Historic western Victorian station snapped up in huge deal

More than 3300ha of mixed farmland across two properties near Ballarat have been sold by a western Victorian family. See the details.

A historic bluestone shearing shed stands at the Eurambeen Station farmland.

A western Victorian family’s historic station has changed hands in a huge deal struck with a renowned Australian-owned agricultural investor, developer and manager.

GO.FARM Australia has purchased more than 3300ha of mixed farmland west of Ballarat, acquiring the Dean family’s historic 2336ha Eurambeen Station, at Beaufort, and 979ha Grandview, near Ercildoune.

The value of the transaction, which also included 790ML of irrigation water entitlements, remains subject to confidentiality.

Western Victorian farmers Charlie and Jenny Dean listed the 2336ha Eurambeen Station for sale last October, deciding to end their 12-year ownership of the historic property.

Offers greater than $30 million were expected for the Eurambeen Station.

Purchased by the couple in 2011, the 160-year-old property had run a large-scale mixed cropping and grazing enterprise during their tenure, with an estimated carrying capacity of 33,000 dry sheep equivalent.

The Eurambeen Station has been sold to Australian-owned agricultural investor, developer and manager GO.FARM Australia.

About 60ha, the historic homestead and various outbuildings were subdivided and sold in 2012, with the homestead undergoing vast renovations and opening to the public in 2016.

Formerly part of the 40,000-sheep Mt Cole Station in the 1830s, Eurambeen Station has history of its own dating back to 1840. In the early 2000s managed investment scheme blue gum plantings were established, but have since been removed.

Backed by managing director Liam Lenaghan and Costa Asset Management, the investment vehicle of Robert Costa, the late Anthony Costa and their families, GO.FARM also purchased the Dean family’s Grandview property, located about 25km east of Eurambeen Station.

formerly part of the Langi Kal Kal pastoral run.

During the Dean family’s tenure Grandview has produced potatoes, pyrethrum, cereals, oilseeds, a sheep enterprise and summer fodder crops.

However, GO.FARM has plans to transform the properties to predominantly cropping grains and cereals, creating a “best in class grain factory” at Eurambeen.

GO.FARM general manager of Lake Boga Tom Farmer (left) with GO.FARM managing director Liam Lenaghan in a barley crop at their Lake Boga property in northern Victoria. Picture: Aaron Francis

Mr Lenaghan said he was delighted with the pair of acquisitions.

“We believe there is a great opportunity to unlock productivity and value in these properties,” he said.

“Eurambeen Station has been transitioned from a blue gum plantation to a mixed farming property and will respond well to further investment in drainage, soil fertility, agronomy, technology and infrastructure.

“Grandview will also receive the same treatment.

“We think the timing is good too. Western District farmland values make sense again, having got red hot during the peak of late 2021 and early 2022.

“The market had got ahead of itself, driven by low interest rates, high commodity prices and strong production years.”

Elders Real Estate agents Nick Myer and Sean Simpson handled the sale.

GO.FARM Australia owns in excess of $1 billion in agricultural and water assets across northern Victoria, southern NSW and Tasmania, including the Sandmount Farms Aggregation and Petro Station.