NSW wool grower sells historic farm in eight-figure deal

After more than 120 years of family ownership, a 1082ha grazing property near Young has changed hands. See the details.

A historic grazing property on the NSW South West Slopes has changed hands in an eight-figure deal after initially failing to sell through auction last year.

Renowned Merino producer Jim Gordon has sold the 1082ha Glensloy property to a nearby farming family.

The Bowman family, who farms between Young and Harden, has purchased Glensloy, adding it to their pastoral interests in the region.

NSW property records show Glensloy was sold late last year for about $16m.

On June 14 last year Glensloy was auctioned, with the property for sale for the first time since 1901, after more than 120 years of family ownership.

Located 9km from Young at Memagong, Glensloy was initially passed in on a bid of $16.5m, with negotiations ongoing post-auction with multiple parties.

At the time Glensloy was under conservative management, running 2000 ewes, 1500 lambs and 100 cattle and growing 248ha of crops on red to sandy loam soils. About 981ha of the property was considered arable.

Predominantly for lamb, wool and beef production, Glensloy was marketed with zero chemicals used on the property in 20 years.

Young property, Glensloy, has been sold after it was passed in through auction for $16.5 million.

Recent soil tests averaged a PH level of 5.4 and “excellent” organic carbon levels, according to Elders Real Estate Young selling agent Rachelle Barnett, who handled the sale.

Glensloy’s water is secured by 15 dams (some are spring fed), seven bores and has Stoney Creek frontage.

Infrastructure includes a seven-bedroom, circa-1906 home, two three-bedroom homes, numerous sheds, 100 tonnes of grain storage, cattle yards, a seven-stand shearing shed and steel sheep yards.

The sale of Glensloy comes after a NSW Riverina family sold one of Cootamundra’s finest farms with the premier property changing hands after spending less than two months on the market.

The Leahy family sold Spring Creek, a 1495ha mixed-farming property, located 10km northwest of Cootamundra and about 50km from Glensloy at Memagong.

Owned by the family for several generations, the Leahys listed Spring Creek for sale in October last year due to succession planning, where it was offered as a whole or in three parts.

At the time the property was expected to field offers worth about $25m in total.

Details of the transaction remain undisclosed, however, it is understood a neighbouring farming operator with other agricultural interests in the Cootamundra district secured the property as a whole.