Property

Charleville’s Raceview Station sold for $21 million

Property editor Linda Rowley, May 17, 2024

THIS week’s property review includes this wrap up of recently completed sales and some interesting recent listings across the country.

 Charleville’s Raceview makes $21m

 Two producers secure northern NSW country

 Western NSW grazing split three ways

Charleville’s Raceview makes $21m

Charleville businessman and producer Shane Castles and partner Lisa Paynter, together with Brock and Katrina Hindmarsh, Dillalah Station, have paid $21 million at auction for south-west Queensland’s Raceview Station.

The sale ends 30 years of ownership by the UK-based Mellstrom family.

Purchased by the late property tycoon and Surrey farmer Graham Mellstrom, Raceview Station is believed to be the last remaining Australian asset held by the family following the sale of its Brisbane commercial property portfolio.

Adcock Partners Property & Livestock agent Andrew Adcock said Raceview attracted 13 inspections from New South Wales, Queensland and the Northern Territory, with most of the local interest understanding the property the best.

Described as one of the most productive properties in the district, the 39,550ha are adjacent to Western Meat Exporters and 3km north-east of Charleville.

Boasting 33km of Warrego River frontage, Raceview is heavily pastured with buffel (across 40 percent of the property) with strong stands of edible mulga.

Suited to cattle breeding and finishing, or sheep and goats, the property has been running 1800 cows and calves and more recently, 1400 goats and progeny.

In addition to the Warrego River, Raceview is watered by the Wellwater and Crooked Creeks, and Bradleys Gully with permanent and semi-permanent waterholes, four bores and 13 dams, supported by 482mm of rainfall a year.

Around 35km are exclusion fenced enclosing an area of 13,354ha.

Infrastructure includes a four-bedroom home, a shed, a shearing shed, two cattle yards and a goat yard.

The sale of Raceview included basic station plant.

Two producers secure Northern NSW country

Two New South Wales producers have secured almost 2000ha of blue-ribbon grazing and farming country in northern New South Wales, some of which has been held by the Wilson family since 1930.

The 1260ha Lowestoft Aggregation and 612ha Woodlands are located near Gowrie, about 10km apart, halfway between Nundle and Tamworth.

Ian Morgan Livestock agent Ben Goodman was unable to disclose the purchasers or the prices paid but said the two properties sold separately to producers who would continue to use them as fattening depots.

Lowestoft

The 1260ha, situated 19km from Wallabadah, comprise four properties – 401ha Lowestoft, 277ha Darra, 185ha Middle Goonoo Goonoo and 396ha Sugarloaf – aggregated over a 50 year period.

As a whole, the holding runs 370 cows and calves, 1000 composite ewes and fattens between 1600 and 1700 prime lambs annually.

It also grows cereal crops for fodder, as well as wheat, barley and sorghum on around 164ha which could be expanded by a further 356ha.

Before the cropping area was increased, the Lowestoft Aggregation ran 600 cows and calves and 500 merino ewes on country that is a mix of valley floors and creeks with soft undulating rolling hills to timbered hills.

During the marketing campaign, Mr Goodman said Lowestoft offers some of Tamworth's finest grazing country.

“The aggregation consistently produces high quality livestock that are sold to feedlots, abattoirs and saleyards.”

Situated in a 711mm annual rainfall district, Lowestoft is watered by five equipped bores. The four holdings have their own water supply but are also connected to each other for back-up water.

There are 30 dams plus creeks with permanent and non-permanent waterholes.

Infrastructure includes three homes, five sheds, two cattle yards, sheep yards, a two-stand shearing shed and silos.

Woodlands

The 612ha Woodlands is located 8km from Currabubula, 11km from Duri and 28km from Tamworth.

It was purchased by the Wilson family in 2014 for additional cropping and grazing opportunities and is currently being used as a fattening depot for trade cattle or the family’s breeder cattle.

Woodlands is growing 282ha of barley, wheat and sorghum with a further 81ha considered arable.

Woodlands is watered by three bores and six dams.

Improvements include cattle yards, numerous sheds and six silos (two are new) with 426 tonnes of capacity.

Western NSW grazing split three ways

Woorilla Aggregation, Hillston – Inglis Rural Property from Inglis on Vimeo.

