Chinese-owned Union Agriculture sells Mount Falcon Station at Tooma to Australian buyers

EXCLUSIVE: Chinese investment company Union Agriculture has sold its renowned Upper Murray holding Mount Falcon Station.

EXCLUSIVE: RENOWNED Upper Murray holding Mount Falcon Station has sold.

Agents Inglis Rural Property and Colliers Agribusiness today confirmed the sale of the 2887ha property near Tooma in NSW, after it passed in at auction in September.

Offered by Chinese investment company Union Agriculture, Mount Falcon was initially marketed with expectations of $13-$15 million.

A buyer has not been named but is believed to be an Australian family with local interests in the Upper Murray. A sale price has not been disclosed.

Union Agriculture — a subsidiary of Hebei-based Jiahe Brewery — purchased the property for $6 million in 2011 and listed it due to a restructure. Union Agriculture’s other holdings include the 4500ha Bobbara Station at Galong, an 11,500ha aggregation at Gunnedah and the 5260ha Kyabra Station at Tamworth.

Mount Falcon is estimated to have a carrying capacity of about 20,000-23,000 dry sheep equivalents, and is currently being run as a F1 Wagyu breeding operation, carrying 1000 Angus breeding cows.

Inglis Rural Property sales manager Sam Triggs said the level of buyer interest in Mount Falcon was “overwhelming” with domestic inquiries fielded from Queensland, Victoria and NSW as well as from overseas. He said more than 60 inquiries were received with 23 inspections completed.

“The sale of the property demonstrated the strong demand and depth in the market for high rainfall and quality assets — rainfall is front of mind due to the dry conditions in eastern Australia,” Mr Triggs said.

“We have seen continued growth in land values this spring in the southeast and Riverina regions of Australia, rallied by low interest rates, strong sheep and beef prices and investors seeking high-rainfall, reliable, cashflow-positive working farms.”