DELTROIT Station, the Gundagai district property listed for sale by expressions of interest by Inglis Rural Property, has become the latest high-profile addition to the local property stable of MH Premium Farms.
The 2573 hectare Mundarlo property was offered for sale to wind up the agricultural portfolio of the Brisbane-based Australian Pastoral Group (APG), following the earlier sales of its two Queensland properties.
APG, founded by rural investment entrepreneur Alan Hayes, bought “Deltroit” in late 2012 by private treaty for an undisclosed price, after it was passed in at auction the previous year for $15 million.
The owner at that time was Anthony Crichton-Brown, who had held and developed “Deltroit” since 1990, and managed the property in conjunction with his nearby Humula Station (since sold) and Toronga Station at Hay (where he recently bought the nearby Natue Station).
No price has been disclosed for the latest sale of “Deltroit”, but estimates at the time of listing put the likely price range in the $18 to $20 million bracket.
The sale was negotiated by Inglis director, Jamie Inglis, and Inglis rural property sales manager, Sam Triggs, who said the offering had attracted strong interest from local and offshore parties.
As a sign of the improved times, Mr Inglis said the company had on its books “five or six” cashed-up parties looking for high-quality mixed farming properties on the South West Slopes, from offshore investors to local fund managers and farming families.
MH Premium Farms (MHPF) is the Australian agricultural investment group of UK-based hedge fund founder, Sir Michael Hintze, and “Deltroit” will join an already formidable farming and grazing portfolio.
The group’s properties now cover more than 50,000ha, most of it centred in higher-rainfall areas of NSW, but extending to North Queensland, where MHPF recently spent $9m to expand its irrigated sugar farming operations at Ayr.
“Deltroit” is a highly improved property rising from extensive creek flats to gently undulating arable country and hill grazing, with estimated carrying capacity for 1500 cows.
The property will be used by MHPF to grow prime lambs, cattle and crops.