31,500ha Gattonvale, near Collinsville made $77.75m when sold in July – one of Queensland’s largest sales of the year

THIS week’s property review showcases a state-by-state snapshot of the defining grazing property sales negotiated across Australia, as reported over the past 12 months.

This is not a definitive list, as other significant properties have sold in off-market private deals. It is however interesting to look back over the past year at the prices and size of the more significant grazing properties that have changed hands.

Biggest transaction

September – Privately-owned Australian Food & Agriculture Company sold its 13 New South Wales farms spanning 225,405ha to the United States Agriculture & Natural Solutions Acquisition Corporation for $780 million, who foreshadowed the prospect of creating new carbon-focused, renewable-energy or premium-brand income streams from the assets.

The jewels in the offering included trophy Merino studs Wanganella and Poll Boonoke, the famed birthplace of the modern Australian Merino sheep and at the forefront of the Australian wool industry for more than 150 years.

After 30 years of investing in agriculture, AFA had become one of the largest diversified agricultural portfolios in NSW. It was operating three hubs in the Deniliquin, Coonamble and Hay districts.

It was producing 79,000 Merino ewes plus Merino wethers and prime lambs, and suppling elite Merino genetics from the Wanganella and Poll Boonoke studs.

Around 4000 Hereford breeding cows underpinned the marketing of 2000 steers annually, with the potential to boost numbers through steer trading matched to available feed resources.

Irrigated cropping layouts over 11,000ha were growing rice, cotton, winter cereals and forage using bore water and 54,693ML of water entitlements from the Murrumbidgee and Murray River systems.

The Deniliquin group of properties spans 122,935ha and comprise the original FS Falkiner & Sons property aggregation including Boonoke, Warriston, Peppinella, Wanganella, Zara, and Barratta. This aggregation is primarily focussed on sheep and cattle breeding and grazing, with irrigated and dryland cropping as water availability permits.

The Coonamble properties Netherway and Wingadee jointly cover 44,846ha and are situated on the Castlereagh River to the north of Coonamble. Netherway is fully developed for broadacre dryland cropping, while Wingadee is a grazing and cropping property.

The Hay properties cover 57,624ha and comprise Burrabogie, Mulberrygong, Kolora, Wahwoon, all on the Murrumbidgee River east of Hay. North Cobran is located north-east of Hay.

AFA also owned the Conargo feedlot, 25km north of Deniliquin, approved to hold 5000 head of cattle and 15,000 sheep.

Standout sales: Queensland

Central Queensland grazing property, Kurrajong Park was a benchmark sale on a per hectare basis at $8063/ha bare.

In November, the 3237ha Ray Scott Portfolio property sold under the hammer for $26.1m to nearby landholders Rob and Annie Donoghue.

Representing some of the best country in the Bauhinia district, the gently undulating to low rolling hills features brigalow, bottletree and softwood scrub.

Once entirely cropped to grains and cereals, Kurrajong Park was returned to improved pastures of mostly buffel, panic, rhodes and bluegrass, with around 200ha sown to leucaena.

Several watercourses service the property, complemented by 14 dams and three bores.

Herron Todd White valuer Will McLay described Kurrajong Park as a quality property in a blue-ribbon area.

“The sale price indicates values for premium quality grazing assets in Central Queensland are maintaining levels established in 2022/23.”

Despite a slowing trend, in terms of fewer properties on offer and less buyer activity compared to last year, Mr McLay said there was still enough depth in the 2024 market for people to step up and pay market peak levels for quality assets.

New South Wales

A blue-ribbon backgrounding and finishing property in northern New South Wales’ New England region that sold in May for $30 million achieved $19,947/ha bare.

The 1504ha Lakeside is 30km south-east of Walcha and 93km from Armidale and was purchased by a neighbour for expansion.

The highly developed, high rainfall property featured heavy rich black basalt soils growing high performance fescue-based pastures, with the ability to turn off high numbers of cattle.

Lakeside is rated to carry between 1500 and 1750 cows, or background and finish 3000 to 4500 steers, or around 30,000DSE.

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

Most active private buyer

One of 2024’s most active private buyers was Chinese-born, Sydney-based investor Jacky Cheung (Marina Seven Holdings) who forked out $133.45m in the space of three months for three New South Wales properties.

In June, Mr Cheung added the Commins Portfolio to his existing Riverina assets. He paid around $88 million for the institutional grade irrigated opportunity underpinned by substantial water entitlements.

Located on the northern side of the Murrumbidgee River, 3km south of Whitton and 17km east of Darlington Point, it spans 2807ha across four non-contiguous hubs within an 18km radius – the 1097ha Karwar, 1253ha Whitton Hub, 183ha The Weir and 274ha Nardoo.

