$140m-plus price tag for Queensland family’s cattle farm

A Queensland pastoral company is preparing to offload their 24,168ha property after almost 50 years of ownership. See the details.

A Queensland pastoral farming family is preparing to offload one of its two significant grazing properties in the south of the state.

Freeman Pastoral Company has listed the 24,168ha Meeleebee Downs, offered to the market either as a whole or as any combination of four separate holdings, located 65km northeast of Roma.

Owned by the Freeman family for almost 50 years, Meeleebee Downs comprises six freehold titles (STCA), currently running 3000 breeders and has an estimated carrying capacity of 9500 adult equivalents (AE).

This stocking rate is supported by an extensive system of watering points from four bores that tap into the Sandstone Precipice, a major aquifer in the Surat Basin, plus 18 shallow bores that together supply 71 tanks to a network of more than 200 gravity-fed troughs.

Offers for Meeleebee Downs are expected to reach more than $140 million.

Meeleebee Downs is currently running 3,000 breeders and has an estimated carrying capacity of 9,500 adult equivalents (AE).

After being impressed by the quality of Meeleebee Downs cattle at a sale in 1959, the Freeman family bought the property and began to implement their philosophy of bringing water to cattle, rather than cattle to water.

“When bought in 1975, Meeleebee Downs was an undeveloped brigalow, bottle tree and belah block and the Freemans set about establishing, on average, four watering points in each paddock, to best use available feed,” Kell Freeman said.

“The four solar and electric powered Precipice bores are deep and extremely reliable as they tap into the Great Artesian Basin and are capable of watering the entire holding. We also have frontage to the Slate Hill, Barton and Kangaroo Creeks, and extensive improved pastures of mainly Buffet and Rhodes grass, as well as native grasses and seasonal medics.”

“The geographical location of the property means we’re often under early storms, and the rain we had in spring has continued, so we’re enjoying a very good season.”

Water security is a feature of Meeleebee Downs, including four bores that tap into a major aquifer, plus 18 shallow bores that together supply 71 tanks to a network of more than 200 gravity-fed troughs.

The property has 67 dams, further supported by an annual rainfall of 561 millimetres.

Meeleebee Downs also receives additional annuity from 22 Origin Energy gas wells, a communication tower and a Powerlink easement.

The property also comes with a lease on an adjoining former stock route reserve comprising 173 hectares.

The predominantly undulating downs land consists of 10,250ha of Brigalow Belah scrub, 5278ha of Poplar Box on duplex soils, 3815ha of Brigalow with Blackbutt and 1875ha of Poplar Box on alluvial plains.

The Freeman Pastoral Company also own their home block, the 5000ha Ballandean Station, located 20km south of Stanthorpe.

LAWD are handling the sale via expressions of interest closing February 19 at noon (AEDT)

“The property is highly developed, it’s undergone significant transformation focusing on water infrastructure and reliability, improved pastures and extensive fencing, and there is the considerable ‘set and forget’ income from Origin Energy’s gas wells,” LAWD senior director Danny Thomas said.

“We would expect Meeleebee Downs to appeal to a wide range of potential buyers, from institutional investors or corporate farming groups, to high net worth individuals and existing cattle industry operators seeking to expand.”