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Gundaline sells offshore, Bland Creek goes local

by Liz Wells, 13 April 2018

THE prized Riverina irrigation property, Gundaline Station at Carrathool, has sold for an undisclosed price to an as-yet unnamed foreign buyer, according to an announcement made today by agents Kidder Williams and CBRE Agribusiness.

Riverina irrigation property Gundaline Station has sold subject to Foreign Investment Review Board approval.

Gundaline covers 15,000 hectares, of which 6000ha have been developed for row-crop irrigation, and is one of the Murrumbidgee Valley’s largest cotton-growing properties.

Its entitlement includes 16,000 megalitres of groundwater and around 17,000Ml of on-farm water storage.

Execution of the sale remains subject to approval by Australia’s Foreign Investment Review Board.

“While confidential at this stage, the agreed price represents an excellent result for the vendor and builds on the significant upward shift in groundwater
and irrigated land values in the Murrumbidgee Valley,” CBRE Agribusiness regional director, Danny Thomas, said.

Neighbour buys Bland Creek

A neighbouring family farming partnership has bought Bland Creek, a mixed farming property east of West Wyalong on the southwest slopes of NSW, for $3.15 million.

The property is part of East Bland Station, and vendors the Ramsay family placed the 1009-hectare holding on the market to reallocate capital within the family business.

New owners Jock and Ros Weir, and their son and daughter-in-law Sam Weir and Emily Watts, bought Bland Creek after it was passed in at auction.

“The purchaser has immediate access to the country on the western side of the Bland Creek to commence their winter-crop planting, and the vendors are leasing back the eastern portion for three years,” CBRE agent, Col Medway, said.

The sale price works out at $3122/ha all up, or $3633/ha for its 867ha of arable country.

Mr Medway said these values were in line with recent sales of comparable country within the district.

Bland Creek is suited to cropping and beef cattle.

Bland Creek features fertile red and self-mulching grey clay soils, and heavier clay country has benefited from a soil amelioration program which has included the application of up to two tonnes/ha of gypsum.

Its annual average rainfall is 530 millimetres, including 350mm in the winter-crop growing season.

The property is watered by a 7.6-kilometre double frontage to Bland Creek, a reticulated system which feeds 11 concrete troughs on concrete pads, and nine dams.

Bland Creek has all-weather access, good internal and boundary fencing, and a set of cattle yards with loading ramp.

Mr Medway’s colleague, Richie Inglis, was the co-agent for the sale.

Source: CBRE, Kidder Williams

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