Weekly property review: Recently completed sales

Property editor Linda Rowley, 28/09/2022

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.

  • FNQ’s Watson River purchased for carbon
  • 160 years of family ownership ends in southern NSW
  • NSW Upper Hunter grazing makes $15.5-$17.8m

FNQ’s Watson River purchased for carbon


Sydney-based Corporate Carbon has paid $12 million WIWO, including 2200 branded cattle, for Watson River Station on Queensland’s tightly-held Cape York Peninsula.

The 89,000ha of undulating well-grassed country was offered to the market two years ago by vendors Cameron and Doreen Quartermaine after 35 years of ownership.

At the time, Watson River (video above) was marketed as having an additional passive income of more than $100,000 per annum, driven from the carbon offset scheme via Savannah burning offsets, as well as hay sales, totalling 900 round bales per annum.

It is understood Corporate Carbon will expand the cattle enterprise and then implement a plan to increase the intensity of Watson River’s current fire management practices.

Corporate Carbon has employed the son and daughter-in-law of the vendors to manage the holding, as well as any other properties it acquires in the future.

The well-watered breeding block is located 140km south-east of Weipa, boasting an average annual rainfall of 1600mm thanks to a guaranteed wet season.

The Watson River and Merkunga and Kurracoo Creeks run through the property and contain significant waterholes which flood into adjacent lagoons.

The Quartermaines, who purchased Watson River Station as an undeveloped block in 1985, will now downsize and relocate to the Atherton Tablelands.

The sale was handled by Rawdon Briggs from Colliers Agribusiness.


160 years of family ownership ends in southern NSW

A Sydney-based corporate investor has paid between $7 million and $8 million for Kerrawary in New South Wales’ Southern Tablelands, ending 160 years of Loseby family ownership.

Liam Griffiths from Inglis Rural Property was unable to disclose the buyer or the price paid, but said Kerrawary sold within expectations.

Settled in the 1860s, the 962ha grazing block once formed part of a larger holding which has been sold off over the years.

Situated at Big Hill, 25km from Marulan and 40km from Goulburn, the scenic country ranges from open plateaus to lightly timbered ranges and a portion of dense bushland.

Historically, Kerrawary has operated as a sheep enterprise. More recently it has been run as a beef breeding and backgrounding platform that can carry up to 3000DSE, with scope for further development.

Featuring 6.5km of Wollondilly River frontage, Kerrawary is also watered by a number of creeks and a large network of strategically placed surface dams, many of which are spring fed.

The property comprises 21 freehold titles which have the ability to be subdivided, subject to approval, with the minimum lot size 100ha.


NSW Upper Hunter grazing makes $15.5-$17.8m

Highly regarded breeding and fattening country in New South Wales’ Upper Hunter has sold to a buyer with existing grazing interests in the area.

Huw Llewelyn from GM Llewelyn and Co and Michael Burke from McGrath Upper Hunter handled the sale of the 1676ha Montego and the 591ha Moona.

While the pair was unable to disclose the buyer or the price, they said on a district measure, it was a very strong price for hilly to range grazing country.

When the 2258ha parcel of soft basalt grazing country was listed for sale in August, it was anticipated to make between $6900/ha and $7900/ha or $15.5 million to $17.8 million.

Montego and Moona last traded in 2017 when the highly regarded 5489ha Faversham Aggregation, located near Merriwa (3.5 hours from Sydney), was sold and split into four parcels of land.

Former Commonwealth Bank chief David Murray reportedly paid $6.47 million for Montego and $2.263 million for Moona to expand his existing local holdings and breeder herd. Mr Murray has now decided to consolidate his assets.

The 100 percent chocolate basalt soils on the contiguous properties rise from arable river flats to soft and undulating open grazing country carrying an abundance of feed and supporting 800 cows and calves.

Montego and Moona are well watered by Merriwa River and Gummun Creek frontages, as well as 36 dams and two equipped bores.


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