Big beef player snaps up $30 million farm in southern NSW

One of Australia’s leading beef producers is spreading its wings with a $30 million-plus farm purchase.

ONE of Australia’s leading beef producers has snapped up a blue-ribbon farm in southern NSW that was on the market for up to $32 million.

Inglis Rural Property today confirmed that the Palgrove beef operation, run by David and Prue Bondfield at Dalveen in southeast Queensland, had purchased the 3618ha Gilgal aggregation near Cootamundra for an undisclosed price.

The aggregation, which includes the Gilgal, Winona and O’Connor’s properties, was listed for sale last August for the first time in 150 years following five generations of ownership by the Ward family. When listed, it had a price guide of $27 million to $32 million.

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Palgrove, winners of The Weekly Times Coles 2016 Farmer of the Year, operate an extensive property portfolio in northern NSW and Queensland and run about 5000 registered cattle. In October 2017 it entered a partnership with the New Zealand Superannuation Fund to grow its cattle numbers “to meet increasing demand from our clients”.

Big operators: David and Prue Bondfield of Palgrove.

The Gilgal aggregation was marketed as offering “versatility and attractive economies of scales” with scope to carry about 34,000-38,000 dry sheep equivalents.

Inglis Rural Property sales manager Sam Triggs described the transaction as a “landmark sale”.

“The Palgrove partnership is an example of the progressive rural land ownership models now being seen in Australia with proven family operators joining forces with investment funds to scale up proven business enterprises,” Mr Triggs said.

“It is corporate-scale agriculture operated with family farming experience and expertise, which is arguably one of the most-efficient farming models in Australia.”

Palgrove general manager Prue Bondfield told The Weekly Times the purchase of Gilgal was a “risk offensive” move with the property “complementary to what we own already”.
The Palgrove portfolio includes Queensland properties Strathgarve and Palgrove at Dalveen, south of Warwick, Killaloo at Drillham and Rhodesia at Emerald, NSW properties Mountview at Ben Lomond and Macintyre Station at Inverell in NSW.
Mrs Bondfield said the purchase of Gilgal could open up the opportunity for southern Palgrove sales in the future.

Inglis Rural Property director Jamie Inglis said the sale Gilgal had attracted widespread interest, with 53 enquries and 22 inspections carried out. He described the demand for mixed-farming country in NSW South West Slopes region as “insatiable”.

“We have seen versatile country selling from between $800 and $1000 per DSE,” Mr Inglis said.