MACQUARIE Group's Paraway Pastoral is selling off a strategic part of the historic Bulls Run station north-west of Wagga Wagga in the NSW Riverina.
Once owned by the Duke of Westminster, Bulls Run was snapped up by Macquarie for more than $30 million in 2007 in what was then only its second purchase in a fund that now controls more than $700 million in assets.
Macquarie is now looking to sell a 615-hectare slice of that property. The holding is referred to as Deepwater and farmers and property agents suggest it could fetch about $1.5 million.
The holding has a prime 7-kilometre frontage to the Murrumbidgee River and consists of low rolling hills and alluvial river flats.
Included in the offering is the Deepwater homestead built in 1927 by Hugh Victor McKay. Mr McKay was the son of the inventor of the Sunshine Harvester, Hugh McKay, who took on the unions in 1907 in what is now known as the Harvester Judgment which formed the basis of today's basic wage. The homestead contains seven bedrooms, four bathrooms, a formal lounge room, family room, dining room, billiard room, kitchen with slate floor, a pool and an enclosed verandah.
The 520-square metre home includes a wide entrance hall, high ceilings, exposed timber beams and wood-grain panelling. A three-bedroom cottage as well as infrastructure including hay sheds and silos are also up for sale.
Landmark Harcourts Phil Rourke and Sally Douglas have been appointed to sell the property. "The homestead is in good condition and simply looking for a new owner to restore it to its original beauty and elegance," Mr Rourke said.
'Potential to develop'
"The property is suitable for grazing and cropping, with the potential to develop an area of irrigation, with the pumping site and water access licence included in the sale."
The historic Deepwater homestead together with the 615-hectare land holding is being offered for sale by auction on November 7.
Macquarie Group declined to comment on the sale of the historic holding. However Paraway, from time to time will dispose of non-core assets so that capital can be redeployed to maximise the operating performance of the company.
Macquarie appointed a new head of its agricultural funds business in July this year. Elizabeth O'Leary took over the role following the resignation of Tim Hornibrook.
The fund's operating entity, Paraway Pastoral, which owns some of Australia's best farming land, lost $46 million last year due to falling land and water valuations.