PALGROVE's landmark South West Slopes property Gilgal is expected to top $55 million through an expressions of interest sale prcess.
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Located 5km from Cootamundra and 75km from the services of Wagga Wagga, the property is being sold to enable Palgrove to focus on expanding its operations in Northern NSW and Queensland.
Palgrove chief executive officer Will Heath said despite its exceptional productive capacity, Gilgal was a significant distance from the company's main portfolio of assets and was no longer aligned with Palgrove's overarching strategy.
"Our intention is to reallocate the proceeds of this sale into our expanding asset base in northern NSW and Queensland, closer to the majority of our clients," Mr Heath said.
The 3605 hectare (8908 acre) aggregation, comprising Gilgal (1631ha/4030 acres), Winona (1633ha/4035 acres) and O'Connors (341ha/842 acres),
The country, which is well suited to beef breeding and fattening, prime lambs, wool and producing a diverse range of crops, was settled by Samuel Ward in 1865.
Commercial and seedstock beef cattle producer Palgrove is only the second owner, buying the property in 2019.
Under Palgrove's management, Gilgal has undergone a transformative development program, including pasture improvement and investment in soil health through lime and fertiliser applications, and the construction of extensive operational infrastructure.
Gilgal is divided into 71 main paddocks, which are serviced by a comprehensive laneway system. There are also multiple road access points from the dual frontage to the Olympic Highway.
The aggregation's cropping rotation comprises of 500ha planted to wheat, barley, and oilseeds.
The large areas of improved pastures to support an estimated 34,000-38,000 dry sheep equivalent carrying capacity.
Water security is a feature. Water is drawn from several sources including two bores and several creek systems, dams and a reticulated water network.
Working improvements include two four-stand shearing sheds, covered ProWay sheep yards, new ProWay cattle yards, two additional sets of cattle yards, numerous machinery sheds, haysheds, bunded chemical storage, workshops, and grain storage. Gilgal has an agricultural airstrip.
The historic five-bedroom, three-bathroom Gilgal homestead was constructed in 1870 by Samuel Ward. The home has been meticulously maintained and is set within landscaped gardens. Features include a swimming pool, tennis court and alfresco dining areas, as well as numerous outbuildings including the Gilgal stables.
There is also the five bedroom Winona homestead, Gilgal cottage, 5 Mile cottage and Frampton cottage.
LAWD senior director Col Medway said one of the defining features of Gilgal was the flexibility of the enterprise
"W,ith the mix of fertile red friable loam soils, security of water supply and well-executed strategic development making it equally suited to cattle, sheep and wool, cereal, legume or oil seed production," Mr Medway said.
"Further, the introduction of grazing wheat and canola varieties to the cropping rotation now underpins a mixed farming production system that has proven climatic resilience."
Expressions of interest on Gilgal close with LAWD on June 1.
Contact Col Medway, 0428 481 243, or Danny Thomas, 0439 349 977, LAWD.
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