Rich-lister Michael Gordon to sell Queensland grazing property Noorama
BRW rich-lister Michael Gordon has tipped one of Queensland’s most prominent grazing properties, 105,000-hectare Noorama Station, onto the market.
The aggregation, about 110 kilometres south-east of Cunnamulla in south-east Queensland, forms part of the Bydand Pastoral Company, which Mr Gordon established in 2003 and grew into the largest sheep and wool producer in Queensland.
Last year, amid rising offshore appetite for rural assets and rising rural values, Mr Gordon began winding down his rural holdings to focus on offshoot Bydand Agricultural Management Services, whose clients include Qatari-government-owned Hassad Australia, a land and food company which owns more than 300,000 hectares of farms in Australia.
Mr Gordon sold 22,548-hectare Cooplacurripa Station in northern NSW, with 8000 head of cattle to Rifa Salutary, the Australian arm of China’s Zhejiang Rifa Holding Group, for $29 million mid-last year and is now looking to offload Noorama Station.
“Everything we do is an investment, and it’s all about timing,” he told The Australian Financial Review then.
Mr Gordon, a one time jackaroo, established the basis of his fortune – estimated at $347 million, according to the 2016 BRW Rich list – when he built up one of the country’s biggest childcare centre portfolios and later sold it to ABC Learning Group for $120 million.
Noorama Station is renowned for its sheep and wool production along with cattle breeding, finishing and agistment. The vast property has a carrying capacity of around 80,000 DSEs (dry sheep equivalents). It’s an aggregation of five properties which began in 2005 with “Yankalilla”.
Having been leased out in recent years, it is being marketed with vacant possession with the opportunity also for the buyer to separately purchase livestock from Bydand.
The grazing property is being marketed by Richard Gemmell of Elders Dubbo and Dick Allpass of Elders Brisbane who declined to comment on price expectations.
They described the property as a “highly developed pastoral enterprise with capital regularly reinvested into maintenance and upgrades”.
“[It includes] a system of three creeks that provide safe flood out over much of the country in season, and an extensive equipped and piped bore water system with coverage of livestock watering points which support greater grazing efficiencies.
“The entire holding is extremely well supported by the strategically located head station improvements, which consist of an architecturally designed, corporate-style homestead and station complex where management is based. Includes a manager’s residence, guest and jackaroos’ accommodation, recreational and entertaining facilities,” the Elders agents said.
