Yaloak Estate sells to Harvest Agriculture for $60 million

A Victorian farm has sold for $60 million after being under offer since earlier this year. See the well-known property and who snapped it up.

Yaloak Estate at Ballan has reportedly sold to Harvest Agriculture for $60 million

YALOAK Estate at Ballan has reportedly sold to the Chinese owned company Harvest Agriculture for $60 million – about $10 million more than expected.

The estate, which had been owned by Melbourne businessman and lawyer Peter Yunghanns, is believed to be the largest single landholding within 60km of Melbourne, sprawling 5071ha and consisting of 59 titles.

It was listed for sale in September last year with an asking price of more than $50 million, after being in the hands of Mr Yunghanns for more than 50 years.

In January, The Weekly Times reported the estate was under offer and almost seven months on the buyer has been revealed.

According to reports, title deeds show a caveat was placed over the property last month by Harvest Agriculture, a wholly owned subsidiary of the Chinese owned company – Guangxi Investment Co Ltd.

Yaloak Estate boasts a grand 1890 homestead as well as seven other residents and features 2000ha of arable land that has supported cropping and sheep grazing.

The estate is also home to the Yaloak Polo Club, founded in 1980, as well as a wind-farm agreement put in place by Mr Yunghanns that will see 14 turbines producing extra income for Harvest Agriculture.

Yaloak Estate at Ballan has reportedly sold to Harvest Agriculture for $60 million

When Yaloak Estate was listed on the market selling agent Duncan McCulloch, from Colliers International, said it expected the well-known property would attract keen interest from domestic and international land bankers, high net worth individuals and developers.

“This represents the biggest land banking opportunity to come to the market in recent years,” Mr McCulloch said at the time.

“However, it is also a highly productive agricultural enterprise and, as such, we anticipate an influx of interest from a wide range of buyer groups.”

Colliers International could not comment on the sale when recently contacted.

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