Weekly property review: Recently completed sales

Property editor Linda Rowley, 22/03/2023

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

  • Melbourne investor pays $40m for blue ribbon Riverina holding
  • Byrnes family sells FNQ aggregation for $29m
  • $20m for breeding & backgrounding at Walcha
  • CQ weight gain country exceeds expectations
  • CQ breeder block makes $14m
  • Riverina weight gain country sells for cotton
  • $6m+ for diverse NSW western division block
  • Tapscotts pay $7.55m to expand WA Angus operation

Melbourne investor pays $40m for blue ribbon Riverina holding

Melbourne-based natural capital investment manager Kilter Rural has paid around $40m (bare of livestock) for the premium south-east Riverina holding Aratula.

The 4852 hectares comprise four contiguous holdings – 1308ha Aratula, 1936ha Oomabah, 808ha Main Camp and 619ha Wahroonga North.

The high yielding protein, fibre and grains aggregation had been owned and managed by five generations of the Scott family and was sold to finalise a family estate.

When Aratula was offered to the market in September last year, James Sides from Nutrien Harcourts described it as one of the most significant agri-investment opportunities to be offered for sale in the region in over a decade.

Mr Sides could not disclose the price paid or confirm the name of the buyer due to a confidentiality agreement, however, he did say it was a corporate entity in agriculture.

Situated 25km west of Tocumwal in a 460mm rainfall region, the picturesque property has alluvial, highly productive creek flats complimented by vast, open, fertile farming, breeding and fattening country.

Over the past four years, Aratula has been running a core breeding herd of 300 self-replacing cows plus followers and 1200 ewes and lambs.

It is growing 305ha of established lucerne and 120ha of grazing oats for livestock and hay.

The aggregation features substantial improvements. Water is secured via a modern, well maintained piped system.


Byrnes family sells FNQ aggregation for $29m

Paniri Agricultural Co. (the newly launched arm of carbon abatement project developer and owner Corporate Carbon) has paid $29 million for an aggregation of three adjoining cattle stations in far north Queensland.

The 242,000ha Holroyd Aggregation is located 150km south-west of Coen on the Cape York Peninsula.

Put together by the Atherton Tablelands based Byrnes family, well-known in the FNQ meat processing industry, it comprises:

  • 30,000ha Holroyd River – a breeding operation boasting the largest nature refuge in Queensland, taking in nationally recognised wetlands, threatened vegetation communities and threatened plant and animal species.
  • 90,594ha Crystalvale
  • 121,406ha Yarraden – a breeding operation running 8000 head of cattle.

Paniri Agricultural Co. has now become a significant landowner in the FNQ region and manages almost 522,000 hectares.


Watson River Station

In September last year, Corporate Carbon paid $12m WIWO (including 2200 branded cattle) for Cape York’s Watson River Station.

The 89,000 hectares of undulating breeding country, located 140km south-east of Weipa, are exceptionally well-watered by an average annual rainfall of 1600mm.

At the time of sale, Watson River was earning more than $100,000 per annum in additional passive income, driven from the carbon offset scheme via Savannah burning offsets, as well as hay sales (900 bales per annum).


Ban Ban Springs

In November, Corporate Carbon snapped up the 187,300ha Ban Ban Springs, south of the Adelaide River, in the Northern Territory for $28.9 million bare.

According to the Emissions Reduction Fund register, the property has been under a savanna burning project since 2013 and has already accrued 58,822 Australian Carbon Credit Units (ACCUs).

Rawdon Briggs from Colliers Agribusiness handled the $70m sale of the Holroyd Aggregation, Watson River Station and Ban Ban Springs.


$20m for breeding & backgrounding country at Walcha

Prime Walcha district breeding and backgrounding country on New South Wales’ Northern Tablelands has exceeded the $20 million price guide.

The 2313 hectares are located 17km north-east of Walcha, in a 800mm reliable rainfall district renowned for its quality breeding and fattening country.

Bruce Rutherford from Nutrien Harcourts was unable to disclose the price or the buyer.

The gently undulating and well sheltered grazing country is growing well established pastures, suited to both cattle and sheep and estimated to carry around 15,000DSE.

Gleneagles is securely watered by a creek, dams, springs, two equipped bores and an extensive reticulation system.

Fencing is a feature with much of it constructed by the Cook family over the past 12 years. Most paddocks have access to a laneway network enhancing management efficiencies.

Gleneagles neighbours the historic 3026ha Emu Creek that has also been listed for sale.

It was sold bare of livestock, prior to the close of expressions of interest, following strong interest from locals, northern New South Wales producers and Queenslanders.


CQ weight gain country exceeds expectations

The highly improved, productive beef enterprise El Rocco in Queensland’s Central Highlands exceeded expectations selling for a record of $14.5m or $7207/ha bare of stock and plant.

The 2012 hectares are located 44km west of Moura and 109km west of Biloela, in the renowned Rhyddings/Roundstone district, in a 658mm rainfall location.

The weight gain factory is capable of running 1000 backgrounders (up to feedlot entry weight).

