Western District mixed farm, ‘Banool’ at Gatum, sold to Aussie buyer

A 1304ha family farm in Victoria’s Western District now has new owners after a multimillion-dollar sale was completed.

A generational mixed farm in Victoria’s Western District has been sold to an Australian buyer with a price tag believed to be about $20 million.

The 1304ha property, ‘Banool’ at Gatum near Cavendish, was sold as a whole with the ‘Banool’ (783ha) and ‘Banool North’ (521ha) properties included in the sale.

The property had an asking price of $20 million-plus when it first hit the market in October.

The buyer and sale price remain undisclosed, due confidentiality.

It is believed that the sale result was around the expected value given the current rural property market.

It is understood the new owner of the ‘Banool’ properties was a farmer from the region who has sought the land to expand their operation.

Charles Stewart and Co. Hamilton director and real estate consultant Andrew Dufty said both parties were satisfied with the deal.

Banool at Gatum near Cavendish has sold. Pictures: Supplied

“The property was sold within the time frame we expected,” he said.

“The interest was widespread and it was mostly Victorian.

“And this interest was consistent with what we have been marketing this spring.”

Mr Dufty also said the sale met expectations, despite challenges due to Covid-related border restrictions.

“What was noticeable in the campaign was that we didn’t see the interest out of South Australia due to Covid restrictions interstate,” he said.

“The change we have noticed is the reduced number of interstate inquiries due to an inability to inspect travel restrictions.

“So it can limit the number of buyers, but regardless of that, market conditions have been solid.”

The property was owned by Rob Lawrance and Georgie Luckock who took the reins in 2002, following on from the pioneering work of his Rob’s father, Neil, and grandfather Richard, who bought the original property in 1956.

‘Banool North’ was added to the property in the early 1960s.

With a mix of livestock and cropping options, Banool presented buyers with a prized piece of mixed farming land.

Banool his the market in October with price expectations of about $20-million plus.

Over the past 20 years, Banool has produced crops of wheat, barley, oats, canola and monola, including a four-year contract for seed production.

More recently, management has focused on livestock – predominantly a superfine Merino self-replacing flock and Hereford beef cattle breeding at more than 20,000 dse.

Located 47km northwest of Hamilton, the four-bedroom home also captures stunning views of the southern Grampians.

The sale of ‘Banool’ comes after a generational mixed farming property in Victoria’s northeast was also sold with a big price tag.