A family already with Upper Murray interests has paid over $13.2 million for Tooma Valley’s Mount Falcon cattle station.
The 2887 hectare Holbrook holding near Kosciusko National Park and Snowy Mountains was offloaded by China’s Union Agriculture which paid about $6 million in late 2011.
The vendor during that campaign, OzEmail founder, Sean Howard, acquired the beef enterprise in 1998.
For most of last century, Mount Falcon Station was respectively owned by the Falkiner and Landy families.
With carrying capacity of up to 23,000 dry sheep equivalents, the holding has operated as a nursery with more than 1000 Angus breeding rearing calves.
A cattle herd with Wagyu bulls producing F1 graded beef is included in the sale price (it was available for sale separately).
Fenced, the farm offers two sets of steel cattle yards, reticulated bore water system and manager’s residence.
It also includes a 1934 homestead constructed by the Falkiners.
Near the Victorian border, the property is about 29 kilometres north east of Corryong, 153 kilometres from Albury-Wodonga and 166 kilometres from Wagga Wagga.
Listed last August, the property passed in at auction in September before a crowd which included investors from New South Wales, Queensland and Victoria.
The campaign generated 60 inquiries and 23 inspections.
Mr Mackinnon said interest came from family farmers, particularly those who are drought-affected and looking for grass.
Investment funds also investigated a purchase, the agent said.
“Demand for properties with high rainfall continues to be strong, along with land values continuing to exceed market expectations,” Mr Mackinnon said.
“This is underpinned by a number of factors including current livestock prices, increase in demand for protein and low interest rates”.
Mr MacLeod added that the sale price reflected Union Agriculture’s investments including perennial pasture upgrades, increased annual fertiliser application, extensive weed control and fencing programs.
Mr Triggs agreed that the result demonstrated the depth in the market for high rainfall and quality assets.
“Rainfall is front of mind due to the try conditions in eastern Australia,” the broker said.
Mount Falcon has a high average annual rainfall of about 750mm.