Mr Cheung then purchased neighbouring grazing properties in New South Wales’ Upper Hunter.

July – He paid $32.5m for the 5810ha Balarang Station, north-east of Scone. Bookended by the notable Waverley and Timor Stations, the cattle trading enterprise using regenerative practices was one of the largest properties transacted in the Timor district in the last two decades.

August – Mr Cheung paid $12.95m for the adjoining 2122ha Fernleigh. The 2122ha breeding and finishing livestock operation, which neighbours the Packer family’s Ellerston Station, is located 45 minutes from Murrurundi and 85km north-east of Scone.

The undulating to hilly pasture improved grazing country has chocolate basalt and some red loams offering a high carrying capacity, with significant scope for further development.

Interestingly, the property last traded hands in June 2021 for $7.75m.

In March 2022, Mr Cheung paid more than $11.25m for the nearby 1679ha Timor Creek, a well-developed beef cattle operation situated 29km from Murrurundi and 45 minutes north-east of Scone.

Highest sales on a state-by-state basis

Northern Territory

June – The Langhoven family paid $49m (bare of livestock, plant & equipment) for the 64,700ha scenic blue-ribbon backgrounding enterprise Woolner Station. Boasting 18km of pristine coastal frontage, it is located 150km east of Darwin in the Mary River region and capable of backgrounding 20,000 head of cattle.

Situated in a 1700mm annual rainfall region, around 48,000ha of fertile black soils benefit from annual flooding that provides excellent growing conditions for a variety of tropical pastures capable of carrying large numbers of cattle.

Most of the country (75pc) comprises low lying to level coastal and alluvial floodplains rising to gently undulating red country (25pc) which could provide year-round grazing options if developed.

Located on one of the major floodplains in the Mary River system, Woolner is serviced by 10 bores, as well as permanent and seasonal waterholes and associated creek systems.

It is also acclaimed for its scope of spectacular natural features and extensive flora and fauna species.

October – Clermont’s Richard and Dyan Hughes and family made their first foray into the Northern Territory, purchasing the 559,500ha Murray Downs Station from Filipino lawyer, businessman and property developer Romeo Roxas. The $46.5 million walk-in walk-out sale included 10,000 quality Santa Gertrudis cows, heifers and followers. On a bare basis, Murray Downs made sub-$30 million.

Located in the lower Barkly Downs region, 195km south of Tennant Creek and 400km north of Alice Springs, the soft mulga and buffel breeding country is able to run between 10,000 and 12,000 breeders, with the Davenport Ranges to the north providing excellent flood out.

Murray Downs is watered by 34 bores (30 are solar powered) and benefits from the Amelia, Skinner and Murray Creek systems, as well as seasonal waterholes.

Since 2015, Murray Downs Station has undergone extensive water, fencing and structural improvements.

Western Australia

August – The oldest station and newest meat processing plant in the Kimberley was purchased by the Canadian super fund manager Alberta Investment Management Corp.

The vertically integrated beef enterprise comprises the adjoining 475,617ha Yeeda and Mt Jowlaenga Stations (known as the Yeeda Aggregation), the Kimberly Meat Company Abattoir (KMC), the Kimberley Properties (KPP) eight residential properties in Broome and Derby, associated plant and equipment and a conditionally registered HIR carbon project.

Administrators KordaMentha confirmed a walk-in walk-out purchase price of circa $55 million including 13,800 head of cattle counted in partial muster in Oct 2023.

In the end, more than 30,000 head of cattle were mustered, and it is understood AIMCo paid more than $60m for the entire portfolio.

The Yeeda Aggregation was the first station taken up in the Kimberley and is uniquely placed at the mouth of the Fitzroy River and Yeeda Creek, with extensive flood out country producing high quality grazing suitable for breeding, growing and fattening cattle.

With a current potential carrying capacity of 22,990CU, there is scope to increase numbers with additional capital works (subject to approval).

Queensland

July – The Simmons family, Avon Downs, Clermont paid $77.75m on a walk-in walk-out basis for the 31,474ha Gattonvale Holding in the Whitsunday region. On a bare basis, the property changed hands for around $70m or $2224/ha.

The standout breeding and finishing country, located 32km from Collinsville and 144km from Bowen, was sold by the Cox family after 62 years of ownership.

Conservatively carrying 7500SCU, the WIWO sale included 4900 Santa Gertrudis cattle including 1900 breeders and followers plus plant and machinery.

Gattonvale has more than 16,000ha of heavy, self-mulching brigalow scrub soils carrying abundant feed, 8500ha of narrow leaf ironbark and gum top box, 2400ha of heavily grassed downs country, 2400ha of river country with alluvial soils and 2000ha of mountainous range country.

