THIS week’s property review includes this wrap-up of recently completed transactions, and two separate articles on properties for sale in Queensland and NSW.

• Gunn Agri offloads part of southern Qld’s Goodar Station….
• While expanding with northern NSW’s Erins View
• Tasmania’s largest farm on verge of changing hands
• Neighbour secures Dalby’s Four Bar

Gunn Agri offloads part of southern Qld’s Goodar Station & expands with northern NSW’s Erins View

A portion of Goodar Station in southern Queensland’s Border Rivers region has sold following an expressions of interest campaign handled by JLL Agribusiness.

The aggregation spans 18,339ha across three properties located 40km north-west of Goondiwindi and 75km south-west of Moonie.

The holdings comprise the adjoining 7293ha Goodar, 6923ha Benelewin and the nearby 4122ha Boogumbilla.

The aggregation has 7570ha of cropping and 8356ha of grazing, with each property featuring a mix of both.

Described as one of the region’s most significant mixed farming enterprises, the properties were listed in January by Gunn Agri Cattle Fund’s Cunningham Cattle Co after ten years of ownership, as part of a strategic realignment of the portfolio.

JLL’s Chris Holgar confirmed Benelewin was purchased by a private farming company, but at the request of both parties was unable to disclose the price or purchaser.

The holding is securely fenced and has a three-bedroom dwelling, a renovated cottage, a shed and 100-head capacity steel panel yards with a ramp, crush and race.

Benelewin and Goodar share 15km of dual Weir River frontage, while Boogumbilla is traversed by the Uragara Creek supported by 653mm of average annual rainfall.

Across the aggregation, the country is generally level to gently undulating with cypress pine and carbeen forest, box flats and coolibah floodplains, along with areas of brigalow softwood scrub and bull oak.

The north-western portion of the aggregation (Benelewin) is characterised by brown duplex soils, while the central portion (Goodar) contains a mix of grey cracking clays and hard yellow duplex soils.

In the eastern sections, soils transition to black duplex types and pale loams.

The Boogumbilla parcel has mostly grey cracking clays and yellow duplex soils.

Offered with a carrying capacity with 3850 Adult Equivalents, the aggregation has been used as a backgrounding platform offering a large-scale operation aimed at supporting the wider Cunningham Cattle portfolio.

Cattle are relocated from other properties within the business to continue developing before being used to supply feeder cattle to nearby feedlots once appropriately conditioned.

There are multiple dams, an equipped bore and fit-for-purpose infrastructure, including homesteads and cottages, cattle yards, sheds and silos – designed to support livestock and cropping operations of scale.

Shorthorn cows and calves on Goodar

Gunn-Agri expands with northern NSW’s Erins View

Meantime, agriculture and natural capital asset manager Gunn Agri is expanding its north-west New South Wales footprint after paying around $20 million for a grazing and dryland cropping enterprise.

Offered for sale by the Boyd family after six years of ownership, the 3150ha Erins View spans six adjoining holdings and is located near Graman and 45km north-west of Inverell.

LAWD agents Simon Cudmore, George Barton and George Berry were unable to disclose the buyer or the price paid, however during the marketing campaign, Erins View was anticipated to achieve around $20m.

Around 2009ha runs 22,000 dry sheep equivalents, with the remaining 1141ha dryland cropping area featuring mostly deep black self-mulching clays with some lighter yellow earths.

Situated in a 750mm annual average rainfall region, the aggregation is watered by seven equipped bores, 46 dams, frontages to Red Bank Creek and the Macintyre River and 60.5ML of water entitlements.

Infrastructure includes three homes, two cottages, four shearing sheds, four sheep yards, three cattle yards and 1900-tonnes of silo grain storage.

Gunn Agri Partners – some background

The corporate is currently in an acquisition and sales mode.

In northern New South Wales, Gunn Agri operates through its sustainable farming platform Wilga Farming, focusing on transitioning farms to high performing cropping and grazing.

