Melbourne

33,000ha Juanbung & Boyong Stations in the Southern Riverina change hands

CBRE has sold 33,000ha of premium rural land fronting the Murrumbidgee River in NSW’s Southern Riverina region in an off-market transaction.

14 Jan 2019

CBRE has sold 33,000ha of premium rural land fronting the Murrumbidgee River in NSW’s Southern Riverina region in an off-market transaction.

CBRE Agribusiness’ Danny Thomas completed the transaction of Juanbung & Boyong Stations on behalf of the TRT Pastoral Group, owned by prominent Melbourne-based investor, Tim Roberts-Thomson and family. 

Boasting 55km frontage to the Murrumbidgee River, Juanbung & Boyong Stations have traditionally been used for backgrounding large numbers of cattle for nearby feedlots (up to 10,000 head per annum). The properties, which comprise one of the largest privately owned River Red Gum Forests in the world, also accommodate Juanbung Mill, a substantial firewood business.  

Juanbung & Boyong Stations benefit from a 13,506MI supplementary water entitlement and, uniquely, incorporate the terminal floodplain delta of the Lachlan River, referred to as ‘Great Cumbung Swamp’. 

CBRE’s Danny Thomas, together with consultancy support from Aither’s Chris Olszak, sold the properties via a walk-in-walk-out basis (including all plant and equipment associated with the Juanbung Mill). The existing operations are set to continue under the new ownership.

Mr Thomas said the off-market nature of the transaction highlighted the depth of buyer demand for rural properties with scale. 

“The sale of Juanbung & Boyong Stations is evidence of the strong investment appetite for grazing land with significant scale in the Southern Riverina. Multiple parties showed interest in the property.”  

Mr Olszak added: “The water entitlements and inherent environmental values of the properties also drew significant interest from conservation groups and quasi-government groups.  We expect to see more commercial transactions being undertaken by this segment of the market in the future as they look to make long term returns and conserve targeted high value ecological sites.”

Vendor Tim Roberts-Thomson said the family was delighted with the outcome, particularly given the properties will continue to be operated as they have been for the foreseeable future.  

“We believe the assets will be well stewarded by the incoming owners and that they will retain our loyal staff and enhance the business operations.  The sale now allows TRT Pastoral to focus on building the King Island Beef business that we purchased 12 months ago along with our mainland operations,” Mr Roberts-Thomson said. 

“It is an exciting time for our business as we continue to look to expand our beef breeding footprint.”

For all enquires please call Danny Thomas on 0439349977
 
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.

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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.