New England finishing factory makes $30m-plus

Property editor Linda Rowley, May 3, 2024

THIS week’s property review includes this wrap up of recently completed sales and some 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

New England finishing factory makes $30m+

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

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

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

“Lakeside 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 explained.

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 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 has been held by six generations of the Cameron family and was originally purchased by Donald Cameron in 1869.

It 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.


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 Station 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.”

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.”

Properties for sale

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

 Roberts family offers Western Division’s Pulgamurtie Station

 EOI’s for Jundah’s Hayfield

 Chinese family offload Liverpool Plains country

 $12m for Warkton Plateau grazing country

 NQ’s Moonby returns for $11.1m

 New England asset lists for $16m

Roberts family offers Western Division’s Pulgamurtie Station

After 75 years of family ownership, Grant Roberts is selling his far western New South Wales sheep and cattle property roughly the size of Singapore.

The 74,663ha Pulgamurtie Station is located near Packsaddle, 26km east of the Silver City Highway and 235km north-east of Broken Hill, in the state’s Western Division.

The well-balanced station is suited to both cattle and sheep, with a long-term carrying capacity of 17,000DSE to 20,000 DSE.

In recent years, Pulgamurtie Station has transitioned from a mixed enterprise running cattle and sheep to just cattle.

The country is diverse, ranging from stony undulating land to tableland plains with heavier loam soils, vegetated sandhills and expansive lake and creek systems.

Having been run conservatively in recent years, the property is presenting with abundant feed.

Public marketing is about to commence, with Colliers agents Jesse Manuel and Rawdon Briggs appointed to handle the sale.

Mr Manuel said Pulgamurtie Station is an attractive breeding and backgrounding property that would operate well as a standalone enterprise or suit a larger supply chain business.

“The property is well located for the widespread sourcing and marketing of livestock, being central to a range of renowned livestock regions including the Channel Country, Riverina and South Australia’s pastoral region.”

Mr Manuel said Pulgamurtie Station would serve well as a depot for cattle coming out of the northern regions for backgrounding on route to southern markets.

Mr Briggs identified significant value-add opportunities.

“The incoming purchaser could increase productivity through further development of water infrastructure and fencing in the north-west part of the property, and possibility crop on the lakes country, subject to necessary approvals.”

Mr Briggs said Pulgamurtie Station offers strong productive capacity, as well as significant environmental features.

“It is also home to the largest lake in the bioregion with extensive wetlands and creek systems occupying a significant portion of the station and offering both feed and water security.

Situated in a 220mm average annual rainfall region, Pulgamurtie Station is watered by dams and a bore.

Infrastructure includes a five-bedroom home, workers accommodation, numerous sheds and five livestock yards.

Pulgamurtie Station is being offered for sale on a walk-in walk-out basis by expressions of interest closing on June 13.

EOIs for Jundah’s Hayfield

Backgrounding, breeding and finishing country in central-western Queensland is being offered for sale by Kerri Barton who is downsizing.

The 31,708ha Hayfield is located 40km west of Jundah and 100km north of Windorah, with the original lease held by the family for 75 years.

The country is suited to cattle, sheep or goats and has previously run a fine wool Merino sheep breeding enterprise.

Presently enjoying an exceptional season, the property is growing a variety of grasses including Mitchell, Flinders and buffel, with large areas of flood-out country growing sweet fattening high quality feed.

Most of the country is soft chocolate, pebbly gidyea and scattered gidyea flats, Mitchell grass open downs, soft red mulga country with drought reserve, open grassy plains, some range and spinifex.

Around 8093ha are exclusion fenced.

Watered by 13 dams and three bores, there are numerous creeks and gullies that provide flood-out and are well established with buffel grass.

Infrastructure includes a three-bedroom home, a two-bedroom unit and cattle yards.

Elders agent Keith Richardson is handling the sale of Hayfield that is being offered by expressions of interest closing on June 5.

Chinese family offload Liverpool Plains country

A Chinese family trading as Mooney Pastoral has listed its cropping and grazing enterprise on the south-western edge of the renowned Liverpool Plains of northern New South Wales.

The 2287ha Tuwinga is a versatile and productive farm near Bundella, halfway between Quirindi and Gunnedah.

Purchased privately in 2018, Tuwinga has not been publicly offered to market since it was settled in the mid-1800s by the Traill family.

Anticipated to make around $8000/ha to $9000/ha, Elders agent Ben Green said Tuwinga is attracting strong interest from locals and city investors.

The property is suited to an integrated breeding, backgrounding, fattening and finishing enterprise on sheltered, heavy chocolate basalt grazing slopes.

Under the current ownership, Tuwinga has been run as a cattle breeding and trading enterprise together with summer and winter crop production.

