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

• Jock Richmond pays $40m for Riverina grazing asset
• Burgess Rural adds North Billabong to its portfolio
• SA’s historic Keilira Station stays in McBride hands
• Four locals pay $30m for Riverina aggregation
• Sydney investor expands into Upper Hunter

 

Jock Richmond pays $40m for Riverina grazing asset

Victoria’s Jock Richmond from Rose Grange Pastoral has paid around $40 million for the Shaw family’s blue-ribbon pastoral asset in the southern Riverina of New South Wales.

The 1643ha Wantagong Station, pictured above, is located 20km east of Holbrook and produces beef cattle, wool, prime lamb and fodder.

Mr Richmond is a fourth-generation producer who runs 12,000 ewes and 500 cows on the 3200ha Trawalla near Little River, but also holds extensive sheep and cropping interests in southern NSW.

Elders agent Nick Myer was unable to disclose the price paid, however when Wantagong was listed for sale in September last year it was offered with a $40m price guide on a bare basis.

At the time, Mr Myer described Wantagong as one of the region’s most historic and notable rural holdings.

“It is one of the finest properties in the tightly-held Wantagong Valley with an exceptional reputation for its operational versatility and productive capacity,” he said.

Over the past 50 years, Wantagong had been strategically managed and developed over two generations of ownership by the Shaw family, with ongoing investment into strategic infrastructure projects, pasture improvement, soil amelioration and water development.

It has a circa 1951 homestead, extensive staff accommodation, numerous sheds, grain storage, a four-stand shearing shed, multiple sheep and cattle handling facilities, fully integrated solar systems and biodiversity initiatives.

 

Burgess Rural adds North Billabong to its portfolio

Australian investment company Burgess Rural has added southern New South Wales property North Billabong to its portfolio.

The 1089ha property is situated 32km north-east of Holbrook and 63km south-east of Wagga Wagga and is suited to a range of agricultural endeavours including wool, prime lamb, cattle and/or cropping pursuits.

According to its website, Burgess Rural has been investing in agriculture since 1979 and manages properties in Central Victoria and the New South Wales’ Riverina spanning 9119ha and running more than 24,000 ewes.

Elders agent Nick Myer was unable to disclose the price paid, but when it was listed in October last year North Billabong was anticipated to make around $18 million bare.

Once home to the original Australian Hotel and Cobb and Co staging station, the property was offered to the market after being extensively developed by the local Meurer Pastoral Co.

Mr Myer said the property was completely transformed.

“During their tenure, significant investment has been made into pasture improvement, soil fertility and a quality standard of fencing incorporating a centralised laneway system for ease of stock movement,” he said.

The country features heavy carrying alluvial Little Billabong Creek flats to gently undulating land estimated to conservatively run 15,000DSE.

Located in a 700mm average annual rainfall region, abundant natural water is supplied by 3.5km of dual frontage to the Little Billabong Creek, multiple dams, a solar bore and numerous wells.

In addition, a 140ML irrigation licence is available from the Little Billabong Creek.

Infrastructure includes a recently renovated circa 1856 homestead, sheep yards (4000 head capacity), steel cattle yards, two machinery sheds, a hay shed, a workshop and 200 tonnes of grain storage.

 

SA’s historic Keilira Station stays in McBride hands

The iconic South Australian sheep and cattle station Keilira will remain in McBride hands after the AJ & PA McBride family company purchased it from a partnership of five family members.

The 3345ha Keilira is situated 34km east of Kingston and described as one of the most prominent grazing properties of significant scale in the state’s south-east.

Colliers Agribusiness agents Jesse Manuel and Tim Altschwager and Grant Schubert from Elders handled the sale on a walk-in, walk-out basis but were unable to disclose the buyer or the price paid.

In a statement, AJ & PA McBride announced the latest acquisition.

“Keilira is the perfect addition as it continues the family’s journey as premier woolgrowers and takes a step forward in reaching an annual production goal of 10,000 bales of wool,” the company said.

“In addition to wool, the property will continue with its prime lamb and beef cattle enterprises.”

“It has been an exciting start to 2024 and the company is looking forward to seeing what it can do at Keilira.”

The sixth-generation AJ & PA McBride family-owned company is one the country’s biggest wool producers.

