Greg Upton sells Upton Farms to Australian family cattle operation for more than $80m

A rural family cattle operation has purchased one of eastern Australia’s premier farms in an eight-figure deal. Full details here.

One of Eastern Australia’s premier cattle and livestock operations has been sold prior to auction with an eye-watering price paid by an Australian buyer.

The Upton Farms aggregation located in New England, NSW, has been sold to a rurally-based family cattle operation in a deal believed to be worth more than $80m.

The 2668ha holding was listed for sale in February and was expected to fetch offers between $80m and $100m, after recent sales in the region indicated prices of up to $20,000-$25,000 per cow area.

The aggregation, located southeast of Tamworth, near Nowendoc and Niangala, have an estimated carrying capacity of 4000 cows.

Meares and Associates selling agent Chris Meares said the pre-auction sale had set a new record price for rural property in the New England region.

“Whilst the sale of Upton Farms has created a precedent for prices paid in the New England region and for that matter rural NSW, I do not believe I have ever seen a better presented rural portfolio in all my years of marketing high-end rural property,” Mr Meares said.

Upton Farms.

“Whilst the owner fully intended to proceed to auction, knowing he had strong interest in both the portfolio as a whole as well as the individual properties, he was also keen to see the operation pass if possible to experienced cattlemen, expecting they would not only understand his development strategy but continue to use the same.

“Upton Farms are an extraordinary aggregation of pastured high rainfall rural property, featuring wall to wall high performance pastures.

“Thus allowing for the outstanding carrying capacity they have, together with their ability to show weight gains in excess of 300kg per annum, they allow turn off of heavy fat steers every month of the year.”

The aggregation, which consists of four closely settled farms was sold in a walk-in, walk-out deal, including plant, machinery and all cattle.

Upton Farms.

Following an extensive national marketing campaign, Upton Farms received 100 inquiries and 25 inspections by parties from NSW, Queensland, the Northern Territory, South Australia and Victoria for the property both as a whole and in subdivision.

A rurally-based family operation with existing beef properties secured the farms.

The purchasers plan to live “on farm” after settlement, according to Meares and Associates.

The sale ends Upton family’s ownership of the farms, which have become renowned for highly developed and intensive operations.

This year, with its wall to wall pastures, it is anticipated Upton Farms will be carrying up to 7000 cattle during the coming spring.

The mammoth sale for the Upton Farms comes after one of Australia’s ‘cattle kings’ secured two of Gina Rinehart’s stations in a deal worth a reported $100m.