OVERSEAS buyers are lining up to buy a New England property valued at up to $50 million.
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Jeogla and Wallamumbi Station will be sold by tender. Station manager Richard Braham said most of the interest had come from Britain.
“I've had a few inspections already, still got a few more to come, though,” he said yesterday.
Regarded as prime cattle country, the properties are being sold by Bill and Imelda Roche, who established and later sold the Nutrimetics skincare business. They bought “Jeogla” in 1998 and “Wallamumbi” two years later from the Wright family.
At the time, “Wallamumbi” was valued at up to $8 million, while “Jeogla” was passed in at auction for $5.75m before being sold privately.
The Jeogla and Wallamumbi package involves almost 12,000 hectares of prime, high-rainfall New England grazing country, with carrying capacity of up to 16,000 head of cattle.
Both properties are famous for their respective cattle herds, whose V1V (Jeogla) and V2V (Wallamumbi) brands have direct lineage to the first Herefords brought to Australia.
Bi-annual production sales established on both properties by the Wrights are still conducted by the present owners, the first for this year being scheduled for next Wednesday, when 2500 head of EU-accredited steers and heifers will go under the hammer. Mr Braham has run the property for 23 years.
“We're getting ready for our big cattle sale next week,” he said.
Armidale real estate agents Elders and Philip Jarvis are handling all inquiries. Frank Spilsbury from Elders said applications for the tender must be in by 5pm on April 4.
with The Land