A Queensland sugarcane farmer has expanded their footprint in the industry, securing a 43ha rural property in Woongoolba at auction for $1.51 million.
The property, located at 75-101 Cooks Road, comprises a 43.17ha sugarcane property split across two freehold landholdings. Benefitting from high-quality alluvial soils, the property has a lease agreement in place until December 2018.
CBRE Agribusiness’ Simon Cudmore and Chris Holgar managed the public auction, which was held at the Woongoolba Hall and attracted five registered bidders.
The successful purchaser, A.Keith & Co Pty Ltd, owns several existing sugarcane farms in the vicinity, in addition to a large mulching business.
CBRE’s Simon Cudmore commented on the sale: “This was a strong result, achieving 40% above the reserve, that highlights the investment appeal of this tightly held region.”
Situated approximately 34km from the Gold Coast, the property provides dual road frontage to Cooks Road and Loves Road, and is located nearby the Rocky Point Sugar Mill.
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