This article is from the Australian Property Journal archive
A SIGNIFICANT farming holding in Victoria’s Yea River Valley, one hour and 15 minutes from the Melbourne CBD, has been sold by Pat Rice & Hawkins.
The Penbro property was offered at auction by Pat Rice & Hawkins on 25 May when it was passed it at $3.5 million. It has been sold to a Melbourne business interest with farming activities in the local district for an undisclosed price, but Pat Rice & Hawkins director Peter Hawkins, said it was significantly higher than the price it was passed in.
“I think the result is a very positive indicator of the traditional business interest in a quality holding.
“An auction is always the first step in crystallising interest and from there we conduct negotiations with those who inspect the property, which in Penbro’s case was quite a number of businessmen and local farming interests,” he added.
The property comprises 568 ha, or 1,403 acres, located at the junction of the Melba Highway and the Murrindindi Rd, 84km from Melbourne, 27km north of Yarra Glen and 22km south of Yea.
The property was offered on behalf of businessman Neville Bertalli to enable himself and his family to downsize after 30 years of property ownership. Penbro at the time was owned by and run as a stud cattle property by Formula One driver Alan Jones.
The property has over 2km of frontage to the two bitumen roads and is held in four titles.
Penbro is a noted cattle property currently running over 300 Angus breeders.
The property is subdivided into twenty main paddocks with numerous small paddocks, all serviced by a lane way system for easy management.
All the fencing and farm infrastructure is in excellent condition.
Water is an outstanding feature of Penbro with numerous dams throughout the property with the four main storages linked by natural flow and a poly pipe system.
There is a 100 megalitre surface water licence.
Penbro also has a 40 ha, or 100 acre vineyard planted to six varieties but principally Chardonnay and Pinot Noir, with an average annual production of about 300 tonnes of grapes.
The vineyard normally uses about 30 megalitres of water but the last two seasons have been excellent producing dry grown grapes.
“In my judgement this was an opportunity to acquire a significant holding in a premier and reliable location where there is scope to continue rural enterprises in cattle breeding, grazing or as a stud property with the additional interest and cash flow that the vineyard provides.
“I originally estimated the land value alone in the order of $2,500 an acre so that gave a price expectation of more than the $3.5 million pass in price and this is reflected in the higher price at which Pat Rice & Hawkins has sold the property,” Hawkins said.
Property Review
