Property

Weekly property review: Recently completed sales

Property editor Linda Rowley, 01/05/2024

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 England finishing factory makes $30m+
  • Qld family secures neighbouring New England properties
  • Historic Victorian properties secured for cropping
  • Gympie family expands with neighbouring Tarawindi

Angus cattle on Lakeside

New England finishing factory makes $30m+

A local cattle operator has paid between $30 million and $35 million for what Meares & Associates describes as one of the prime backgrounding and finishing properties in eastern Australia.

The 1504ha Lakeside, pictured above, is situated 30km south-east of Walcha and 93km from Armidale in northern New South Wales’ dress circle New England region.

Passed-in at auction for $28.1 million, the property sold shortly afterwards to an undisclosed buyer for an undisclosed price. In March, Lakeside was offered for sale with a $30-$35m price guide.

Agent Chris Meares said the new owner will continue to run the blue-ribbon property as a finishing factory.

Boasting heavy rich black basalt soils growing high performance fescue-based pastures, Lakeside is rated to carry between 1500 and 1750 cows, or background and finish 3000 to 4500 steers, or around 30,000 dry sheep equivalents.

Lakeside was offered to the market by Armidale-based Jackson Agriculture, owned by well-known northern New South Wales beef producer John Jackson.

The company owns a number of signature properties in the New England including Suaramez at Armidale and Ben Lomond properties Braeside, Winston Park and Oakholme.

During the marketing campaign, Grazag farm agronomist Mat Foster said of all the properties in the portfolio, Lakeside was the cream of the crop.

“It is a highly developed property with a rare combination of high altitude, high rainfall and beautiful soils. The extensive pasture renovation has the ability to turn off high numbers of cattle, especially in the spring, summer and autumn,” Mr Foster said.

Lakeside is watered by spring-fed creeks travelling through 19 paddocks and 60 dams in a 1000mm rainfall region.

Improvements include a four-bedroom home, steel cattle yards, a near new six-stand shearing shed, sheep yards and a shed.

 

Qld family secures neighbouring New England properties

A Queensland family has secured nearly 4000ha of breeding and backgrounding country in the New England region of New South Wales.

The historic 2390ha Fassifern and the adjoining 1573ha Inverinate were listed for separate sale by different branches of the Cameron family after 155 years of family ownership.

Both properties are situated in the Chandler River Valley on the eastern fall, north of Wollomombi and 50km east of Armidale and can run 30,000DSE or 2000 cows.

MacDougall Rural Property agent Graham MacDougall was unable to disclose the purchaser or the price paid, but said the new owner will continue the holistic management practices adopted over the past 20 years.

“The family was attracted to the New England’s diversity of soils, superb water and relatively safer seasons,” Mr MacDougall said.

He said he was pleased with the result despite transacting in a slower market – compared to 12 months ago.

It is understood the Queensland family will relocate their beef cattle operations to the New England.

During the marketing campaign, Mr MacDougall reported good inquiry from large family operators, however corporate interest appeared to be absent.

The properties neighbour Jeogla Station which was purchased by the Roche Group in 1998 and Hancock Agriculture owns a nearby property. It is understood neither expressed a desire to expand with Fassifern or Inverinate.

Fassifern

Held by six generations of the Cameron family, Fassifern was originally purchased by Donald Cameron in 1869 and has been producing wool ever since.

Today, the property spans 2390ha with open to sheltered valleys with fine granite soils and improved pastures running 7.4DSE per hectare.

The vendors have been breeding the current Merino bloodlines since the 1980s and producing 18-micron wool, as well as running a Hereford and Angus cross cattle operation.

The Camerons introduced rotational grazing in 2008 and, according to the vendor, this practice has increased groundcover and pasture quality.

Located near the headwaters of the Macleay River Catchment Area, Fassifern is abundantly watered.

