Cattle land was $16.6m 'bargain'
ALAN Acton believes $16.6 million was a bargain price to pay for a property near Rockhampton he'd had his eye on for years.
Alan and Jennifer Acton from Wilpeena Cattle Company at Dingo, purchased the 8167 hectare Fitzroy Vale Station at auction last Friday.
The property came with a homestead and around 3500 head of cattle included.
“I thought it was the right time to be purchasing property now,” Mr Acton said.
He admits it was the third time he had tried to purchase the property, the first time back in 1992.
He said the proximity, close to the meatworks and being so picturesque, were the main reasons for the purchase.
“Where else do you run that many cattle, just out of Rocky?”
Mr Acton plans to run the station under management, with no plans to relocate from his current residence near Dingo.
He said he would make a few capital improvements over the next two to three years but believed his investment was timed right.
“Taking all things into consideration - now is the time to buy.
“In the long term the cattle industry has got a good future.”
Two other adjoining properties were also offered for auction by Ray White Rural during last Friday's sale, but were passed in.
A 10,034 hectare property, Balnagowan, with 13km of absolute beachfront and 3000 head, passed in for $20 million while Elgalla, with just over one thousand hectares, passed in at $4 million.
Central Queensland rural manager for Herron Todd White, Will McLay, said there had been reasonable interest in the properties.
“The values they passed in at would reflect values above average grazing values, so there is the expectation that it carries some further potential,” Mr McLay said.
All three properties previously formed part of a larger parcel of land known as Fitzroy Vale, formerly owned by the Vesty empire, then Greek shipping magnate Gregory Hadjieleftheriadis, and later purchased by a partnership of Marlborough-based graziers.