Weekly property review: Recently completed sales

Property editor Linda Rowley, 29/11/2023

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

  • New agriculture investment vehicle pays $50m for NSW’s Burmah Station
  • Historic Cootamundra country sells to European family
  • Chinese add $80m Victorian estate to impressive portfolio
  • Sought-after CQ cattle country sells at auction for $16.5m
  • Local producers relocate to CQ breeding block
  • Butcher secures Atherton Tablelands breeding country
  • North QLD finishing depot sells for $5.2m
  • Wagyu breeders secure additional NSW mid-north coast country

New agriculture investment vehicle pays $50m for NSW’s Burmah Station

New agriculture investment vehicle Wilga Farming has paid around $50 million for Burmah Station (pictured above) on the north-west slopes of New South Wales.

Wilga Farming is managed by Gunn Agri Partners, an Australian manager focused on sustainable farmland management backed by minority stakeholders the Canadian pension fund CDPQ and the Federal Government’s ‘green bank’ Clean Energy Finance Corporation.

Burmah Station is a diversified mixed farming operation supporting cattle breeding and finishing together with dual-purpose crops and fodder production.

The 5437ha aggregation located 10km from Graman and 30km north-east of Warialda, comprises four strategically acquired and developed properties operated as a single holding.

It was listed in May after seven years ownership by Macquarie Bank’s Paraway Pastoral who said it was part of the active management of its portfolio to realise some of the capital growth for investors.

The company stated the money raised would be re-invested to further develop its business and other properties.

LAWD director Danny Thomas, who was appointed to handle the sale of Burmah Station, confirmed a transaction had occurred but was unable to disclose the buyer or the price paid.

Burmah sits at an elevation of 550m, and with a summer-dominant average annual rainfall of 765mm is suited to cattle breeding and finishing in combination with crop and fodder production.

Conservatively stocked, the property is rated to run 40,000DSE.

Around 2773ha has been developed for dryland cropping, 2103ha is used for grazing, with the 561ha balance made up of timbered grazing and remnant timber.

Water is supplied by seven bores and catchment dams.

Fit-for-purpose infrastructure includes three dwellings, two livestock yards, a shearing shed and multiple sheds, as well as 410t of grain storage.

In May, Wilga Farming purchased its first asset, the 1237ha The Glen for around $11 million.

The immaculately presented grazing and cropping country is located 10km south of Delungra and 40km from Inverell, on the border of the Northern Tablelands and the north-west slopes and plains.

A month after purchasing The Glen, Wilga reported it was considering a range of initiatives to improve farm productivity, such as reducing synthetic fertiliser use and improving irrigation, grazing and soil carbon management.


Historic Cootamundra country sells to European family

As reported earlier, a German investor has paid around $55 million for Palgrove’s historic Cootamundra district holding Gilgal Station on the south-west slopes of New South Wales.

LAWD senior director Col Medway declined to comment on details of the sale, but said the listing attracted interest from institutional investors and locals.

According to an article on Grain Central, the buyer is believed to be Lukas Asset Management’s Land und Fortwirtschaft fund, a family-backed investor with assets in agriculture and forestry.

The purchaser has engaged new joint venture Agri Carbon Investments (SLM Partners and Impact Ag) to run the prized Cootamundra property as a regenerative operation – generating an income from livestock, cropping and carbon credits.

Located 75km from Wagga Wagga, the 3605ha aggregation comprises the 1631ha Gilgal, 1633ha Winona and 341ha O’Connors.

The large contiguous holding has a 37,000DSE carrying capacity and is suited to beef breeding and finishing, prime lamb and wool, as well as 560ha of dual-purpose winter cropping.

Gilgal was offered for sale by prominent commercial and seedstock beef cattle producer, Palgrove after three years ownership.

Under its stewardship, pastures have been improved, fencing and laneways, upgraded and extensive operational infrastructure constructed to optimise productivity.

When Gilgal Station was listed in April, Mr Medway told Beef Central that flexibility was one of the property’s defining features.

“It boasts a mix of fertile red friable loam soils, secure water supply and well-executed strategic development making it equally suited to cattle, sheep and wool, cereal, legume or oil seed production,” he said.

“The introduction of grazing wheat and canola to the cropping rotation underpins a mixed farming production system that has proven climatic resilience. The approach provides a diversity of levers to management to navigate varied seasonal and market conditions productively and profitably,” Mr Medway said.

Water is secured by two groundwater bores and several creek systems, including Cunjegong Creek, as well as numerous catchment dams and a reticulated water network.

The new owner purchased 7000 sheep plus around 1000 cattle which Palgrove had been running on Gilgal.


Chinese add $80m Victorian estate to its impressive portfolio

Guangxi Investment Co Ltd has reportedly paid $80 million for a second prominent landholding north-west of Melbourne.

The 4033ha Greystones was offered to the market after 90 years ownership by the family of Sir William Angliss – a Melbourne butcher, pastoralist, pioneering meat exporter, businessman and politician.

Settled in 1840, Greystones is situated near Rowsley and Bacchus Marsh, and boasts an historic 13-bedroom bluestone mansion.

Around 2800ha of native and improved pastures are running 6000 sheep, with 1214ha set aside for dryland cropping.

The infrastructure includes nine dwellings, shearers quarters, several sheds, a six-stand shearing shed and sheep and cattle yards.

The sale of Greystones was handled by Colliers Agribusiness agents James Beer and Thomas Quinn who were unable to disclose any details.