• In 2023, it paid around $50m for the 5437ha Burmah Station, comprising four strategically acquired and developed properties operated as a single holding, located 10km from Graman and 30km north-east of Warialda.
• In 2023 – The Wilga Farming platform paid around $11m for The Glen, a 1237ha cropping and grazing asset property near Inverell. Located 10km south of Delungra and 40km from Inverell, it boasts 690ha of high performing farming basalt soils growing canola, wheat and field peas.
• In February, Grain Central reported Wilga Farming had completed four acquisitions in the Great Southern region of Western Australia in the past 12 months – 1017ha Gidget, 1035ha Range Montana and 999ha Wimbush (part of the WALT Portfolio) and 1218ha Que Sera – and was actively pursuing additional cropping opportunities.
• Earlier this year, Gunn Agri Cattle Fund’s Cunningham Cattle Co placed Goodar Station Aggregation on the market. The 18,339ha spanning three properties includes 7570ha of cropping and 8356ha of grazing country, and is located 40km north-west of Goondiwindi in southern Queensland’s Border Rivers region.
• Late last year, Gunn Agri listed the 4346ha Rocky Creek Aggregation in northern New South Wales for $18.1m. The 4246ha New England mixed farming and grazing platform with potential value-add opportunities is located 21km north-east of Ashford and 61km north-west of Glen Innes. Estimated to run 17,527DSE or 2337AE, it is currently used to breed and background Wagyu cattle.

Tasmania’s largest farm on verge of changing hands

London-based specialist alternative asset manager Gresham House is awaiting Foreign Investment Board Review to secure the largest farm in Tasmania for large-scale pine plantation.

The 21,744ha, Rushy Lagoon is a grazing and irrigated and dryland cropping opportunity in the state’s far north-east. It comprises two contiguous properties – 20,523ha Rushy Lagoon and 1221ha East Wyambi.

Offered for sale in March 2018 by the late Allan Pye, one of New Zealand’s richest farmers, Rushy Lagoon was anticipated to make $70 million but was subsequently withdrawn following an extensive expressions of interest campaign.

It returned to the market in October 2024 with industry sources suggesting it could make north of $100 million.

The Australian portfolio of Gresham House, backed by Australian superannuation fund NGS Super, manages 22,200ha of radiata pine forests in the ‘Green Triangle’ region of South Australia and Victoria.

It is understood the firm plans to convert parts of Rushy Lagoon into large-scale pine plantations for timber production, shifting its use from its historical beef and dairy operations.

Earlier this month, the proposed conversion sparked significant pushback from local farming advocacy groups like TasFarmers, who raised concerns about food security and the impact on the state’s agricultural output, as well as a lack of transparency in the FIRB process.

While approval was expected to be handed down in March, it is understood that FIRB has requested additional time to review the application due to the complex nature of the $100 million-plus deal and significant public and political pressure.

LAWD agents Danny Thomas and RMS Advisory agents Peter Ryan and Jarrod Ryan, who are handling the sale, could not be contacted for comment.

However, during the marketing campaign, Mr Ryan said further investment in pasture improvement, irrigation, paddock planning and stock water systems would significantly increase sheep and cattle numbers.

With Mr Thomas identifying potential future income streams from lease payments from a proposed wind farm development, sand mining royalties and carbon offset payments.

Rushy Lagoon has 1170ha developed to centre pivot irrigation, a 693ha irrigated dairy platform offering significant scope for expansion and an estimated carrying capacity of 85,000 Dry Sheep Equivalents.

It receives an average rainfall of 750mm a year and benefits from substantial water entitlements (12,548ML) and on-farm water storages (3935ML) and a permit to construct an additional 2500ML dam.

Infrastructure includes a 20-stand shearing shed.

Dairy cows on Rushy Lagoon

Neighbour secures Dalby’s Four Bar

A neighbour trading as YLE Grazing has paid more than $3 million after auction to expand with Dalby’s Four Bar.

The 807ha property boasts highway frontage and is located 39km from Dalby – close to major selling centres, feedlots and grain handling facilities. It was the last of vendor John Mackenzie’s rural holdings in the area.

Nutrien Harcourts GDL agent Andrew McCallum said Four Bar attracted five registered bidders – four online and one in the auction room.

“It was passed in at $3m but sold shortly afterwards to a neighbour for a higher amount,” he said.

Four Bar is suited as a trading depot for producers looking to add extra kilos to weaners, while also offering strong potential as a cow and calf operation.

Around 90 percent of country has been stick-raked and cutter-barred, resulting in thick cover of Rhodes grass across the property, in addition to natural grasses and herbages in season.

Four Bar also benefits from passive income generated from gas.

Water is sourced from a bore and several dams, while infrastructure includes a five-bedroom home, steel cattle yards, numerous sheds and 5km of new fencing along the southern boundary.

Four Bar is suited as a trading depot for producers looking to add extra kilos to weaners, while also offering strong potential as a cow and calf operation.