A SOUTHERN Riverina property once part of the original Booabula Station holding has been sold for more than $15 million and is expected to be returned to its Merino wool-growing roots.
Selling agent CBRE has refused to disclose a sale price for the 6749 hectare Wanganella district property, but has confirmed its sale by the Cox family amid strong demand for rural properties in the region.
CBRE said an undisclosed local buyer has acquired the Billabong Creek holding. It is expected to be returned to a Merino sheep breeding operation.
The property is situated east of Wanganella, and was sold by the Wallace family to Charles Dudley in 1983 and then sold in 1984 to the Redeski family. It was converted to a beef cattle breeding operation, with some rice and hay production.
The Cox family purchased the property in 2014 and it has been consistently run between 800 and 1000 breeders, as well as growing dryland and irrigated winter cereals, CBRE said.
While the sale price for the property, known locally as Redeski’s, has not been disclosed, Sheep Central believes the purchase price was between $15-$16 million.
The Milliken family still owns and runs the largest portion of the original Wallace family holding — 13,275 hectares — known as Booabula Station. They maintain a commercial Merino flock and the Booabula Merino stud.
CBRE agent Boo Harvey said grazing land in the southern Riverina was commanding more than $1000/dry sheep equivalent and $2000/wheat tonne equivalent depending on rainfall reliability, location and the standard of improvements.
Ms Harvey said the 6749 hectare property is ideally suited to the purchaser’s needs for a grazing property in the Riverina with the security of some irrigation.
“Grazing properties of this scale and quality are very tightly held, with the transaction secured off-market, in a successful outcome for both parties.”
CBRE managing director David Goodfellow noted that demand for rural properties in the NSW Riverina was very strong with “continued interest from investors seeking to secure low-input grazing land.”