The historic Buckingbong Station has recently been snapped up by an undisclosed party, following a highly competitive campaign which saw strong interest from a range of high net worth and institutional investors.
Danny Thomas and Chris Davidson of CBRE’s Agribusiness team negotiated the sale of the 4,997 hectare freehold property via an off market campaign, on behalf of the Seidel family. The transaction was concluded to a party introduced by Geoff Palmer, Ray White Rural, Wagga Wagga.
The sale comprised the 4,544 hectare Buckingbong Station and 453 hectare Oakdale Station, providing a prime agricultural land opportunity in the renowned Riviera District.
Located only 15 kilometres south of the township of Narrandera and approximately 450 kilometres from Melbourne, Buckingbong Station has been extensively developed by the current owners to incorporate irrigated and dry land farming and grazing operations.
The site further benefits from a historic homestead rich in Australian pioneering history, quality structural improvements and a favourable mix of land and soil types.
CBRE’s Chris Davidson said a wide range of buyers were attracted the property, including groups seeking to develop the land for edible nuts in a similar fashion to the adjoining Ferrero Orchards.
“The eventual purchaser intends to continue operating the property as a genuine mixed farm, including grazing sheep & cattle and cropping,” Mr Davidson said.
“We have achieved an exceptional result for the Seidel family. Properties of the scale and quality of Buckingbong are in high demand and short supply right now, particularly properties with a direct irrigation take from the Murrumbidgee River and proximity to a major regional centre like Naranderra.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.