SMOOTH LANDING

A Tasmanian grazing property has changed hands for the first time in 200 years, writes

ATASMANIAN farming operation has bought a historic Fingal Valley agricultural property. However, its new owner has not been publicly revealed.

Cullenswood, at No.6870 Esk Main Road, St Marys, was listed with Knight Frank earlier this year and has changed hands for the first time since the original land grant in the 1820s.

Knight Frank Agribusiness partner Rob Dixon said the campaign had attracted more than 130 inquiries from local and national buyers.

There were also multiple international parties that expressed interest in the iconic property.

Early in the sale process, it was reported that Cullenswood had attracted huge interest and the indication was it

would fetch a price northwards of eight figures.

While Knight Frank cannot disclose the sale price or the buyer at this time, the agents have indicated that the property was sold in the vicinity of the “expected eight-figure sum”.

Mark Ranicar, from Knight Frank Agribusiness, said Cullenswood provided the market with an “outstanding and unique opportunity”.

He said the international inquiries confirmed the standing that this 2590ha property has in agri-markets.

“The vendors, Cullenswood Pty Ltd, were very pleased that the property has sold to a Tasmanian-based farming operation,” Mark said.

“This was important for the family.” He said in what had been a testing

trading environment because of COVID-19 restrictions, Cullenswood’s worldwide appeal had confirmed the “strong appetite” that markets have for Tasmanian agricultural holdings.

Before the sale, Cullenswood had been the home of the Legge family for two centuries, including former Break O’Day Council mayor Robert Legge and his partner Jean.

Colonel William Vincent Legge was born at the property in the 1840s.

Cullenswood is set across four titles and features 1300ha of arable land.

Its nine-bedroom homestead dates back to 1827.

The homestead was built from stone and timbers off the farm, and its gardens are home to some of the largest redwood trees in the southern hemisphere.

Cullenswood also has its own roadside church, a local landmark dating back to 1847.

Rob described the chance to buy Cullenswood as a rare and outstanding opportunity because the property possessed all of the “fundamental attributes agriculture investors seek”.

“Historic rainfall records for Cullenswood of 900mm annually, on-farm water storage of 1000 megalitres and irrigation development potential are all key features of the property,” he said.

“There is potential to expand on its farm storage capacity, and the property offers passive mining royalties.

“It has also been a long-term provider of coal and hardwood timber plantations.”