Local family buy into $80m Queensland cattle station

A substantial part of an iconic 15,976ha cattle station has changed hands after hitting the market for the first time in 109 years. See the details.

Moorabinda Station, spanning 15,976ha 64km southwest of Taroom, is now owned in a new collaboration.

An iconic Central Queensland cattle station has entered a new era after a local grazing family secured a substantial portion of the property.

Moorabinda Station, spanning 15,976ha 64km southwest of Taroom, is now owned in a new collaboration after a Taroom farming family bought more than half of the blue ribbon backgrounding, breeding and finishing station’s land mass.

In July last year Moorabinda Station hit the market for the first time in its 109-year history, offered for sale by a partnership between two private farming families.

However, during the sales campaign one family elected to grow their portion of the property, while the other ultimately exited the property.

It is understood the Speed family, of the Brigodoon Cattle Company, Taroom, has now acquired their portion for a figure in the vicinity of $40m.

LAWD director Darren Collins handled the sale of Moorabinda but was unable to disclose the terms of the transaction.

Mr Collins said 50 per cent of the property transacted last month following interest from institutional investors, plus corporate and private buyers.

“Moorabinda is renowned throughout the district as a property of elite quality, featuring each element required for efficient and profitable beef production, at scale,” Mr Collins said.

“The sale naturally generated a lot of interest from private and institutional investors, and the outcome achieved was ideal for everyone involved.

“During the process, one of the original owning families decided they wanted to stay on and has increased their holding, and the new incoming purchaser was very happy to acquire the balance as it fitted in with their nearby backgrounding operation.

Moorabinda Station is rated to carry 6000 Adult Equivalents (AE) or 4500 breeders across the whole property.

“It was a pleasure for our team to represent the vendors on the sale of this magnificent holding and we congratulate them, and each of the buyers, on the transaction.”

Carrying capacity for half the Moorabinda property is about 3000 adult equivalents, or 2250 breeders.

Across the property as a whole there are 13 equipped bores (three flowing bores), 53 earth dams, 47 troughs, more than 15km of dual frontage to Scotts Creek, plus numerous permanent and seasonal waterholes and springs.

The country consists of 10,956ha of undulating brigalow, belah, bauhinia and softwood vine scrubs, 4027ha of spotted gum ridges, and 994ha of alluvial creek flats with poplar box and coolibah flood plains.

Southwest of Moorabinda in Queensland’s renowned Maranoa region, the Freeman Pastoral Co’s Meeleebee Downs, a 24,168ha property, is for sale and anticipated to fetch more than $140m.

Originally published as Local family buy into $80m Queensland cattle station