Three years ago, Harvest Agriculture (an Australian-based wholly owned subsidiary of Guangxi Investment Co) paid around $60 million for Victoria’s Yaloak Estate – one of the largest single landholdings within 60km of Melbourne and just 20km from Greystones.

The 5070ha property near Ballan is operated as a highly productive grazing and cropping enterprise and, like Greystones, represents a strong land bank opportunity given its proximity to Melbourne.

Yaloak Estate comprises circa 2000ha of arable land suitable for cropping, with the balance used for grazing.

There are extensive structural improvements of historic significance including the circa 1890 homestead, seven additional residences and the renowned Yaloak Polo Club.

The estate also benefits from a wind farm agreement which provides a passive income.

The sale of Yaloak back in October 2020 was handled by Colliers agents Duncan McCulloch and James Beer, together with David Williams and Tim Faulkner from Kidder Williams.

The 4033ha Greystones was offered to the market after 90 years ownership by the family of Sir William Angliss


Sought-after CQ cattle country sells at auction for $16.5m

Buffel country in one of Central Queensland’s most sought-after cattle grazing districts has sold at auction for $16.5 million to Nebo’s Jason and Megan Philp, Terang Station.

The 3784ha Kulla, 66km south of Blackwater and 68km north of Rolleston, is carrying a good body of dry season feed that can carry 600 cows and calves or 800 dry cattle.

The prime breeding, finishing and backgrounding country is situated in the Comet-Blackwater-Rolleston triangle, widely acknowledged as some of the best of the Central Highlands cattle country.

RPV agent Terry Ray said Kulla attracted strong inquiry and sold for above expectations proving that good quality, productive places are still making good money.

The property comprises 2700ha (71 percent) of developed mixed brigalow scrub, 550ha (15pc) of partially developed open mountain coolibah forest, 330ha (9pc) of developed black soil downs, and 200ha (5pc) lancewood forest and ridges.

Improvements include a three-bedroom home, two sheds and cattle yards.

Kulla was sold by the Rowlands family, Humboldt, Comet, and is watered by a bore, two dams, a well and seasonal flows from the Shotover Creek.


Local producers to relocate to CQ breeding block

Meantime, a safe breeding block in Queensland’s Central Highlands has sold prior to auction for $6.2 million.

The 3250ha Green Valley was listed in August by members of the Hoy family after four generations of ownership.

Situated near Bogantungan, 100km west of Emerald, the country features a mix of native and improved pastures that can run 500 cows.

Situated in a 660mm annual average rainfall area, Green Valley is watered by multiple dams, bores, seasonal creeks and a large lagoon.

Ray White Rural agent Brock Palmer said Green Valley achieved above expectations following strong inquiry from producers across the state keen to supplement their finishing country.

Breeding cows on Green Valley


Butcher secures Atherton Tablelands breeding country

Gary Haines from the Malanda Meat Co has paid $5.75 million for quality low-cost Atherton Tablelands breeding country.

The 20,112ha Morecambe Station, owned by the Malaysian-based MBF Group, is located near Gunnawarra, 20km south of Mount Garnet and 120km from Atherton in far north Queensland.

While no carrying capacity was provided by Ray White Rural agent Jez McNamara, it is understood the property once ran 1700 breeders plus replacement heifers.

Morecambe has alluvial soils along the Herbert River frontage country and loamy, sandy soils on the balance of the lighter forest country.

It is watered by 23 tanks and troughs, a pump and a bore. A 600mgl water licence was included in the sale.

Previously, the property grew peanuts on its good red basalt soils. A 50ha fenced paddock is suitable for irrigation and hay production.


North QLD finishing depot sells for $5.2m

The Gobbert brothers from Dirranbandi have paid $5.2 million bare for North Queensland finishing depot Ophir Downs.

Located 14km off the Richmond Highway, the 9630ha property is situated 46km from Richmond and 96km from Hughenden.

According to vendors Darren and Melissa Pedracini from Lornevale Station, Georgetown, Ophir is capable of running up to 600 head in dry years and 1200 head during good rainfall years – averaging 800 head (300kg to 550kg backgrounding weight).

Featuring undulating to flat downs country with black soils and some red pebbly ridges, Ophir Downs is grassed with Mitchell and Flinders, pig weed, peabush, some buffel and various herbages.

While most of the country is described as ‘fairly clean’ there are some scattered prickly acacia, with mimosa along the channels and around the watering points.

Ophir Downs has some seasonal creeks and channel areas and is watered by a capped bore (installed in 2010) supplying a turkey’s nest and tanks, as well as five dams.

Recently, 20km of new fencing has been erected. Since 2014 all the internal and boundary fences have been replaced.

Peter McPherson from Queensland Rural handled the sale.

Ophir Downs yards


Wagyu breeders secure additional NSW mid-north coast country

The Dyer family from New South Wales’ mid-north coast has paid $2.3 million ($7255/ha) for picturesque coastal cattle country in order to expand its Wagyu operation.

The 317ha The River Run is a cattle breeding and finishing block with 5km of Ellenborough River frontage, one hour from Port Macquarie.

It has been backgrounding more than 350 trade steers ranging from 300kg to 480kg, but previously ran 200 cows and calves.

The country ranges from rich river flats and rolling hills with a combination of red and brown earthy loams and grey and red clay subsoils.

Water is sourced from the Ellenborough River, the Long and Mistake Creeks and 12 dams, in a 1337mm average annual rainfall region.

LAWD agent Daniel McCulloch handled the sale.





Your email address will not be published. Required fields are marked *

Your comment will not appear until it has been moderated.
Contributions that contravene our Comments Policy will not be published.


Get Property news headlines emailed to you -