Handbury family sell Crystal Creek farm for $8.6 million

A renowned name in Australian farming circles has sold their 208ha farm, which was home to a prominent Angus stud, for a record price.

A premier slice of Victorian cattle country has been snapped up for a district record price, capping another year of remarkable rural property results in Victoria.

Despite a livestock market experiencing fluctuating prices, rising interest rates and increasing input costs, buyers with significant capital are still looking for more farmland.

In a deal understood to be worth $8.6 million, or about $41,346 a hectare, the Handbury family have offloaded their 208ha Crystal Creek farm after purchasing the property about 10 years ago.

It is understood a high-net worth individual in the trucking and courier industry has purchased the heavy livestock carrying property.

Located at 489 Whanregarwen Rd, Whanregarwen, 8km southwest of Alexandra, Crystal Creek farm was listed for sale in November where it was expected to field offers greater than $7 million.

PRH selling agents Robert Hill and Bart O’Sullivan handled the sale, which had multiple substantial offers on the property.

“This really is a signature property and it has sold for a record in the area,” Mr Hill said.

Crystal Creek farm spans 208ha near Alexandra.

Ian Bates has run his Riddellvue Angus Stud from the Crystal Creek farm over the past few years. They are now relocating to a new address at Markwood.

In 2018 and 2019 the Handbury family also sold their nearby stud beef enterprise Anvil Angus at Acheron and three farms spanning 650ha.

About half of the Crystal Creek property has Goulburn River flats while the rest consists of undulating pasture country capable of carrying about 28 dry sheep equivalent per hectare.

Mr Hill said while marketing Crystal Creek there was about 10 inspections completed, all from serious potential buyers, with six offers submitted.

Crystal Creek farm.

“There was serious interest from buyers looking for a productive and profitable farm and those looking for grazing land in particular,” he said.

“The Melbourne investor market was strong with buyers who are not looking at the coast wanting something that added to their existing holdings and can carry 200-300 cows.

“There was also strong local interest from those looking to expand on what they already own in the area.”

The Crystal Creek deal exceeds the sale of the 954ha Rossander Angus portfolio near Warrnambool, which was sold in 12 parcels among a variety of buyers for $35-$40 million earlier this month, making about $36,687 a hectare across the portfolio.