164-year-old farm tipped to fetch $10m
A mixed-grazing property near Penshurst in Victoria’s Western District has been listed for sale for the first time in 164 years.
Local market sources said Cheviot Hills, a 1951-hectare land holding which has been owned by the Hutton family since 1852, could fetch in excess of $10 million.
The property, which includes a renovated four-bedroom bluestone homestead, is run by fifth-generation farmer Tim Hutton as a mixed-grazing enterprise, including both Hereford cattle and Corriedale sheep.
The mixed-grazing enterprise includes Hereford cattle. Photo: Supplied
Mr Hutton is a descendent of Scotsman David Hutton, who arrived in the Western District town of Portland in 1844 and took out a lease on land at Mount Rouse, later establishing Cheviot Hills. Hutton Street in Penshurst is named after him.
The listing of Cheviot Hills follows the recent sale of blue ribbon Western District property Banongill Station, a 6880-hectare cropping and grazing estate near Skipton, to US pension fund-backed Laguna Bay Pastoral Company for more than $30 million.
Other owners in the vast Western District region include Rifa Salutary, the Australian arm of China’s Zhejiang Rifa Holding Group, which bought 2420-hectare Blackwood station near Dunkeld from the Ritchie family in February 2014 for about $14 million.
Demand for grazing property tied to beef and lamb production is rising, driven by higher commodity prices, excellent recent rainfalls, the lower dollar and global demand for the high-protein meat, with rural land values on the rise in some regions.
“Cheviot Hills is a flagship holding ideally suited to high-quality grazing pursuits, comprising improved pastures, outstanding soil types and well-developed infrastructure,” said CBRE’s Duncan McCulloch.
Mr McCulloch is selling Cheviot Hill on behalf of Mr Hutton alongside CBRE colleague James Beer and Kerr & Co’s Robert Claffey.
“Given the scale of the offering, we expect the opportunity to attract strong domestic and international interest from corporate buyers,” he said.
The offering includes a six-stand woolshed, three dwellings and extensive rural shedding along with a “well-designed laneway system, high-quality fencing and excellent stock water facilities”.