A western New South Wales Lachlan River operation has been split up and sold to two locals and a young family from Orange for a combined $9.225 million.

The 9573ha Woorilla Aggregation was offered by Riverina producers Ian and Linda McLean after more than 105 years of single-family ownership.

The 4577ha Woorilla sold for $5.175m, the 2904ha Tarrawonga made $2m and the 2092ha Walkers raised $2.05m.

Situated on the Riverina Plains, 38km from Hillston, the aggregation has 5km of Lachlan River frontage and 10km of Merrowie Creek frontage.

The low-input, grassland and bush country is suited to sheep, goats and cattle and is estimated to run 4000 ewes and followers, with a history of opportunistic cattle trading and finishing.

Around 221ha have been approved for cultivated irrigation with the red loams and clay-rich vertosol chocolate-cracking soils offering scope for development.

The property is adjacent to irrigated cotton and wheat, almond orchards and intensive cropping operations.

The Woorilla Aggregation was offered with a 972ML Lachlan River water licence (available for separate sale), an 8ML water licence, six bores and a dam.

Improvements include a five-bedroom home, a renovated shearers quarters, a five-stand shearing shed, four steel sheep yards, steel cattle yards and a shed.

Tasmanian grass factory heads up recent listings

THIS week’s property review includes a wrap-up of interesting recent listings across the country.

 $70m+ for Tasmanian grass factory

 Chinese draw curtains on historic Tassie property

 Location to drive inquiry in Moonie’s Burnbrae

 Blue Sky Beef offloads Blackall powerhouse

$70m+ for Tasmanian grass factory

More than $70 million is anticipated for what is believed to be one of the largest contiguous holdings of agricultural land in Tasmania.

Owned by the Greenham Group, the 3368ha Westmore is located 7km south of Marrawah and 35km from Smithton, in Tasmania’s north-west – considered one of the best grass growing areas of the world.

Currently run as a beef cattle grazing operation, it is conducive to a range of agricultural pursuits and comes with a 60,000DSE carrying capacity.

It offers year-round production and currently finishes around 6500 cattle a year, including a combination of F1 Wagyus, British Bred and Dairy Beef Cattle. It also runs a breeding herd of 250 self-replacing cows.

A key supplier to Cape Grim branded beef, Westmore carries Greenham’s globally recognised accreditation for the grassfed standard NEVER EVER Beef.

It also comes with the new Greenham Beef Sustainability Standard – a voluntary on-farm program that outlines a practical set of key indicators and measures to enhance and showcase sustainable practices.

Greenham Group managing director Peter Greenham said the blue-ribbon property offers an opportunity to secure a proven livestock production asset, with an option to purchase the current herd.

“New owners will step straight into our supply chain, including accreditation, while benefiting from high productivity and a significant natural capital asset base.”

The Greenham Group intends to reinvest the sale proceeds into its Smithton plant and downstream supply chain to continue to improve and develop its renowned Cape Grim program.

During its nine year tenure, the sixth generation Australian-owned business has invested heavily in pasture development to significantly boost carrying capacity.

LAWD director Danny Thomas said Westmore is an opportunity to buy into a tightly held region where operations of this scale rarely come to market.

“The property is likely to attract significant interest from producers, high net worth individuals, domestic and global investors, and syndicates seeking expansion opportunities in either beef or dairy production.”

Benefited by 1072mm of average annual rainfall, Westmore is watered by four bores, numerous dams and rainwater tanks.

Infrastructure includes a five-bedroom home, three cottages, workers’ accommodation, numerous sheds, a cattle yard complex and a further three cattle yards.

Westmore is for sale by expressions of interest closing on June 13.

Chinese draw curtains on historic Tassie property

After years of speculation, one of Tasmania’s most iconic rural properties is being offloaded by Chinese businessman owner Xianfeng Lu.

Mr Lu is the owner of Kresta, one of Australia’s largest suppliers of custom-made curtains, blinds, shutters and awnings.

The 9500ha Woolnorth is located in Tasmania’s north-west and boasts some of the state’s most spectacular coastline.

Established by a group of London merchants in 1825, the Van Diemen’s Land Company ran sheep and cattle for 170 years to become a major producer of wool and beef.