It runs 375,000 sheep (producing 8328 bales annually) on nine properties in South Australia and has a mixed farming and grazing property on the border of South Australia and Victoria.

The McBride website said Keilira was a good fit for the company as it sits between the existing Nepowie and Ashmore properties in the Avenue Range.

“This range, along with the Fairview Drain which intersects the property, provides an ideal mix of high country and well-drained black soil flats and sandy hills planted to lucerne.”

The dominant enterprise is a Merino flock which produces around 400 bales. This enterprise is supported by a Merino/White Suffolk lamb flock and an Angus herd.

The country comprises more than 2000ha (60 percent) of heavy grazing flats and more than 1200ha (40pc) of undulating hills capable of grazing 28,000DSE.

Situated in a district with a reliable winter rainfall and a long-term average of around 540mm a year, Keilira has 900ML of water entitlements.

Over the years, the McBride family has undertaken a range of infrastructure developments and pasture renovations to drive efficiencies and increase production, including satellite yards.

A significant amount of fencing has been replaced following the Keilira bushfires almost three years ago.

The property features the original homestead and outbuildings including an old stone shearing shed which is now used as a workshop and storage shed.

There are three homes, a shearers’ quarters, a six-stand shearing shed with yards, cattle yards and numerous sheds.

 

Four locals pay $30m for Riverina aggregation

A blue ribbon livestock, winter and summer dryland, irrigated cropping and fodder enterprise in the Riverina region of New South Wales has been split up and sold to locals.

The 3626ha Gundagurra is located 14km east of Deniliquin and was offered for sale by prominent locals Russell Tait and Vicki Meyer who own and operate Deniliquin Freighters.

The aggregation comprises six productive adjoining blocks amalgamated by the vendors over a 20 year period. They comprise:

• 433ha Gundagurra
• 281ha Bluebell
• 436ha Boundary Park
• 371ha Prosperity
• 1262ha Gollops Run
• 842ha Pretty Polly

Nutrien Harcourts agent James Sides said Gundagurra was split into four lots and sold to near neighbours and locals.

While he was unable to disclose the price paid, during the marketing campaign the property was anticipated to achieve around $30 million.

Mr Sides, who fielded inquiries from local corporate and family operators as well as Sydney and Melbourne investors, described Gundagurra as the best holding he has listed in his 27-year career at Deniliquin.

“Impressive from the front gate to the back, the property has been expertly managed and superbly maintained.”

Gundagurra features quality infrastructure, 52km of boundary exclusion fencing, abundant water, 1000ha of drought proof irrigation and 3000ha of highly fertile, alluvial, self-mulching and soft loam cropping country.

Over the past 15 to 20 years, Gundagurra has been running 3800 sheep and 230 cows and calves plus replacements on healthy Tuppal Creek finishing country, containing lucerne, oats and rye.

Additional livestock are turned off annually on a rotation basis, with young trade lambs and vealers grown out for a period of 12 to 18 months season permitting.

 

Sydney investor expands into Upper Hunter

A Sydney investor with country in central New South Wales has paid more than $12 million for a 3310ha low input grazing property in the Upper Hunter Valley.

The 2209ha Summer Hill and 1104ha Rosedale, 32km from Cassilis and 70km from Mudgee, were offered for sale by the Richardson family after 24 years of ownership.

Elders agent Chris Malone and Ray White Rural’s Hamish Firth were unable to disclose the buyer or the price paid, but the property was passed-in at auction late last year for $12m.

The estimated carrying capacity on Summer Hill and Rosedale is 800 to 1000 breeders, with the current operation running 800 trade cattle. In good seasons, the property has run up to 1700 trade cattle.

The country ranges from gently undulating grazing to more open areas, with a potential farming upside of around 1000ha previously sown to wheat and oats.

The soils range from heavy basalt to lighter basalt soils and some lighter sandy loams growing native pastures, rye and clover.

Situated in a 620mm average annual rainfall area, the aggregation is well watered by 13km of Munmurra River frontage as well as 34 dams.

Summer Hill has a six-bedroom home, steel and timber cattle yards, a five-stand shearing shed and yards, numerous sheds and five silos.

Rosedale has a three-bedroom home, three sheds, steel cattle yards and six silos.