The gently undulating brigalow, blackbutt and belah scrub country has productive red and brown scrub soils. With the exception of creek lines and shade camps, all areas have been cleared and well established to improved pastures.

The gently undulating brigalow, blackbutt and belah scrub country is watered by six dams.

Leyland and Karen Sparkes, who had held El Rocco since 1979, had undertaken extensive timber control. With the exception of creek lines and shade camps, all areas had been cleared and established to improved pastures.

Brad Hanson from Hourn & Bishop Qld handled the sale of El Rocco.


CQ breeder block makes $14m

After 28 inspections, Central Queensland breeder block Rydan has sold at auction for $14 million or $2006/ha bare.

Alpha’s Matt and Sally McKerring, Carinya, were the successful purchasers, securing the property for expansion.

The 6979 hectares are situated at Rubyvale, halfway between Emerald and Clermont and can run 1100 breeders.

Matt Beard from Emerald-based RPV Rural described the sale as a very good price for a very good property.

Held for more than 100 years by the one family, in what is already a tightly held area, Rydan boasts quality breeder country together with good fattening country.

The stand-alone enterprise turns off quality weaners and feeders, but could also be run as a calf factory complimenting an existing backgrounding or fattening operation.

Featuring a good mix of undulating forest country, silverleaf ironbark is interspersed with bloodwood and box running to areas of brigalow scrub, blackbutt and patches of belah.

Rydan is watered by 10 dams and three bores and drained by the Carbine, Pidgeon and Cattle Creeks and their tributaries providing useful creek flats with tea tree and gum influence.

Rydan boasts quality breeder country together with good fattening country.

Riverina weight gain country sells for cotton

Cotton growers, Ed Harris and family, have paid close to $15m for a Riverina holding boasting extensive Forest Creek frontage.

When the 2370ha Marong was listed late last year, it was described as suitable for breeding and fattening, as well as irrigated cropping and pastures.

Located at Conargo, 38km from Deniliquin or two hours from Albury and Wagga Wagga, it was listed by Dan and Sally Muenster after seven years ownership.

The couple had been using Marong as a goat operations hub which saw up to 100,000 goats trucked in over a year, spelled and sent away for processing. Between 4000 and 6000 Dorper lambs were also brought in for finishing.

It is understood the new owner, Mr Harris, has purchased Marong as a Greenfields site and will put the entire property under cotton.

Situated in a 400mm rainfall region, Marong features well sheltered and well-watered grazing country and highly fertile alluvial self-mulching river flats, open red loam clays and Murray pine cropping soils.

Marong has irrigation access points from both the Forest Creek and the Murray Irrigation (Murray River system).

More than 1000 hectares have been established to irrigation, with scope and capacity to significantly develop spray irrigation.

The improvements are described as exceptional and include new 5000 head goat yards with water, a four-stand wool shed, steel yards with water and plenty of grain storage and shedding.

James Sides from Nutrien Harcourts handled the marketing and the sale, but was unable to disclose the price or the name of the buyer.


$6m+ for diverse NSW western division block

A Victorian cattle and farming family has paid around the $6m asking price for the diverse breeding and cropping aggregation Rewa in New South Wales’ western division.

The 4495 hectares, situated at Hermidale, 58km west of Nyngan and 215km from Dubbo, were snapped up prior to auction.

David Russell from Nutrien Russell Property and Livestock was unable to disclose the buyer or the price, however a guide of $1335/ha bare was offered during the marketing campaign.

During their six year ownership, the Currans family from Nyngan have established lucerne, buffel, sorghum, constant lovegrass and various medics to support the beef, lamb and wool production.

Rewa has been running 2000 merino breeding ewes, 2000 weaners and 200 mixed breeding cows and calves. However, the estimated carrying capacity is 6000DSE.

Oats, barley and lupins are seasonally grown and silage is stored on farm.

The country is slightly undulating red loam with scattered kurrajong and box wilga, and rosewood in the sheltered tree lines with a large variety of natural herbages and grasses.

Rewa is well watered by 15 dams and an area of catchment off the Whitbarrow Creek system.


Tapscotts pay $7.55m to expand WA Angus operation

Wayne and Mandy Tapscott have expanded their Angus breeding operations paying $7.55 million bare (or $38,325 per effective hectare) for the Western Australian grazing property, Candyup Hill.

The 227 hectares, suited to both cattle and hay production, are situated in Kalgan, 19km north-west of Albany, in the Great Southern region.

The range of soil types across the property are described as being duplex deep sandy gravels, duplex clay loam with some shallow gravels.

Mr Tapscott said the holding was mainly purchased for water security.

“The favourable winter dominant rainfall conditions and access to water made Candyup Hill Farm highly desirable as we expand our Angus cattle operation.”

“The river running through the property will provide year-round water, while it also benefits from an average annual rainfall of 924 millimetres — removing the likelihood of needing to feed cattle,” Mr Tapscott said.

Simon Wilkson from LAWD described Candyup Hill as a high-grade asset offering a productive balance of land classes and secure water resources, supported by reliable rainfall and proximity to the city centre of Albany.




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