Mountain Hut would achieve because there hasn’t been anything like this sold in the area for a long time. It has changed hands for between $11,500 and $11,600 a breeder area,” she said.

Ms Wendt said the successful purchaser secured the genuine breeder block, carrying a good body of feed, for expansion.

While Mountain Hut was sold bare of stock, it can run around 600 breeders and progeny through to weaners.

Most of the country is undulating open forest country, rising to a mountain range on the western border which serves as natural boundary.

There are five dams, a bore and a well. A small section of the boundary fronts the Fitzroy River.

Vendors Jeffrey and Linda Edgar decided to offload Mountain Hut, which they have used as their main breeding block, after paying $4.625 million in March for the 2563ha Barmac which neighbours their other property Craigilee.

 

Victorians pay $4m for well-improved SE QLD beef holding

A father and son from Victoria have paid $4 million bare ($10,101/ha) for a productive and highly improved beef property in southeast Queensland.

It is understood the pair has sold their Victorian holding and are relocating to Warrawee, situated at Upper Glastonbury, 20 minutes south-west of Gympie and two hours from Brisbane.

Home to the HH Park Brahman Stud, the 395ha property can carry around 270 cows and calves and boasts some of the best valley views of the surrounding ranges in the Glastonbury National Park.

During their 18 year ownership, vendors Don and Julie Hurrell invested time and money into making Warrawee a top-class cattle property.

Most of the fencing is new, there is extensive shedding, quality steel cattle yards and semi-covered bull preparation feed yards.

The country on Warrawee consists of gently rolling scrub soil hills, sheltered mountain grazing and fertile creek flats boasting rich alluvial soils ideal for fodder production or improved pastures.

Water is secured by an irrigation licence for 12ha, multiple spring-fed dams and creeks, permanent waterholes and a 35,000 gallon water storage tank.

Jez McNamara from Ray White Rural handled the marketing and sale of Warrawee.

Passed-in: Southern NSW’s Springbank fails to sell for $22.5m

A high-calibre livestock breeding platform in New South Wales’ Southern Tablelands region has failed to sell at auction, passing in on a vendor’s bid of $22.5 million.

Springbank is situated 21km from Yass and 87km from Canberra. When it was listed in July, it was expected to achieve between $23m and $25m.

Comprising 1654ha of open arable country and rolling hills, Springbank is suitable for wool, prime lambs and beef production – conservatively carrying 13,500 dry sheep equivalents.

Sam Triggs from Inglis Rural Property said the listing attracted 150 inquiries and 22 inspections from local buyers and Sydney and Canberra based investors.

Mr Triggs is currently in discussions with serious parties.

Springbank was offered to the market for the first time in 44 years by the Norman Family.

It was purchased in 1978 by the late David Norman who adopted biological farming methods and a soil improvement program to sustainably boost production. His investment also focused on ease of management.

A high percentage of the property is arable with 770ha established to perennial pastures (phalaris, cocksfoot, clover and lucerne) and 200ha sown to winter grazing crops (oats and brassicas).

Springbank boasts double frontage to Reedy Creek and single frontage to the Boorowa River and Crosby Creek. In addition, there are permanent waterholes, 35 catchment and spring-fed dams and two stock and domestic bores (one equipped with a solar pump).

 

Due diligence on FNQ’s Bamboo Station

Negotiations are underway with interested parties after the far north Queensland cattle and carbon opportunity Bamboo Station was passed in at auction for $7.5 million.

Russell Wolff from Elders said a number of parties were unable to bid under the auction terms and conditions, mainly due to carbon considerations, and are now conducting due diligence.

The breeding enterprise, pictured below, offers multiple income streams opportunities including a carbon agreement based on a savanna fire management project, as well as tourism.

After 15 years ownership, the 85,430ha property is being sold by Scott Browning so he can concentrate on his other business investments.

With further development, such as completing the boundary and internal fencing program, Bamboo is estimated to carry 5000 head.

Located 400km north-west of Mareeba and 470km north-west of Cairns, the property is dissected by the Peninsula Development Road.

The country is undulating to hilly, but very accessible, and is timbered with semi open to heavy stands of ironbark, bloodwood, ironwood, stringybark and yellow box flats.

It features a large body of natural tropical grasses and legumes and is watered by 50 permanent dams (mostly spring-fed) and a number of seasonal creeks.

Bamboo Station is currently running 1000 head – which are being offered with the sale.

 

 

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