Strong competition for prime Penola land

Strong competition for prime Penola land

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THE strong demand for South East farmland was on display at Penola recently, with the 751-hectare Glenrise property making $11.43 million at auction late last month.

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THE strong demand for South East farmland was on display at Penola recently, with the 751-hectare Glenrise property making $11.43 million at auction late last month.

Sold by Pinkerton Palm Hamlyn & Steen, the property was offered in four non-contingent lots, with all snapped up by local buyers.

Lot 1 - the 110ha homestead block - attracted the highest per hectare price, making $1.92m or $17,454/ha.

Fenced into five paddocks, it featured a three-bedroom solid brick home, a two-bedroom cottage, machinery shed, two bores, two-stand shearing shed and a set of sheep yards.

Lot 2 covered 253ha across nine paddocks, and featured a central laneway system, running along lot 1 and lot 2, as well as a 12-metre by 12m hay shed and four bores. It sold for $3.84m or $15,177/ha.

The 236ha lot 3 included four stock bores and a 9m by 18m hay shed, and made $3.25m at auction, equivalent to $13,771/ha.

Related reading: SE land soars to $10.5m at auction

The fourth and final lot covered 151ha, and made $2.42m or $16,026/ha. It featured a two-bedroom timber clad cottage, four bores, and a large set of cattle yards.

The property mostly comprises heavy black clay soils over limestone, with a few limestone ridges. Pastures on the property were mainly phalaris, ryegrass and sub clovers.

With a 670-millimetre average rainfall, the previous owners were using Glenrise predominately for livestock production, running 300 cows and 1000 crossbred ewes, retaining most of the offspring to grow into export weights.

Some cropping has been used to repasture with 32ha on lot 4 sown to beans this year.

The property is well fenced with an extensive program being run across the last six years to replace fencing.

Glenrise has a total of 14 livestock bores, two irrigation bores and one house bore. All are connected to windmills and 20,000 litre poly tanks.

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