It boasts frontages to Bowen River and the Bowen River Weir. Water is also secured by a 35ML allocation from Newlands Mine pipeline, five bores (three are equipped), 20 dams and several seasonal watercourses.

At the time of sale, Shepherdson & Boyd agent Mike Barry said the price reflected the current market for quality, well maintained cattle properties.

“Gattonvale boasts some of the best heavy brigalow-buffel scrub country and is renowned for breeding and finishing prime bullocks and cull cows. There are not many places where you can run a couple of thousand breeders and take the progeny through to 400kg dressed bullock weight.”

October – The Dennis family from Twin Hills Cattle Co paid $49m ($4657/ha bare) for Bauhinia’s 10,522ha Fairfield, considered the jewel in Ray Scott Pastoral’s portfolio of seven properties.

Located three hours south-west of Rockhampton, the holding is capable of breeding and finishing cattle on fully developed, improved pastures in a 662mm annual rainfall region.

It features quality infrastructure and an excellent balance of country running from heavy loams along the watercourses to low undulating softwood scrub country supported by deep rich and fertile clay soils.

Around 1000ha grow forage crops with potential to grow a further 1000ha.

It is abundantly watered by the Fairfield, Comely, Expedition and Erythrina Creek systems, as well as numerous permanent and semi-permanent water holes, supported by six bores and 12 dams.

The Dennis family also purchased the adjoining 2299ha Ellis Camp which passed in at $10.7m ($4654/ha) and sold shortly afterwards for between $12m ($5219/ha) and $13m ($5654/ha).

New South Wales

September – Financial services company Perpetual Corporate Trust paid $54.4 million (thought to be on a bare basis) in an off-market deal for the renowned cattle breeding property Cooplacurripa Station.

It is understood the 20,076ha historic holding, between Gloucester and Nowendoc, has been purchased for carbon and will be planted to trees.

Cooplacurripa is the largest holding on the eastern fall of the Great Dividing Range on the mid-north coast of New South Wales.

It was sold after three years ownership by Phillip and Vanessa Bell who paid $35m ($1458/ha) bare for the 24,398ha in November 2021. Back then, the sale included the 1196ha Number One and 654ha Kerriki properties (purchased by the previous owner China’s Rifa Salutary) which were sold off separately.

Cooplacurripa Station, then spanning 32,000ha, was settled in 1846 by the Australian Agricultural Co. In 1950 it was taken over by cattle producer Ivan “Ike” Livermore and sold in 2003 to the Bydand Pastoral Co. In 2015 China’s Rifa Salutary (part of the Zhejiang Rifa Holding Group) paid $32m for Cooplacurripa including 5000 head of cattle.

January – Victoria’s Jock Richmond, Rose Grange Pastoral, paid $36 million bare ($21,911/ha) for the Shaw family’s blue-ribbon asset in the southern Riverina of New South Wales.

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

Wantagong was described as one of the most historic and notable rural holdings in the region, with an exceptional reputation for its operational versatility and productive capacity.

Over the past 50 years, it 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.

South Australia

The sale of Fairview and Keilira Stations made up two of the largest grazing transactions not only in South Australia, but also across southern Australia.

November – Fairview, one of the largest grazing properties in South Australia’s south-east, changed hands selling to a long-established family operator in the region for expansion. While no price was disclosed, it is understood the most recent price expectation was in excess of $50m bare, which means it sold for around $11,558/ha.

Located near Lucindale, 42km west of Naracoorte, the 4326ha comprise six contiguous properties – Old Fairview, Lantara, Wombalano, Keys, Watson’s and Mickan’s.

Featuring flat to gently undulating grazing country growing improved pastures, Fairview runs a self-replacing cattle herd of black Angus and Angus/Black Simmental cross cows and a mostly Merino ewe flock using Suffolk and Dorset rams.

As well as grazing, there are areas suited to cropping with 130ha planted to barley for a fodder crop.

Situated in a 600mm average annual rainfall region, Fairview benefits from 1053ML of water entitlements for irrigation, with 25ha developed to flood irrigation.

February – the iconic South Australian sheep and cattle station Keilira remained in McBride hands after the AJ & PA McBride family company (one the country’s biggest wool producers) purchased it from a partnership of five family members for an undisclosed price.

Described as one of the most prominent grazing properties of significant scale in the state’s south-east, the 3345ha Keilira is located 34km north-east of Kingston on the Avenue Range. This ridge of ancient sand hills, along with the Fairview Drain which intersects the property, provide an ideal mix of high country and well-drained black soil flats and sandy hills planted to lucerne.

