A LOCAL grazing family is the new owner of “Parkway”, after successfully purchasing the Merriwa estate for a cool $3.45 million last month.
A two-property aggregation, which included the 829-hectare pastoral holding, went to an online auction on February 26.
However, the offering of the 1375-hectare “Templemore” was passed in at the opening reserve of $4.75 million – and is presently being inspected by two new parties, according to John Flood of Flood Rural and Water, Muswellbrook.
“Both ‘Parkway’ and ‘Templemore’ are being sold to finalise part of the Dapkos rural assets owned by the family of the late Keith and Georgina Yore,” he said.
“Keith was a Hunter Valley irrigation pioneer and the founder of the Dapkos supply business, who died in 2017.
“He bought ‘Parkway’ in 2001 and the nearby ‘Templemore’ six years later.
“He operated the two in conjunction for cattle breeding, backgrounding and fattening, however, each with its own resident manager.
“Now, as part of winding up Mr Yore’s estate, the family is divesting itself of all its rural properties.
“They boast a substantial portfolio, but will still keep a couple in the region.”
Mr Flood admitted he was “happy” with the auction’s outcome.
“With a reserve of $3.5 million, the clients were definitely satisfied with the result of ‘Parkway’,” he said.
“I can certainly understand why there was interest in it.
“The property combines productive basalt soils with an undulating eastern fall, just 23km north-west of town.
“Timbered with box and apple gum, it’s well-protected from the western winds.
“And, consequently, it has a significant body of natural herbage.
“About 80.9 hectares has been farmed and lends itself to a permanent pasture strategy.
“Ten inspections were conducted – all were local graziers with the exception being two ‘outsiders’ buying for the grass.”
Expressions of interest on a number of other properties, including 73 Aberdeen Street, 74 Aberdeen Street and 75 Aberdeen Street (the site of Hunter Belle Cheese) in Muswellbrook, close at 5pm on Wednesday, April 17.
The promotion and sales are being conducted by Flood Rural and Water, along with Chris Meares of Meares and Associates, Sydney.