Properties: The latest listings – sold or for sale

By property editor Linda Rowley, April 21, 2023

Sheep grazing on the Cootamundra district property Gilgal

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

 Southern Qld’s diverse Tabooba makes $14m+

 Passmores secure Condobolin’s Starsight for $11.5m

Southern Qld’s diverse Tabooba makes $14m+

Tabooba in southern Queensland has been sold.

The Rigney family has expanded with the neighbouring mixed farming and grazing operation Tabooba in southern Queensland.

The 5674 hectares are located at Talwood, 80km south-east of St George and 130km west of Goondiwindi, close to northern and southern livestock and grain markets.

Andrew Jakins from Nutrien Harcourts Goondiwindi was unable to disclose the price; however, Tabooba is understood to have made north of $14m.

The sale ends 26 years of single-family ownership by Geoff and Virginia Phillips who have been running a cattle backgrounding business, together with a winter grain and forage cropping operation.

The slightly undulating country is suitable for pasture production and grain growing with around 1457ha sown to winter cereal and forage crops including wheat, barley, oats and chickpeas.

The grazing country was thoughtfully developed with good shade lines and livestock corridors and at the time of sale was presenting with an excellent stand of buffel and native grasses with seasonal herbages.

Passmores secure Condobolin’s Starsight for $11.5m

Starsight at Condoblin has been bought by the Passmore family.

Matthew and Jacinta Passmore and their son Gabriel have paid close to $11.5m for one of the finest mixed farming and grazing holdings south of Condobolin.

The 3019ha Starsight comprises two holdings – 2483ha Starsight and the 536ha Bogandillon. The aggregation is located 50km north of West Wyalong in New South Wales’ central west.

In the past, Starsight has been run as a mixed farming operation; however, in recent years, the Tooth family has been concentrating on cattle and sheep, with most paddocks used for pasture production and a small area for cereals.

The property boasts mostly red loams through to red and grey self-mulching clays. It is 95 percent arable and has achieved wheat yields of five tonnes or better.

The settlement is old with a full soil moisture profile, which allows the Passmores to prepare paddocks for the 2023 cropping season.

Starsight is mostly flat with some gently undulating country and the picturesque Humbug Creek running along part of the boundary.

Water is delivered to the property from the Lachlan River via the Euglo Water Scheme. A good dam system provides an essential backup.

The 536ha Bogandillon block runs into the Bogandillon swamp and is currently mostly underwater; however, in more normal seasons it provides an abundance of feed. It can also be used for Summer cropping and during dry years, it has grown award-winning wheat crops on the swamp bed.

The sale of Starsight was handled by Angus McLaren from Miller and James Condobolin.

Properties for sale

 Palgrove lists historic Cootamundra country

 Davis family offers two NSW western division holdings

 Southern NSW grazing listed for $3.625m

Palgrove lists historic Cootamundra country

Cootamundra property Gilgal is on the market for more than $55m.

More than $55m is anticipated for Palgrove’s historic Cootamundra district holding Gilgal on the south-west slopes of New South Wales.

The 3605 hectare aggregation is located 5km from Cootamundra and 75km from Wagga Wagga, and comprises the 1631ha Gilgal, 1633ha Winona and 341ha O’Connors.

The large contiguous holding is suited to prime lamb, wool, diverse crop production and beef breeding and fattening.

The renowned commercial and seedstock beef cattle producer purchased the landmark asset three years ago, ending 155 years of Ward family ownership.

Under Palgrove’s ownership, pastures have been improved, fencing and laneways upgraded and extensive operational infrastructure constructed to optimise productivity.

LAWD directors Col Medway and Danny Thomas have been appointed to sell the Gilgal Aggregation.

Mr Medway said flexibility is one of the property’s defining features.

“It boasts a mix of fertile red friable loam soils, secure water supply and well-executed strategic development making it equally suited to cattle, sheep and wool, cereal, legume or oil seed production.

