FOR only the third time in more than 50 years, “Murrumbo” in the Upper Hunter is on the market, affording a rich opportunity for investment in a large-scale property with a sound reputation for cattle breeding and fattening, and equine pursuits.
“Murrumbo” is well known by many for its former high-profile studs - Poll Hereford and Santa Gertrudis cattle and Quarter Horses – and as the regular source of market-topping steers for many years at Sydney’s former Homebush saleyards.
Situated near Bylong, roughly midway between Denman and Rylstone, “Murrumbo” at 2968 hectares (7334ac) is today one of the larger remaining station properties of the Upper Hunter, albeit less than four hours’ easy drive from Sydney. It is owned by Meteor Estate, a company formed by three directors of mining group XLX Pty Ltd – Tony Haggarty, Alan Davies and Wayne Seabrook – who acquired the property from the Gunn family in early 2014.
They are selling now to wind up the partnership and have listed the property for online auction with Meares and Associates of Sydney in conjunction with Peter Druitt and Company of Mudgee.
The property is leased by the present owners to Waverley Pastoral Company, a Scone-based cattle operation, and is being offered for sale on a vacant possession basis, but with the option of a continuing lease arrangement until December 2017.
Originally part of the vast Bylong Valley sprawl of pioneer squatter William Lee, “Murrumbo” was later incorporated in “Cullingral” at Merriwa until hived off as a separate portion in 1932, when it was bought by Muswellbrook pastoralist Hal Gilder. Gilder also owned country at Clermont in Queensland and would walk bullocks bred at Clermont to “Murrumbo” for fattening. He also used “Murrumbo” as a depot for horses sourced from all over Australia for export to India as cavalry mounts. Subsequent owners were Clive Field, followed by Bernie Worfolk, then Percy Fisher, until 1972 when “Murrumbo” was bought by Bill Graham and his family, under whose entrepreneurial custodianship the property became widely known.
It was the Grahams who established the Murrumbo Santa Gertrudis and Quarter Horse studs, with seed stock from King Ranch in Texas, while breeding-up one of the State’s largest commercial Santa Gertrudis herds. In its 1980s heyday, under the management of Peter Mort, the property ran a breeding herd of 750 cows plus up to 1000 head of trading cattle and sold 60 to 70 bulls each year at an annual on-property production sale.
After Bill Graham’s death in 1990, control of “Murrumbo” passed to his son Bob (later a chairman of Meat and Livestock Australia), who wound up the stud operations and reverted to a commercial breeding and fattening enterprise. But 10 years later the property was back in the public eye after being bought by the Gunn family from Goondiwindi to become the new home and sale venue of their famous Sevenbardot Poll Hereford stud, until the latter’s dispersal in 2014.
Today “Murrumbo” is managed as a commercial breeding concern, stocked conservatively with about 800 Angus cows – somewhat below its estimated sustainable carrying capacity of 1000 breeders.
Comprising mostly gently undulating country of basalt and alluvial soil types, “Murrumbo” is a uniquely discrete parcel of land, ringed as it is by timbered ranges as though forming the fertile crater of an ancient volcano. About 450ha bordering the rim is timbered and the balance open grazing country with scattered shade trees of box, ironbark, kurrajong and gum. About 470ha has been sown to improved pastures and 25ha developed for centre pivot irrigation. A further 150ha is serviced by underground mains and offers irrigation potential, while substantial areas also lend themselves to more intensive usage.
Water for irrigation is sourced from the Goulburn River, to which the property has a 751 megalitre entitlement, while stock water is provided by a permanent creek, 52 dams and paddock troughs fed by two equipped bores. Average rainfall is 637mm.
A highlight of “Murrumbo” is its imposing homestead, a two-storey brick structure of seven bedrooms erected by Bill Graham in 1971 and recently renovated. Designed for large family living or entertaining, it features formal lounge and dining rooms with open fires, family room and open-plan kitchen, guest suite, in-ground swimming pool and pool house and a three-car garage. The homestead is complemented by a four-bedroom brick manager’s residence and two other homes in good order.
Working improvements are extensive and include the semi-enclosed stud selling complex with 27 holding yards, cattle yards to handle 150 head, extensive equine facilities, four machinery sheds, hay sheds and workshop.
Although part of the Bylong Valley is currently subject to a coal mining development proposal, “Murrumbo” itself is well clear of any mining activity (the nearest being 35km to the west) and is expected to remain so.
The property will be submitted to online auction on May 30 and is expected to attract bidding in a range of $8-$8.5 million (vacant possession basis).
