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Rural Gladstone region property sells at auction for $15 million

LONG HISTORY: Galloway Plains, a cattle grazing property west of Calliope, sold at auction for $15 million.
LONG HISTORY: Galloway Plains, a cattle grazing property west of Calliope, sold at auction for $15 million.

ICONIC Calliope grazing property Galloway Plains has sold at auction for $15 million, securing its long-term future for the Neill-Ballantine family.

The 13,076 hectare Galloway Plains Pastoral Company property was sold to Jim and Chris Neill- Ballantine, who were one of four bidders vying for the sale.

Ray White Rural Rockhampton marketing agent Richard Bronson said there was plenty of interest in the property, with more than 30 inquiries ahead of last week's auction.

Mr Bronson said it was a "good sale" and a very active auction.

"Like any auction the buyers are looking for the ideal acquisition," Mr Bronson said.

 

"The property market is so variable but a good quality rural property attracts a good price."

The sale which included the land, more than 3000 cattle and machinery equipment was sold as a walk-in, walk-out basis.

For 154 years the Neill- Ballantine family has been the main shareholders of the Galloway Plains Pastoral Company property, using it for cattle farming and breeding.

But, Jim Ballantine, a fourth generation descendent, said like many properties, as the years progressed too many shareholders were involved.

He said the property had to go to auction "to keep everyone satisfied".

Mr and Mrs Neill- Ballantine said it was a relief to buy the property, keeping the history alive in the family.

The Neill-Ballantines began farming at the property in 1863 when Hugh Neill managed to get a lease for the Calliope property.

While there were only four bidders at the Rockhampton auction, Mrs Neill-Ballantine said the room was full of their family and friends giving them support.

"We've been there for so long, so we wanted to stay there," she said.

The property, 42km west of Calliope, features 22 freehold titles totally almost 13,000 hectares and one leasehold of 92 hectares.

Tegan Annett


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