Wilmot Cattle Group purchase Paradise Creek station for $22m-plus

A blue-ribbon cattle station in the New England region has been sold for the first time in 117 years after it attracted more than 80 inquiries.

A northern NSW cattle farm has changed hands for the first time in 117 years after it was sold to an Australian grazing company for millions.

Paradise Creek station, at Inverell in the New England region, has been sold to the Wilmot Cattle Company in a deal believed to be in excess of $22m.

The premium 2575ha holding was listed for sale in December last year by the Swan family.

First settled in 1839, Paradise Creek station has been held by descendants of the Nicholas family since 1906.

The finalisation of the $8543 per ha deal continues the Wilmot Cattle Company’s NSW expansion.

The company also owns Wilmot outside of Ebor, Woodburn near Walcha and Morocco at Gunnedah.

Wilmot Cattle Company’s general manager, Stuart Austin said the $22m-plus deal was a key part of the company’s future plans.

“Paradise Creek station suits our acquisition strategy as it had the balance of being geographically diverse compared to our other assets, while still being within close enough proximity to fit with the rest of our business,” Mr Austin said.

“In the next six months we will build our development plan, and our goal is to establish a breeding herd on some of Paradise Creek’s rougher country, while further developing the open country so the property can trade cattle year-round”.

The Wilmot Cattle Company runs a mix of breeding, trading and 100 per cent natural grass finishing enterprises.

Mr Austin said he wanted the company to continue on the legacy of the property.

“We have to acknowledge the Swan family for their dedication to their land, and I wholeheartedly see how special Paradise Creek station is to them, having now spent time on the property,” he said.

“This is a long-term investment for us, and we may own it for the next 117 years.”

Fourth generation to the family business, Ben Swan, said he and his family were sad to see the farm leave the family name after more than a century.

“We are incredibly proud to see our family’s hard work, and the lifetime’s effort of my late father Bill, come to fruition as Wilmot, following their due diligence, recognised Paradise as a worthy investment,” Mr Swan said.

“We are excited to see what Wilmot can achieve with Paradise Creek station into the future, however, the history of this property will never be lost on us.”

Across the marketing campaign, there was significant corporate, farmer and family interest in the property, according to selling agent and LAWD director Simon Cudmore.

The property fielded more than 80 inquiries from across multiple states, before the Wilmot Cattle Company won the race.

Key features of the station include fertile basalt soils, Macintyre River, Paradise Creek and Back Creek frontage, with an average annual rainfall of 871mm.