A LOCAL farming family has paid $8.805 million for Glaisnock at Berthong to set a new district record for mixed farming country on the south west slopes of New South Wales, according to agents CBRE.
The property was offered for sale by MH Premium Farms, which has a portfolio of more than 4o holdings in eastern Australia, and has owned Glaisnock since 2008.
MH Premium Farms is believed to be expanding its footprint by adding area to properties it owns in other parts of the south west slopes, and received $8933 per hectare for Glaisnock.
The 983-hectare property is located 26 kilometres west of Young, and is 96 per cent arable, making it ideally suited to cropping as well as grazing on its improved pastures.
CBRE’s Col Medway, Richie Inglis and Ian Robertson negotiated the sale of Glaisnock, which was auctioned in Young last week.
Mr Inglis said the sale price was almost 20 per cent stronger than recent transactions in the area, beating the district record by close to $350/ha.
“The property was sold at a packed standing-room-only auction room, with attendees spilling outside of the front door,” Mr Inglis said.
“This transaction highlights the strong attraction of farming land in this tightly held region, where local sales are strongly contested by several strong family and corporate farming opportunities, all of which are seeking expansion opportunities.
“Glaisnock is situated alongside a number of these groups, meaning it is an ideal add-on opportunity.”
Three parties drove the bidding, and the new owner is believed to have extensive cattle and cropping operations on the western side of Young close to Glaisnock.
Glaisnock’s improvements include a reticulated water system for livestock, spraying and domestic use, a homestead and cottage, a five-stand shearing shed, sheep and cattle yards, and storage for 1160 tonnes of grain.
The south west slopes is regarded as a blue-ribbon mixed-farming region, and takes in the Cootamundra, Cowra, Greenethorpe, Grenfell, Junee, Temora and Young districts.