Historic WA estate Deepdale targets strong demand for rural properties
One of Western Australia’s oldest farms, Deepdale, is about to sell for around $20m, at the behest of the billionaire Roberts construction dynasty.
One of Western Australia’s oldest farms, Deepdale, is about to sell for around $20m, at the behest of the billionaire Roberts construction dynasty.
The sale, through Chris Meares of Meares & Associates, could be a portent for more large rural properties hitting the market come September amid strong beef prices.
Deepdale, about 85km from Perth and owned by Denby Roberts, whose late father John Roberts established construction giant Multiplex, hit the market in May. The holding, covering 1558ha including a double frontage to the Avon River, first hit the market three years ago.
Mr Meares declined to comment on the looming sale, but he believes a number of beef and wool properties particularly in the Hunter Valley and Northern NSW region will hit the market in September, come the spring selling season.
“Our beef prices would arguably be the highest in the world,” said Mr Meares, adding that there is strong demand for rural properties but limited supply.
While transactions are few and far between, Mr Meares said there had been some quite strong sales.
“It’s a case of strong demand and limited supply of the quality larger properties,” Mr Meares said.
Deepdale Farm, which can be leased to the short-term rental market for about $3000 a night, includes a main homestead, hangar, helipad, four-bedroom guesthouse, party barn, a museum and 300-tree olive grove.
It can house 16 guests and includes a dressage arena, a four-bedroom manager’s residence and the historic Wonga woolshed, which was built in the early 1900s.
Outdoor areas of the farm, near the village of Toodyay, include a newly installed pool area as well as a tennis court and pavilion. There is also an airconditioned gym. Deepdale is running 145 Angus breeding cows and heifers, as well as 1400 Merino ewes producing prime lambs and sowing 180ha to wheat and canola for a cash crop.
Mr Meares said Perth identities such as Colin Barnett and Daniel Ricciardo, the Italian-Australian race car driver, had been two recent buyers in the area. Initial inquiry came from Perth, offshore from the Middle East, and also from NSW and Victoria.
The looming Deepdale sale comes as the nation’s richest person Gina Rinehart comes closer to parting ways with the majority of her West Australian cattle portfolio.
The agriculture arm of Hancock Prospecting put 1.876 million hectares across seven properties in WA and the Northern Territory on the block back in March, accounting for about 20 per cent of Hancock Agriculture’s 30-property cattle portfolio, owned in partnership with S. Kidman and Co., and some stations were yet to secure buyers, sources said. The property is worth around $300m.
The nation’s cattle inventory has plunged to its lowest level in 30 years, caused by farmers destocking their herds during the drought to cope with the lack of feed and water. However, heavy rainfall across the eastern states last year has seen pastures green again, encouraging farmers to replenish their herds, which is boosting market competition for available supplies and driving up prices.
Beef has seen some of the largest price jumps, increasing 8.4 per cent on first quarter year-on-year 2020 rates and 17.9 per cent on the same period in 2019.
