Gippsland farm sold for more than $37,000 a hectare

A 156ha South Gippsland farm has been sold to a local beef farmer, while a major 2282ha Mallee station has also changed hands. See the details.

Penny Gandar has sold her Gippsland farm at Catani, in a deal worth more than $37,000 a hectare.

A well-established Gippsland dairy and grazing property has changed hands, with an existing South Gippsland beef farmer snapping up the farm.

The 156ha parcel, located 4km east of Catani and 20km from Warragul, has been acquired by Jonathan Koolstra and family, adding the property to their existing landholdings in the region.

Terms of the deal remain undisclosed, however it is understood the property was sold for more than $37,000 a hectare ($15,000 an acre), or more than $5.7 million.

Mr Koolstra runs a mixed beef and lamb venture at nearby Poowong, Loch and Yannathan farms.

Former owner Penny Gandar listed the property for sale last October. Mrs Gandar and her late husband, John, purchased the farm in 2019 as an adjunct to their primary property, Caldermeade Farm at Caldermeade.

The Catani farm, held on three titles, was listed for sale last October.

During their tenure the property was used as a back-up for their dairy herd, running about 300 Jersey cows, as well as stocking goats to support their goat milk production.

The Catani property offered improved pastures of perennial rye-grass spread across the farm’s 47 main paddocks, as well as a 50-unit rotary dairy equipped with Milka-Ware milking machines.

Colliers Agribusiness national director Duncan McCulloch and Thomas Quinn handled the sale.

Meanwhile, in the state’s far northwest, a major Mallee station has been sold for millions in a deal struck post-auction earlier this month.

The Rankin family has sold the 2282ha property Pendrea, located near Werrimull.

The 2282ha Pendrea, north of the state’s second largest national park, Murray-Sunset, was listed for sale by third-generation farmers Don and Carolin Rankin, who had owned and operated it since 1988 after taking the reins from his parents.

Located southwest of Mildura near Werrimull, the Rankins have in recent seasons grown wheat, barley and sweet lupins, while also running about 800 Merino ewes with crossbred lambs, grazed on improved pastures of peas, barley, oats, rye and forage radish.

The property went to auction on March 8, but was initially passed in for $4.2 million.

It is understood a central Victorian buyer has acquired the property for an undisclosed figure greater than $4.2 million via a post-auction deal.

Elders Real Estate agent Marty Deacon handled the sale.

Last week a tightly held 950ha farm south of Horsham, was passed in at auction for more than $10 million.