Adams family quit Staghorn Flat after 117 years following $10.6 million farm deal

A landmark farm near Albury-Wodonga has sold in seven tranches for $10.6 million – well over $7 million price hopes.

The Rockleigh cattle property aggregation, in the north east Victorian town of Staghorn Flat, covers 443 hectares.

Most of the holding has been owned by the Adams family since 1902.

The farm aggregation, offered in seven lots, covers 443 hectares.

With no succession plan, vendors Peter and Leonie Adams sold to retire in Wodonga.

The Rockleigh aggregation is considered a major bullock fattening property and was recently awarded Top 100 Producer status by Meat Standards Australia.

Within the Yackandandah Creek Valley, the parcels are about 14 kilometres east of Yackandandah and 18 kilometres south east of Wodonga.

The holding is in the Yackandandah Creek Valley, about 18 kilometres south east of Wodonga.

Ruralco closes era-ending deal after “big day”

Ruralco agent Dave Colvin, who represented the Adams family with colleague Peter Ruaro, said the “exceptional” $10.6 million sale price came against $7 million expectations.

An auction for the seven properties, before a crowd of 250, was concluded in an hour.

“Six of the farm lots exceeded 40 hectares and are entitled to residential building permits for lifestyle rural living as this area has been a very attractive location for the district’s professional families,” Mr Colvin said.

“But in the auction outcome all seven lots were bought by district farmer or farm family interests”.

The broker said that when the first bid received for the first lot exceeded the vendor’s reserve “I knew were in for a big day”.

Three parcels – Lot 1, measuring 60.80 hectares, Lot 2, of 62 hectares and the adjoining Lot 5, which spreads 78 hectares, were purchased by a local farmer, for $5.04 million.

The aggregation sold for $10.6 million against price expectations of $7 million.

This sale price set a benchmark of about $10,000 per acre [or $25,100 per hectare] Mr Colvin said.

“All three lots have high quality pastures, two with a creek frontage and one has a roofed set of modern cattle yards with no other building improvements,” the agent added.

Lot 3, a pastured block covering 42 hectares, sold to another farmer, for $1,040,00.

A tree-lined driveway at Rockleigh, which has mostly been controlled by the Adams family since 1902.

Lot 4 – marketed as the homestead block – and with 111 hectares in four titles traded for $2.9 million, again to a local farming family. This holding included a three-bedroom brick veneer family home.

Another pasture block, Lot 6, which is 45 hectares, traded to a farmer for $925,000.

In the final deal, Lot 7 – a half timbered, half pastured 42 hectare holding – was acquired by a local business-farmer who outlaid $700,000.

The most valuable holding in the portfolio, Lot 4, includes this homestead. On 111 hectares, it sold for $2.9 million.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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