Mr Green said stocking rates depend on the mix of farming and grazing.

“If converted to solely grazing, Tuwinga could run up to 13,000DSE or 900 breeding cows.”

The country on Tuwinga features alluvial creek flats to contoured farming slopes, rising to undulating hills and steeper range country associated with Moores Mountain.

Mr Green said Tuwinga is a proven performer offering a huge production upside.

“There is potential to further develop the grazing area by applying fertiliser to native grazing areas and/or further developing the improved pasture base.”

Tuwinga is watered by an 8.2km Tamalie Creek frontage, four equipped bores, several unequipped bores/wells, supplemented by dams and spring-fed gullies.

Infrastructure includes two four-bedroom homes, a worker’s cottage, numerous sheds, a five-stand shearing shed, steel cattle and sheep yards.

Tuwinga will be auctioned on June 13.

$12m for Warkton Plateau grazing country

After 20 years, Adrian and Elizabeth Betts have listed their Warkton Plateau grazing country in New South Wales’ central west tablelands region for $12 million (bare).

The 2209ha Redbank is situated 28km south of Coonabarabran and is currently covered in thick stands of natural and introduced grasses.

The property is conservatively running 6000 sheep and 500 cattle and followers on mostly heavy chocolate and red basalts tablelands country that runs to the eastern fall.

Around 552ha are arable and 167ha are timbered.

During their ownership, the Betts have holistically cell grazed Redbank and this has increased productivity and lifted soil carbon sequestration.

Ray White Rural agent Chris Korff said scale is attracting producers from as far south as Wagga and as far north as Queensland.

Redbank is watered by six equipped bores, 14 dams and three creeks supported by 700mm of rain.

Infrastructure includes three homes, a cottage, two sheds, a six-stand shearing shed, three steel sheep yards, two cattle yards and more than 220 tonnes of grain storage.

NQ’s Moonby returns for $11.1m

North-west Queensland’s Moonby Station has returned to the market with an $11.1 million (bare) price tag.

Listed by Bob and Margie Little after more than 80 years of family ownership, the 10,312ha are fully exclusion fenced and situated 37km south-west of Hughenden.

The backgrounding or fattening block has been set up for sheep and cattle, with the Littles conservatively running sheep and agisting cattle.

Estimated to run 1250 adult equivalents in an average year, the stocking rate is much this year.

Wharton & Co agent John Wharton said Moonby is enjoying a very good season.

“Properties like this rarely come on the market. The heavy carrying country is virtually destocked and carrying a terrific body of feed including Mitchell and Flinders grass with some buffel and herbages.”

Noted for its heavy carrying capacity, the undulating tight gidyea pebble country has soft self-cracking soils in a 457mm average annual rainfall region.

Located on the Flinders River watershed, Moonby is watered by the Wariana and Little Wariana Creeks, supported by other channels and three bores (two equipped).

The infrastructure includes a three-bedroom home, a self-contained cottage, three sheds, a five-stand shearing shed, shearers quarters, sheep yards and portable panel cattle yards.

New England asset lists for $16m

A highly regarded grazing asset in northern New South Wales’ New England has returned to the market for $16 million.

The 2237ha Glanmire Station has been held by the Coventry family since 1986.

Twelve months ago and after nearly 40 years of ownership, the family listed Glanmire together with the nearby 2573ha Laura Station, located 10km from Bundarra, 55km from Inverell and 65km from Armidale.

After failing to sell, Glanmire has returned to the market with the family deciding to retain Laura (one of a number of district properties acquired by the late fine wool grower Sperry Coventry).

The country on Glanmire is gently undulating and open with well grassed and well sheltered paddocks with a high percentage of productive arable land.

While Glanmire has historically run sheep or a mixture of sheep and cattle, Ray White Rural agent Andrew Starr expects most of the interest to come from producers seeking a standalone beef breeding operation.

“With its reliable rainfall and kilos of production, the greater New England region typically attracts southern and central Queensland producers seeking to turn off heavy weight weaners.”

The ideal breeding or backgrounding country is capable of running 16,000DSE or a 900 head self-replacing beef herd and according to Mr Starr, offers good value for money.

“Glanmire is also suited to Wagyu production and there are many pure and full blood operations in the area due to its reliable breeding reputation.”

Ray White Rural agent Andrew Starr said Glanmire lends itself to further improvement through pasture cropping.

“Current management have recently finished planting more than 160ha of modern perennial pasture species plus clovers over sown with annual oats.”

Glanmire features Gwydir River frontage, supported by the Two Mile Creek, a bore and several dams.

The infrastructure includes a three-bedroom cottage, steel cattle yards, a five-stand shearing shed and two sheep yards.


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