TWO of three Consolidated Pastoral Company (CPC) properties put to auction today have sold.
Gowan at Blackall sold for $7.2 million to Blue Sky Beef from the Acadia Valley. The sale price is equal to about $398/ha ($161/acre).
Mount Marlow at Blackall sold for $5.25m to Bill and Gretchen Speed and family, Brigadoon Cattle Company, Taroom. The sale price is equal to about $72/ha ($29/acre).
Negotiations are continuing on CPC’s third property Cooinda Station, north of Winton, which was passed in for $5m.
UPDATE: Cooinda sold for $5.5m following the auction to TopX Longreach owners Tom and Belinda McLeish.
Gowan is a 18,077ha (44,669 acre) property located about 70km south of Blackall. It has a mixture of developed gidyea sown to buffel grass, lightly shaded Mitchell grass, lightly shaded pebbly gidyea country and flooded Coolibah creek systems. Gowan is estimated to carry 3000 to 4000 cattle, with all paddocks watered by the property’s reticulated bore system.
Mount Marlow comprises of 73,100ha (180,634 acres) and is described as ideally suited to be run as a breeding and growing property. The organically certified property is estimated to carry 4000 mixed cattle. Mount Marlow has 32km of frontage to the Barcoo River with extensive channels and permanent and semi-permanent waterholes. There is a diversity of pastures includes Mitchell, Flinders, button and buffel grasses as well as prolific herbages, blue bush and lignum.
Cooinda Station is a 24,300ha (60,046 acre) property located 70km north of Winton. Cooinda is described as ideally suited to backgrounding cattle for northern and southern markets. With an estimated capacity of 3000 to 4000 cattle, it features Flinders and Mitchell grass with plentiful artesian water.
They have all been acquired in the period since 2004 when Mount Marlow was purchased from Michael Gibson and family.
CPC chief executive Troy Setter said the company was continuing to invest in the future growth of CPC and no further property sales are planned.
“These properties are being marketed with a view to reinvesting the proceeds into the further development of our existing northern stations,” Mr Setter said.
CPC currently owns or operates 19 cattle stations comprising more than 5.6 million hectares. The $700m company also holds an 80 per cent interest in a joint venture which owns and operates two feedlots in Indonesia.
The sale were handled by Andrew Adcock from Ruralco Property.