HISTORIC Gunnee station and feedlot in the Inverell district may fetch up to $11 million when it goes under the auctioneer's hammer in Sydney on Thursday.

Selling agent Chris Meares, of Meares and Associates, was in Inverell last week for a final inspection of the propery and said it would be one of the most significant sales in the area for many years.

Mr Meares told The Inverell Times said that interest had been expressed from buyers in Inverell, throughout NSW and Queensland as well as a small number of inquiries from overseas.

"It is significant because the sale will set a benchmark for rural property values not only in the Inverell district but throughout NSW,” Mr Meares said.

Gunnee station and feedlot – 40km west of Inverell and 8km north of Delungra - is owned by John Kahlbetzer's Twynam Agricultural Group.

The group has been very big cattle producers but recently has cutback on its herd in order to change direction and move more into cotton.

It already owns another feedlot at Forbes and Gunnee is surplus to its requirements.

Gunnee is being offered for sale as a whole or in three lots – Gunnee with 3875 acres, circa 1874 homestead and feedlot; Kurrajong Heights with 3481 acreas; and, Upsandowns with 1556 acres.

"It is extremely difficult to assess price where a property has so much versatility in productive enterprises but we are expecting bids in the order of $10 million to $11 million as a whole or if sold in three lots, Gunnee at $6 million to $6.5 million, Kurrajong Heights at $2.8 million to $3 million and Upsandowns at $1.2 million to $1.3 million,” Mr Meares said.

He said the interest from Inverell had been in buying one of the lots.

Comprising a total area of 8912 acres (3607 ha) , Gunnee boasts prime black soil farming country, secure water from creeks, bores and dams, cattle breeding and fattening plus the well-known Gunnee Feedlot.

The feedlot has a licensed capacity of 14,000 head and currently has 11,000 cattle on feed.

"The feedlot, perfectly positioned to access the northern NSW and southern Queensland cattle areas, has an excellent reputation throughout the industry for the quality of cattle produced,” Mr Meares said.

This year the property is growing 2046 acres of wheat, 1910 acres of barley and 300 acres of oats.

The auction will be held at The Sydney Auction Centre, 17 O'Connell Street, Sydney at 10.30am on Thursday.

© 2004 Inverell Times

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