There are 7.8km of Chandler River frontage (mostly double frontage), 4km of Maiden Creek frontage (1.8km double frontage) and 8km of Wollomombi River frontage.

Water is also supplied by Bindleys Creek, six spring-fed dams and four spring-fed gullies and creeks.

Infrastructure includes two homes, three cattle yards, three sheep yards, a four-stand shearing shed, numerous sheds, a shearer’s quarters and two silos with 50 tonnes of grain capacity.

Inverinate

The 1537ha property that once formed part of the neighbouring Fassifern, has been holistically owned and managed by Angus and Sue Cameron since 1986.

Inverinate had been operating a self-replacing Merino flock, an Angus and Angus cross breeding herd, as well as opportunistic trading.

Valley floors and country east of the Chandler River rise to sheltered fine granite high country in the east and a basalt ridge in the west that can conservatively run 500 cows and 6000 sheep.

Like the adjoining Fassifern, Inverinate has abundant natural water.

There are 5.5km of double frontage and 600m of single frontage to the Chandler River, supported by water from the Maiden Creek and spring-fed and catchment dams.

The infrastructure includes a three-bedroom home, two cattle yards, sheep yards, a four-stand shearing shed and numerous sheds.

 

Historic Victorian properties secured for cropping

Australian-owned agricultural investor, developer and manager GO.FARM has secured two historic properties in Victoria’s Western District to expand its cropping program.

The 2336ha Eurambeen Station near Beaufort and the 979ha Grandview (an aggregation of three contiguous soldier settler blocks) near Ercildoune are located west of Ballarat.

Elders agents Nick Myer and Sean Simpson were unable to disclose the price paid, however when Eurambeen was listed in October by the Dean family, it was offered with a $30 million plus guide.

Featuring productive red and grey soil profiles, the flat to gently undulating country on Eurambeen is suited to cropping or grazing an estimated 33,000 DSE.

With a history dating back to 1840, Eurambeen Station’s agricultural track record was disrupted in the early 2000s by a period of managed investment scheme blue gum plantings which have now been removed.

The property is traversed by the Fiery Creek and watered by dams, bores and a 200ML irrigation licence.

Infrastructure includes an historic bluestone shearing shed, a six-stand shearing shed, steel sheep and cattle yards and numerous sheds.

Grandview originally formed part of the Langi Kal Kal pastoral operation and has run sheep, as well as producing potatoes, pyrethrum, cereals, oilseeds and summer fodder crops.

Eurambeen Station and Grandview are situated in a 650mm to 700mm average annual rainfall zone and are benefitted by 790ML of irrigation water entitlements.

GO.FARM managing director Liam Lenaghan believes there is opportunity to unlock productivity and value in both properties.

“Eurambeen has transitioned from a blue gum plantation to a mixed farming property and will respond well to further investment in drainage, soil fertility, agronomy, technology and infrastructure,” he said.

Grandview will also receive the same treatment.

Mr Lenaghan said the timing is perfect.

“Western District farmland values make sense again after peaking in late 2021 and early 2022, driven by low interest rates, high commodity prices and strong production years.”

 

Gympie family expands with neighbouring Tarawindi

Gympie-based John Mercer and family, Kandanga Valley Charolais & Charbray Stud, are expanding with neighbouring grazing country suitable for breeding or backgrounding.

The 1886ha Tarawindi is 37km west of Moonie and 150km south-west of Dalby in southern Queensland.

It was sold by the Mulhare and Moore families after 12 years of ownership.

Eastern Rural agent Roger Lyne was unable to disclose the price, but Tarawindi passed-in at auction for $6.3 million and sold shortly afterwards to the Mercer family.

Tarawindi is mostly brigalow and belah with wilga soils growing native and improved pastures running up to 450 breeders.

During the marketing campaign, the property was presenting with abundant feed and nine full dams.

Improvements includes a four-bedroom home, steel cattle yards, numerous sheds and two silos.

 

 

 

 

 

 

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