Property tycoon swoops on huge NSW cattle station

A Sydney-based, Chinese-born property mogul has snapped up a 5810ha grazing property for more than $32 million. See the details.

Fostoria Fannon have sold the 5810ha Balarang Station in the NSW Upper Hunter for $32.5 million.

A Sydney-based property tycoon has further expanded his Australian agricultural holdings, acquiring one of the largest cattle stations in the NSW Upper Hunter through a lucrative off-market deal.

Property records show high net-worth Chinese-born investor Jacky Cheung, via holding company Marina Seven Holdings Pty Ltd, has purchased the huge 5810ha Balarang Station.

Records show the station, at 2730 Waverley Rd, Waverly, located 60km north of Scone, was sold for $32.5 million in a deal struck earlier this year.

Balarang Station was sold by Sydney businessman Ian Plunkett’s Fostoria Fannon, who also offloaded the nearby 1976ha Crawney Station to a local producer with existing grazing interests for $10.4 million last May.

McGrath Upper Hunter selling agent Michael Burke handled the sale of the Balarang Station.

When previously contacted, Mr Burke declined to comment on the transaction, but said on social media that the Balarang sale was one of the largest in the Upper Hunter during the last two decades.

Balarang Station had been home to a beef enterprise in recent years, underpinned by regenerative practises by farm manager Byron Hubbard. Picture: Zoe Phillips

The deal is rivalled only by the $45 million sale of the 30,000ha Glenrock Station, when a syndicate including Babcock & Brown managing director Phil Green and Tricom brokerage firm founder Lance Rosenberg sold the station to the Australia Aulong Auniu Wang Group Pty Ltd (AAAWG), the Australian arm of a Chinese retail company.

At a sale price of $32.5 million, the Balarang Station was sold for the equivalent of about $5593 a hectare.

The sale comes at a time when NSW rural property values have continued to increase in value despite a mix of increased interest rates and reduced livestock commodity prices, rising to a median price per hectare of $10,042 this year, according to the Elders Rural Property Update 2024 quarter one report.

The acquisition of the Balarang Station adds to Mr Cheung’s expanding NSW agricultural property portfolio, highlighted by the $88 million purchase of the 2800ha Commins Portfolio of cropping farms in the Murrumbidgee Irrigation District near Whitton.

In recent months, Mr Cheung also completed five transactions to purchase more than $7 million worth of Murrumbidgee water.

Alongside wife Cheng Mei Ying and associate Zhang Guirong, Mr Cheung has collectively purchased more than $250 million in property since migrating to Australia from Hong Kong in 2019.