Keilira runs a Merino flock which produces around 400 bales, supported by a Merino/White Suffolk lamb flock and an Angus Herd.

The country comprises more than 2000ha (60pc) 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.

Victoria

November – A South Australian family paid $21 million bare for Excel Farms’ highly improved and well developed 967ha Karrara Aggregation (558ha Karrara Farms and the 408ha Acacia) in the renowned Western District.

Located near Ecklin South, 30 minutes from Warrnambool, it is considered a large-scale parcel of land in an 890mm rainfall area that is traditionally dairy country.

Described as a ‘grass factory’ used to breed and finish cattle, but also suited to sheep, Karrara is capable of running 20,000 dry sheep equivalents.

The gently rolling arable land has highly fertile soils (mostly basalt over clay) established to perennial and annual pastures and reliably watered by six bores.

During its tenure, Excel Farms has carried out significant capital expenditure focussing on lime, gypsum, water systems, drainage, perennial pasture development, infrastructure and a fencing/laneways network.

Tasmania

November – A local investor paid around $15m for the Gray family’s historic grazing property on Tasmania’s lower East Coast, ending 87 years of ownership.

Located 12km south of Orford and 88km from Hobart, the 3250ha Rheban is considered one of the state’s premier coastal rural holdings, with extensive frontage to the Mercury Passage and unrestricted views of Maria Island and the Freycinet Peninsula to the north.

The property supports 5500 sheep and 100 Angus cattle plus replacements.

Rheban was offered significant water infrastructure and development opportunities for both viticulture and horticulture. It has light sandy loams, alluvial and black, cracking clay soils and several potential dam sites which could harvest water from the extensive area of crown land adjacent to the property.

July – A well-rounded breeding property in Tasmania producing grass-fed lamb and beef and fine merino wool sold after a six week marketing campaign to a local producer for $10.3m.

The 2880ha Rotherwood is located near Lower Marshes, one hour from Hobart, in Tasmania’s tightly held Central Highlands.

Boasting a strong history of sheep production and potential for expansion, the enterprise had been running around 7000DSE but with further pasture and fertility improvements has the potential to carry up to 10,800DSE or 1353AE.

Rotherwood comprises 1350ha of open grazing land, 500ha of bush runs for grazing, a 110ha hardwood plantation, a 12.5ha softwood plantation and 800ha of native forestry (due for selective harvesting in five years).

Year in summary

At the time of publication, Beef and Sheep Centrals counted at least 79 substantial livestock properties across the country as sold, and 115 listed for sale.

2024 (disclosed) livestock property sales reported by Beef and Sheep Centrals show:

• 6 properties sold in the sub $5m bracket
• 17 properties sold in $5m-$10m
• 6 properties sold in $10m-$15m
• 23 properties achieved above $15m

2024 (disclosed) property sales with livestock, irrigation and/or cropping capabilities reported by Beef and Sheep Centrals show:

• 0 properties sold in the sub $5m bracket
• 2 properties sold in $5m-$10m
• 6 properties sold in $10m-$15m
• 18 properties achieved above $15m

2023 (disclosed) livestock property sales reported by Beef Central show:

• 12 properties sold in the sub $5m bracket
• 20 properties sold in $5m-$10m
• 14 properties sold in $10m-$15m
• 20 properties achieved above $15m

2022 (disclosed) livestock property (some of which have irrigation or cropping capabilities) sales reported by Beef Central show:

• 21 properties sold in the sub $5m bracket
• 46 properties sold in $5m-$10m
• 14 properties sold in $10m-$15m
• 36 properties achieved above $15m

2021 (disclosed) livestock property sales reported by Beef Central show:

• 30 properties sold in the sub $5m bracket
• 36 properties sold in $5m-$10m
• 20 properties sold in $10m-$15m
• 30 properties achieved above $15m

2020 (disclosed) livestock property sales reported by Beef Central show:

• 31 properties sold in the sub $5m bracket
• 19 properties sold in $5m-$10m
• 12 properties sold in $10m-$15m
• 22 properties achieved above $15m

2019 (disclosed) livestock property sales reported by Beef Central show:

• 17 properties sold in the sub $5m bracket
• 14 properties sold in $5m-$10m
• 18 properties sold in $10m-$15m
• 22 properties achieved above $15m

2018 (disclosed) livestock property sales reported by Beef Central show:

• 31 properties sold in the sub $5m bracket
• 17 properties sold in $5m-$10m
• 12 properties sold in $10m-$15m
• 14 properties achieved above $15m

2017 (disclosed) livestock property sales reported by Beef Central show:

• 40 properties sold in the sub $5m bracket
• 23 properties sold in $5m-$10m
• 10 properties sold in $10m-$15m
• 13 properties achieved above $15m