JOHN and Annette Cassidy’s Ebor, NSW, aggregation Glen Alvie has been passed in on a vendor bid of $17.5 million, after bids from the floor reached $16.51m at an auction in Brisbane this morning.
Ray White Rural auctioneer Phil Parker announced the highly productive property was on the market with the vendor bid. It is understood several parties are currently negotiating on the property.
At $17.5m the price is equal to about $8159/hectare ($3303/acre).
After a slow start in the Ray White Rural auction rooms on Queen Street, bidding on the property started at $8m, jumping almost immediately to $10m before hitting the $15m level. From there the auction became something of an endurance event with five parties competing for the highly prized eastern fall country. A staggering 64 bids were placed during the auction keeping auctioneer Philip Parker hard at work.
The 2145ha (5299 acre) freehold Glen Alvie aggregation comprises of three original properties: Glen Alvie (656ha/1620 acres), Hillview (1239ha/3060 acres), and Highfields (251ha (619 acres).
Glen Alvie is located 79km east of Armidale. It adjoins the Ebor town boundary with main road frontage to Waterfall Way, the property also has Pound Road providing internal access through the middle of the property.
The country comprises of predominantly chocolate basalt soils growing a variety of pastures comprising primarily of rye, cocksfoot, fescue, phalarais, kikuyu, paspalum, chicory and red and white clovers. The recently renovated pastures comprise fescue, phalarais, plantain, chicory and rye with red and white clovers. The aggregation has a significant fertiliser history supported by an agricultural air strip is located on Hillview.
Glen Alvie is located in the 1200-1500mm rainfall belt and is exceptionally well watered with some 70 strategically placed dams. There are also two equipped wells feeding to two concrete storage tanks. Dirty Creek also has numerous water holes.
The property is subdivided into 46 main paddocks with a lane way system servicing the yards. There are also five sets of cattle yards. Four of the yards are located off Pound Road and have all-weather access. The four electric stand woolshed has an undercover race and yards, capable of shedding some 1700 woolly sheep. The main workshop is attached to the northern side of the woolshed.
Other improvements include Glen Alvie’s spacious main homestead located in well established gardens, a three bedroom on Hilliview, Fred’s House, an architecturally designed (Fred Weilpern) three bedroom double brick home circa 1980 with attractive views, and Mark’s House, a two bedroom weatherboard cottage. Located near the cottage are two steel machinery sheds and a three bay shed.
John Cassidy AO is particularly well known in the corporate world. In the late 1980s he led the remarkable turnaround of Abiegroup, transforming it from a company turning over $166 million and owing $70m and nearing collapse, to the creation of Abigroup turning over $500m a year and producing record profits.
Contact Bruce Douglas, 0417 602 603, or Andrew Starr, 0428 792 466, Ray White Rural.
