Idracowra Station sold prior to Auction
Idracowra Station purchased by local pastoralists
AUSTRALIA, 9 OCTOBER 2019 – JLL has successfully completed the sale of Central Australian cattle operation, Idracowra Station, which has been purchased by a renowned local pastoral family.
Located south of Alice Springs and covering a total land area of 462,800 hectares over a single pastoral lease, it is only the second time since 1952 that Idracowra Station has been sold.
JLL’s Directors – Agribusiness Chris Holgar and Geoff Warriner were initially appointed to sell Idracowra by auction in September, however following strong local interest a deal was struck prior to the auction date. The 7,500 Adult Equivalent carrying capacity property was offered on a walk-in-walk-out basis including livestock of approximately 3,000 head of cattle and plant and equipment. The publicised reserve price was $7 million, however, the final purchase price was well in excess of this figure.
Mr Holgar said, “This substantial landholding situated within the heart of Central Australia generated significant levels of interest as it represented an efficient, low-cost pastoral enterprise enabling the supply of livestock to primarily southern (domestic) markets.
Mr Warriner said, “Idracowra’s proximity to the Stuart Highway provided ease of access to Alice Springs and end-markets located to the south providing a logical addition to the purchasers existing holdings.”
JLL recently sold Retreat Station in the Jundah region of Queensland for $20 million and earlier this year sold Northern Territory cattle operation Suplejack Station for $21 million at auction. Both were transacted by Mr Warriner and Mr Holgar. Following these transactions and the recent appointment of Clayton Smith to the JLL team (formerly Elders Goondiwindi), JLL will be continuing to expand in the Australian Agribusiness sector.
Mr Warriner also commented: “What has been significant is that local buyers continue to be represented strongly in the current market. To me, this is sending a compelling message as to how sustainable the rural industry is, despite the persisting drought conditions.”
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