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Bungendore property sells for $15 million

Canberra Times logo Canberra Times 23/05/2014 Meredith Clisby
"Foxlow", a 7519 hectare property in Bungendore, has sold for $15 million. © supplied "Foxlow", a 7519 hectare property in Bungendore, has sold for $15 million.

An historic farming property just 45 minutes from Canberra has sold under the hammer for $15 million.

Bungendore's Foxlow property has been in the hands of the Falkiner family for 94 years and sold on Friday to an Australian buyer with years of experience in agriculture. 

The size of the property is 7519 hectares.

Selling agent Bruce Gunning of Ray White Rural Sydney said he could not disclose any information about the buyer of the huge land holding except that they had purchased for a long-term investment.

Mr Gunning said it was quite unusual to have such a large land holding so close to a capital city as usually it would have been sold off for housing.

He said the position of the property was the biggest attraction for purchasers because it was 20 minutes from Queanbeyan and 40 minutes from the Canberra airport.

“In addition to that it had a lot of capital growth,” Mr Gunning said. “In the long term it will be worth a lot of money.”

He said there had been about 20 enquires, including from overseas buyers, and 10 inspections carried out before the auction.

At the auction, which was held in Sydney on Friday morning, a vendor’s bid was placed for $14.5 million before the one successful bid of $15 million.

The Land reported last month that the current owner of the home, Brett Falkiner, had managed the property since 1960 following on from his his grandfather F.B.S Falkiner who purchased the holding in 1920.

Retirement is taking the owner to Sydney.

The property offered beautiful grazing land, a 10-kilometre double frontage to the Molonglo River and abundant water with 70 dams.

The 7519 hectares could hold about 30,000 DSE, and has an architecturally-designed single-storey homestead, an extensive gravel drive with landscaped gardens and a historic outbuilding.

Mr Gunning said there were an additional six homes on the property. 

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