A leading Australian breeding family have purchased a 438,000 hectare ranching station in the Gulf of Carpentaria at a price that would set a new “benchmark” in the property market.
- The Hughes family, based in central Queensland, purchased the 438,000 hectare (over one million acres) Miranda Downs resort
- The Stanbroke Pastoral Company owned the Gulf of Carpentaria property for 24 years prior to the sale
- Appraiser Peter Honnef says he is likely to set a ‘new benchmark’ for property values
Peter and Jane Hughes, who own several properties in central Queensland and the Northern Territory, bought Miranda Downs, north of Normanton, from the Stanbroke Pastoral Company of the Menegazzo family.
The property was expected to fetch $ 145 million to $ 155 million when it was listed earlier in the year, but news agencies Beef Central and Jim Pola Digital Marketing both report that it was sold for over $ 160 million. dollars.
All parties involved have not disclosed the value of the transaction.
JLL rural property appraiser Peter Honnef said based on media reports the sale was likely to change the market.
“You’ve got a lot to do: strong commodity prices, virtually zero interest rates, and generally good seasons.”
Large scale breeding property
Miranda Downs was the northernmost property owned by the Stanbroke Pastoral Company, which has 10 other breeding stations in Queensland, as well as a feedlot and slaughterhouse.
After holding it for 24 years, the company sold Miranda with 55,000 head of cattle and a 6000 megalitre Gilbert River water license that has the potential to be developed for irrigated crops.
Stanbroke has reportedly spent significant amounts of money upgrading Miranda Downs infrastructure in recent years, with 45 paddocks, 10 sets of cattle yards and a large farm at his Rice Lagoon post which was part of the sale.
Mr Honnef said properties in the tropical and remote region were traditionally used to raise calves, which were then moved to areas further south for breeding.
âThese are very closely owned properties. Before Stanbroke, a guy called Wallace Logan owned it,â he said.
“They can operate inexpensively and be productive to breed calves.”
Booming rural real estate market
Before the Miranda Downs transaction, other Australian herding families were paying large sums of money to buy goods in the area.
Last year, the Wollogorang and Wentworth stations on the Queensland-Northern Territory border were bought by the Cloncurry-based McMillan family for $ 53 million.
Months later, another Cloncurry-based family, the Daniels, bought the Nardoo station in Gulf Country for $ 35 million.
Mr Honnef said he was not surprised to see the Australian Hughes family buy Miranda.
âLarge owner companies are using this market to rationalize and come out with some assets to capitalize on high values ââand we are seeing traditional family units buying,â he said.
“[Families] are active in the market and it becomes gangbusters. “