Pine Hill dairy at Labertouche, Gippsland, sold to private Australian global investor for $12m-plus

One of Gippsland’s finest dairy farms has been purchased by a private Australian global investor in a multimillion dollar deal.

One of Gippsland’s finest dairy farms will change hands after an Australian global investor snapped up Pine Hill at Labertouche.

In a deal understood to be worth at least $12 million, a property development company has sold two portions of the Pine Hill holding to a private Australian global investor.

In May this year a 372ha aggregated holding 19km from Drouin, consisting of Pine Hill (178ha), Eastern Portion (190ha) and Alcorn Rd (4ha) was listed for sale and expected to fetch about $18 million.

In the deal the Australian-born investor has purchased the Pine Hill and Eastern blocks for an undisclosed price, between $12 million – $13 million.

The 178ha Pine Hill dairy block includes this stunning home.

The Pine Hill block includes dairy infrastructure and one residence, while the Eastern Portion includes an additional dairy platform and 37ML of irrigation water.

The 4ha Alcorn Rd lifestyle block with the second modern home was not sold and retained by the property development company and will be on the market this spring.

CBRE agribusiness Australia director Matt Childs said they received multiple offers to purchase the state of the art dairy from investors and corporate buyers.

“It is one of the finest dairy farms I’ve seen,” he said.

Pine Hill (pictured) and Eastern Portion have been sold to an Australia-born investor for at least $16 million.

“Properties with this scale are hard to come by and it was in outstanding condition.

“We received multiple offers on the property and it was in hot demand.

“The market for Gippsland dairy farms and livestock farms is still quite strong. We have had a pleasant couple of years and there is no reason to think the market is not there.”

It is understood the farm would be restocked and would operate as a fully-fledged dairy.

Over the past 17 years the vendor developed the farm to where it averaged 670 milkers producing just under 5.4 million litres of milk and 400,000kg of milk solids annually.

Earlier this year the final pieces of Ace Dairy’s six-farm, $70m Gippsland portfolio was sold to local and international buyers.