From the 1960s through to the 1990s, the property ran up to 40,000 sheep and more than 2000 Hereford breeders, and grew poppies, barley and potatoes.

In 1993 it was sold to the New Zealand publicly listed Tasman Agriculture Limited who converted large areas into dairy country, including the eight rotary dairies which have milked up to 8593 dairy cows.

In 2008, it was taken over by Taranaki Investment Management Limited, the investment arm of New Zealand’s New Plymouth District Council.

In 2015, the asset, with around 18,000 cows, was listed for sale.

The following year, it was controversially sold for $280m to Mr Lu’s Moon Lake Investments, outbidding TasFoods’ offer of $250m at the 11th hour.

Foreign Investment Review Board approval was subsequently granted subject to Moon Lake’s commitment to undertake a number of investment projects on the VDL farms.

Since the 2016 purchase, the Van Diemen’s Land Company has been plagued by problems. While achieving some of its promises, many undertakings were not fulfilled.

Since it was formed in 1825, the Van Diemen’s Land business has been held by the British, New Zealanders and the Chinese – it has never been held by Australians.

Infrastructure includes 30 homes (some of which are historic), eight dairies, a 13-stand shearing shed, sheep yards, two cattle yards and numerous sheds.

Woolnorth is being offered for sale via expressions of interest closing on June 12.

Location to drive inquiry in Moonie’s Burnbrae

 

A southern Queensland grazing enterprise that has hit the market for the first time is likely to achieve between $12 million and $13 million.

The 2597ha Burnbrae, 14km east of Moonie and 99km west of Dalby, has been held by the Campbell family for 57 years.

JLL Agribusiness, who has been appointed to handle the sale, is not offering a price guide, however recent sales in the region have achieved $4700/ha to $5000/ha.

Agent Chris Holgar noted the property’s location is expected to be a key driver.

“Burnbrae fronts the Moonie Highway, is ideally positioned between Roma and Dalby, which serve as two of Queensland’s major livestock selling centres, and sits within a 130km radius of every major feedlot in the state’s south-east.”

He believes the property will hold particular appeal for existing industry participants and family farming groups.

Featuring developed brigalow and belah land types and a mix of productive soil types, most of Burnbrae has been farmed with 73ha currently planted to oats.

While the property is suitable for conversion, Burnbrae is being operated by the Campbells as a breeding and backgrounding enterprise.

Agent Geoff Warriner said the turnkey enterprise has had one of its best seasons in recent times and is fully grassed up.

Water is secured by an artesian bore reticulating to 17 watering points, a dam and dual frontage to the Toombilla Creek.

Infrastructure includes a home, a shearing shed, numerous sheds, grain silos and steel cattle yards.

Burnbrae is offered for sale by expressions of interest closing on June 6.

Blue Sky Beef offloads Blackall powerhouse


A certified organic breeding, backgrounding and finishing enterprise is being offloaded by Blue Sky Beef after eight years of ownership.

The 18,077ha Gowan Station is located 70km south of Blackall and can carry 3000 adult equivalents.

The property once formed part of the CSR Pastoral portfolio (sold-off around 1985) and last changed hands in 2016 when Consolidated Pastoral Company sold it to Blue Sky Beef – newly founded by Stewart and Emma Taylor with three other equal share partners.

In 2018, the company purchased the 21,650ha Norwood west of Blackall and in 2020 secured the 10,562ha Tarves, 25km north of Blackall.

Since 2016, a partner has been bought out and three major shareholders remain.

On the back of an excellent wet season, the vendors told Beef Central it was a good time for the company to sell Gowan and purchase backgrounding country further east to allow finishing feeder cattle closer to feedlot markets and for internal succession.

Gowan carries a mix of developed gidgee country growing prolific stands of buffel grass, lightly shaded Mitchell grass and coolibah creek systems.

Agents from Ray White Rural and RPL have been appointed to sell the property. They believe the Blackall powerhouse has scope for further development with pasture and water improvements.

Gowan is currently watered by 12 dams and a capped artesian bore with a reticulation system to tanks and troughs, in a 526mm annual rainfall region.

Infrastructure includes a five-bedroom home, steel cattle yards, numerous sheds and a six-stand shearing shed and quarters.

Gowan Station will be auctioned on June 14.

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