$10m aim for historic lake front property

March 07, 2018

‘Tarramia’ boasts 4km of Lake Mulwala frontage.

Historic property ‘Tarramia’ boasting 4km of Lake Mulwala frontage is aiming to be sold for over $10 million.

The substantial farm property, located just over 5km from Mulwala will be the final disposal by the executors of the estate of the late Marion Page (formerly Marion Orme McPherson, the daughter of one of Australia’s leading business men Sir Clive McPherson) who passed away in August 2015.
Sir Clive (1884- 1958), began his business career in nearby Yarrawonga with a stock and station agency firm and became a leader of the rural and business community in Victoria.
He commenced his working life with a local firm of auctioneers before establishing a prosperous partnership.
As local properties were subdivided, Sir Clive began buying up local farms, with Tarramia forming a significant part of his land holdings.
He was one of the most prominent agriculturists in Australia in the years 1918 to 1958
Sir Clive was managing director of Younghusband Limited, chairman of the Australian Wheat Board and a director of both the National and Commonwealth Banks apart from taking an active role in an honorary capacity in various wartime boards and committees to support the national war effort. (For details see the entry in the Australian Dictionary of Biography).
The McPhersons regularly entertained Prime Minister Menzies and Dame Patty Menzies and the then Governor General Sir William and Lady Slim and the Governor of Victoria Sir Dallas Brooks and Lady Brooks.
The local picnic races each year were the occasion for Sir Clive and Marion to entertain a large house party.
Knighted in 1941, a tall and commanding figure, Sir Clive was also actively involved with the Royal Melbourne Hospital and the Royal Agricultural Society of Victoria.
Tarramia is offered for freehold sale inclusive of the building improvements and water rights as a broadacre farming opportunity as a whole of 1,994 hectares or 4,997 acres (which includes land to the south which extends into Lake Mulwala).
Alternatively, Tarramia can be purchased as two parcels – ‘Tarramia South’ and ‘Tarramia North’.
Tarramia South comprises 601 hectares or 1,485 acres (which includes land extending into the bed of Lake Mulwala), inclusive of the original three bedroom homestead in a Lake Mulwala frontage setting, a cottage fully rebuilt to original specifications that adjoins the homestead, plus two further cottages with farming buildings and a pump station.
The Tarramia North portion comprises 1,393 hectares or 3,442 acres inclusive of a cottage and five bores.
Much of the infrastructure on the property, including the homestead and adjoining cottage, has been renewed in recent years, after being in the direct path of a tornado in 2013.
The property has three road frontages in total with its major frontage at 2899 Spring Drive being to the north side of the Murray River major road that links Mulwala to Corowa.
Pat Rice & Hawkins selling agent Matt Childs says that Tarramia is an offer of distinction and he would expect the buying interest to be well in excess of $10 million.
“There is nothing comparable or recent against which to value this holding as opportunities like this occur so infrequently,” he said.
“I note it is the first time on offer for 60 years and only the second time in a century.”
“The land is zoned Farming under NSW planning controls.
“Although the late Marion Page spent quite a deal of time living on the property it has been farmed recently as a cropping and grazing holding under a lease to a local farmer that has now concluded.”
“Water rights of 152 units of general security water and 29 units of supplementary security are included in the sale and their future use will be up to the successful purchaser.
“With its Lake Mulwala water frontage of some four kilometres, interested purchasers will be mindful that future development opportunities, as reflected in a number of nearby projects either side of Tarramia, can be investigated.
“I regard this offer as a pinnacle of farm opportunities in the Murray Valley as it is unequalled in position, scale and character, offering a unique lifestyle opportunity, as well as broad scale flexible income capacity from a range of agricultural pursuits.”
Conjunctional marketing agents are Pat Rice & Hawkins with Elders Real Estate.

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