850ha Meadow Creek cattle property sells to WA-based Stone Axe

Moyhu, at Meadow Creek, about 40 kilometres south of Wangaratta, comprises four properties sold under a WIWO (walk-in, walk-out) basis meaning the land came with everything on it including 650 head of fullblood Wagu cows, a homestead and plant equipment.

Ray White Rural Albury's James Brown, who co-managed the sale with Andrew Starr and Bruce Birch from Ray White Rural and Livestock NSW, said Moyhu was put out to tender late last year and sold late last month for an undisclosed sum to Stone Axe Pastoral Company.

Mr Brown said "strong synergies existed between the purchaser and the vendor" but would not reveal the vendor, a Victorian man who insisted he remain anonymous.

He said management of the properties - Leatarn, Handcocks, Sampsons, and Bartons - which will operate as one business entity, and the Wagyu herd, will remain unchanged.

"We had strong interest from local family farming operations through to corporate buyers from all around the country," Mr Brown said.

Mr Brown said WIWO deals were not that uncommon in rural areas.

"If you have a family that are looking to retire and they have a parcel of land and a really nice cow herd and someone comes in and says, look and I want to the buy the lot, well, these deals happen," Mr Brown said.

"A WA based company bought this but they've got holdings at Dinner Plain, at Omeo, and they've got holdings in northern New South Wales as well.

"So as all part of the deal, they got 650 odd cows plus followers, all plant machinery, there's a homestead as a manager's cottage and there's a workers' cottage as well.

"But we understand that the management team are staying in place there."

Mr Brown said while WIWO deals were not unusual with smaller blocks, the tender of Moyhu was "not your everyday offer".

IN OTHER NEWS:

"Opportunities like this for a large scale property with a fullblood registered herd certainly don't come around all that often and that's why this attracted so much interest from around the country," Mr Brown said. "There were other Wagyu breeding enthusiasts that expressed interest due to the scale and not only interest in the cow herd but the property itself."

Mr Brown said the property, not far from the King Valley, enjoyed high rainfall ideal for supporting rye grass, phalaris and clover on its lush grazing paddocks. Over the past decade, Stone Axe has acquired several high-rainfall grazing properties on the east coast.

To read more stories, download The Border Mail news app in the Apple Store or Google Play.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: