Sydney investor buys historic New England property Prestwick

AN HISTORIC New England property has been snapped up by a Sydney investor, days before it was due to go under the hammer.

Historic homestead: Prestwick in the New England area has sold before auction to a Sydney investor.

AN HISTORIC New England property has been snapped up by a Sydney investor, days before it was due to go under the hammer.

Prestwick is a 1,171ha breeding and fattening property with a history that dates back to the 1840s, and located about 55km southwest of Walcha and 53km from Tamworth.

The property has traditionally carried 450 Angus breeding cows and heifers, and has been extensively developed over the past three years.

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Selling agent Chris Meares, from Meares & Associates, said while the sale details were confidential, the buyer was “a well-known rural identity who is looking to further develop the property with the backgrounding of cattle and even perhaps producing prime lambs”.

The property had been submitted for sale by auction tomorrow.

Mr Meares said there had been strong inquiry in the property from Brisbane, rural Queensland, western NSW and Sydney.

“In recent times, in particular with the extended dry weather conditions, we have seen an increased focus on good quality high rainfall country,” he said.

“The owners of Prestwick have managed the extended dry conditions of the New England extremely well, always maintaining feed in front of their cattle. This has led them to minimise their cattle numbers in recent times and therefore, even with the small amount of rainfall received, the property is ‘grassing up’ and, hopefully given the summer storm pattern, should carry a good body of feed into the New Year.

“Prestwick has seen significant development in recent times with the focus on allowing management to be more efficient and livestock to enjoy well pastured country with ample shade and water.”

Prestwick has traditionally carried 450 Angus breeding cows and heifers

Meanwhile, the southern NSW market has continued to show its strength, according to Herron Todd White valuer Scott Fuller who said this was evident in continued strong per hectare rates achieved.

Blue ribbon grazing property, Mirradong at Adelong, recently sold for $6.2 million, equating to $9,190/ha.

“This is in line with other recent sales and was purchased by a local family looking to expand”, Mr Fuller wrote in the HTW November Month in Review report.

Breeding and grazing property Jandera, in the Upper Kyemba Valley, set a district record last month when it sold for $3.7 million, or $9,850/ha, at auction.

Ray White Rural Wagga Wagga agent Geoff Palmer said at the time the buyers of the 340ha property were a family from Young looking for a feed bank for their cow herd.

Jandera in the Upper Kyemba Valley set a district record last month.