This article is from the Australian Property Journal archive
PRIME agricultural land in a tightly held district of South Australia has smashed expectations, selling under the hammer for $22 million.
Located 40 kilometres west of Naracoorte in the state’s south east, Binbrook, at Lucindale was offered to the market by Tom and Kerry McWaters after 70 years of ownership.
The sale price for 630-hectare grazing farm came in at a whopping $34,920 per hectare, and well clear of the circa $15 million result tipped.
Since it was issued as soldier settlement block in the 1950s, the McWaters have developed the property throughout their tenure, since it was issued as a soldier settlement block, and expanded it twice in the 1980s. It has been used for breeding and finishing and has grown crops to cereals and beans, while it has recently been used for producing mixed-aged cross-bred ewes and trading off cattle.
Land comprises a balance of solid red and chocolate loam over clay grading to heavy black flats, with pastures of Phalaris, clover and rye grass.
There are two 32-hectare centre irrigation pivots sown to pasture and a 450 megalitre water-taking allocation. An area of the property has potential for further development around a third irrigation bore.
Binbrook is well fenced, with a central laneway connecting all paddocks and feeds into the five-stand wool shed equipped with evo plant and undercover yards fitted with a sheep handler and dust suppression sprinkler system. Newly upgraded cattle yards are also serviced by the laneway.
There is ample shedding, including an enclosed high clearance workshop with a concrete base, power, and a massive hardstand area.
The main dwelling consists of a brick three-bedroom home looking over established gardens and irrigated lawn, through to the tree-studded paddocks and beyond, and there is also a second timber-framed home with four bedrooms.
