Sydney fund manager Iain Gray has tipped Achill West, a 2216-hectare grazing property near Armidale in northern NSW on to the market, with expectations of between $8 million and $8.5 million.
The property has a long history, having originally formed part of the Coventry family's Armidale wool-growing stations.
Mr Gray, who runs advisory firm Sydney Fund Managers Ltd and has backed some of Sydney's top restaurants including Jonah's at Whale Beach and Pruniers in Woollahra, acquired Achill West through PSLT Pty Ltd from Will McClenaghan in 2007 for $6.7 million, CoreLogic records show.
Mr McClenaghan's mother, Meg, was one of two daughters of Charles and Louise Coventry. Charles Coventry bought the original "Achill" in 1901, and in 1947, after his death, the two daughters each acquired half of the property.
Meg and her husband, Alex McClenaghan, named their portion "Achill West" and proceeded to develop the property.
In its most recent incarnation it has operated as a cattle enterprise, with a carrying capacity of more than 800 breeding cows plus followers.
Selling agent Chris Meares from Meares & Associates said Achill West was also ideally suited to prime lamb or wool production.
"With the improvement in commodity markets quality grazing properties are now difficult to purchase," Mr Meares said. "Achill West is such a holding which, over the years has been renowned for, not only its beef cattle production, but also for its prime lambs and medium to fine wool clip."
Included in the sale is a four-bedroom weatherboard homestead, a three-bedroom manager's cottage and older style three-bedroom staff cottage.
The listing comes at a good time for the sale of rural properties tied to beef and lamb, which are being driven by strong demand for red meat products from Asia and the Middle East.
Earlier this month, private equity backed Consolidated Pastoral Company sold about $17.9 million worth of cattle stations to local buyers while Chinese-backed company Harmony Beef and Cattle acquired the Earl of Stradbroke's grand rural property Mt Fyans in the western district of Victoria for about $34 million.
At the same time, Gina Rinehart's battle to secure Australia's largest landholder, cattle company S.Kidman & Co with a Chinese investor, which is being challenged by a rival bid from wealthiest graziers including BRW Richlisters Tom and Pat Brinkworth and Sterling Buntine, has put the sector firmly in the global spotlight.
This story first appeared on The Australia Financial Review
