Larundel Estate: Western Victorian property to be sold by Ruyi Group

A renowned sheep and cropping property in western Victoria complete with a bluestone mansion and helipad has been listed for sale by Chinese textile giant Ruyi Group.

Larundel Estate near Meredith is being sold by Chinese multinational company Ruyi Group. Picture: Supplied

A CHINESE multinational company is offloading its renowned western Victorian property, Larundel Estate.

Ruyi Australia Group, a subsidiary of Chinese textile giant Ruyi Group — which owns a 51 per cent stake in Queensland’s Cubbie Station — is selling the 942ha property at Cargerie, near Meredith.

The property, which is used to produce ultrafine Merino wool, lamb and crops, is expected to fetch about $20 million.

Ruyi purchased the property in 2011 for $14 million.

The centrepiece of the property is an iconic bluestone mansion, which dates back to the mid-1800s and was built by the Austin family, surrounded by two hectares of private landscaped gardens by world-renowned garden designer Paul Bangay.

Previous owners include the Kimberley family — owners of Just Jeans — who undertook major renovations of the property in the 1990s.

CBRE’s Danny Thomas said Larundel’s location, 24km from Ballarat and 50km from Geelong, made it a good opportunity for local farmers wanting to expand, wealthy domestic and international individuals, or buyers looking for a tourism venture.

“The history of the property and its place within the nation’s agricultural history is another drawcard,” Mr Thomas said.

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The property also features parking for nine cars and a helipad and airstrip, and will be sold with all period furniture, artwork and garden statues.

It comes after Ruyi, last August, sold down its 80 per cent stake in Cubbie Station — Australia’s largest irrigated cotton property — to 51 per cent.

Ruyi was originally required to wind down its Cubbie Station ownership to 51 per cent within three years of purchasing the property for $240 million in 2012.