This article is from the Australian Property Journal archive
THE Hurricane Hill Quarry at Culcairn in south-east Riverina region of New South Wales has sold under the hammer to Tranternet for $4.5 million.
Located on Weeamera Rd, 50kms north of Albury, it was sold Ruralco Property’s Michael Everard.
Everard said a quarry has operated on this site for about 80 years with Boral having acquired the operating licence about 20 years ago.
The purchaser is Tranternet, a company representing interests in the extractive industries proposing to hold the property as a long term investment.
“A member of the Boral Group operates the quarry under a licence which has about twelve years to run.
“The royalty paid by Boral on a per tonne mined or quarried basis will therefore flow to the new owner as a return on investment,” Everard said.
Hurricane Hill Quarry was offered with all extractive licences and permits in place and includes a freehold land area of about 110 hectares or 275 acres, part of which has been cropped or used for dryland grazing.
Everard added the auction concludes a family inheritance matter on behalf of a descendant of the original family that has owned the freehold property for many generations.
“It was certainly one of the more unusual properties I have been called upon to auction and our marketing campaign attracted a lot of interest with the sale price achieved at the high end of expectations,” he concluded.
Australian Property Journal
