THE 394-hectare (976-acre) freehold Killarney, Qld, property Belvedere was passed in for $1.7 million from the floor yesterday at an auction in Warwick.
Offered by receivers, the property located between Killarney and Warwick was previously owned by Dudley Leitch’s Leitch Pastoral Group. The Leitch Pastoral Group collapsed in February 2010 owing debts of more than $7m. Its assets included the Killarney Abattoir and Pittsworth Food Processing plants as well as a number of grazing properties.
Marketing agent John Burke, Elders, said there were two bidders at the auction and negotiations were continuing.
Belvedere has a Condamine River frontage and 162 megalitre river allocation. There is also a 130ML ground water entitlement from three bores.
About one third of the property is serviced by underground mains, one third is undulating grazing with improved pasture, and one third is hilly shaded forest country.
Improvements include two homes, machinery shed, hay sheds, cattle yards and feed pens. There is an approval in place for a 1700 head feedlot.
* Contact Andrew Williams 0429 004 299 or John Burke 0428 457 976, Elders.