“The introduction of grazing wheat and canola varieties to the cropping rotation underpins a mixed farming production system that has proven climatic resilience,” he said.

“The approach provides a diversity of levers to management to productively and profitably navigate varied seasonal and market conditions,” Mr Medway said.

The cropping rotation comprises 500ha planted to wheat, barley, and oilseeds, with the improved pastures supporting between 34,000 and 38,000 dry sheep equivalents.

Water is secured by two groundwater bores and several creek systems, including Cunjegong Creek, as well as numerous catchment dams and a reticulated water network.

Palgrove chief executive officer Will Heath said a shift in company strategy to focus on expanding the portfolio in northern NSW and Queensland had driven the decision to bring Gilgal to market.

“It is a significant distance from our main portfolio of assets and is no longer aligned with our overarching strategy.

“Our intention is to reallocate the proceeds of this sale into our expanding asset base in northern New South Wales and Queensland, closer to most of our clients,” he said.

Gilgal is expected to appeal to both domestic and international buyers with expressions of interest closing on June 1. Livestock, plant and equipment will be available separately.

Davis family offers two NSW western division holdings

There has been strong interest in two neighbouring New South Wales western division grazing properties that will be auctioned separately on May 25.

The 20,406ha Delta and the 9230ha Yandaroo are situated 70km and 80km west of Bourke.

They have been held by the Davis family for 63 and 80 years respectively and are being sold by Garth and Mary-Lou Davis who are relocating to their country at Yeoval.

Greg Seiler from Nutrien Harcourts Bourke said most of the interest is coming from local and southern producers seeking to expand their existing operations.

“The carbon opportunity on Delta is generating tremendous inquiry.

“The property has a large, uncontracted HIR project that will produce significant credits in the future. This means the credits can be sold on the open market or aggregated and offloaded at a later time,” he said.

Delta has been owned by the same family for 63 years.

The Davis family has owned Delta for 63 years, running a Merino sheep and cattle operation that annually averages 4000 ewes and 100 cows. In recent years, the income stream has been diversified with goats and carbon.

Delta has a good mix of grey floodplain soils running into red soils growing a good mix of native grasses, herbages and salines.

The slightly undulating country with iron stone ridges acts as a watershed for the Willaroo and Yandaroo Lakes and watercourses. Water security is supported by Warrego River frontage, dams and bores.

Yandaroo has run sheep, cattle and goats

Sheep in the Yandaroo yards.

The Davis family purchased Yandaroo 80 years ago and has been running a Merino sheep and cattle operation averaging 2000 ewes and 55 cows, with the addition of goats in recent years.

Like Delta, the flat to slightly undulating country comprises productive grey soils along the Warrego and Poison Point Plain flood out country running back into soft red soils growing native grasses, herbages and salines.

Yandaroo is also watered by Warrego River frontage, dams and bores and over the past 10 years, the fencing has been extensively renewed.

Mr Seiler said potential buyers have expressed interest in the adjoining properties as a whole and as separate holdings.

On a land-only basis, Delta is anticipated to make north of $5.5m plus the net present value of the carbon project that is anyone’s guess because there are so many variables. Bidding for Yandaroo is expected to start at $3m.

Southern NSW grazing listed for $3.625m

A productive grazing property on the New South Wales’ Southern Tablelands region has been relisted for $3.625m after failing to sell at auction.

The 343ha Wallaroobie is owned by the Masterton family and is located at Parkesbourne, 25km west of Goulburn and 98km from Canberra.

It sits on top of the Great Dividing Range at the headwaters of the Lachlan River.

The cattle breeding and finishing enterprise is also suited to sheep and prime lambs.  The gently undulating to flat arable grazing land is securely watered by seven dams, a bore and double frontage to the Wollogorang Creek.

Wallaroobie is fenced into 13 paddocks and has an estimated carrying capacity of 2500DSE.

Sheep head out to eat and drink on Wallaroobie.


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