GREAT STATION SOLD.

New Zealand Herald, Volume LXII, Issue 18941, 12 February 1925, Page 7

GREAT STATION SOLD.

PROPERTY REALISES £240,000. A SYDNEY FIRM'S PURCHASE. "It is not a station; it is a principality,*' declared the auctioneer in offering for sale in Melbourne the renowned Riverina sheep station known as "Benerembah." The station, which, as offered, comprises 90,830 acres of freehold and 14,349 acres of leasehold, situated about half-way between Hay and Narrandera, with a frontage on the Murrumbidgee River, was first taken up about SO years ago by the late Mr. Thomas Baillie. Since Mr. Baillie died, 32 years ago, the estate has been worked by the trustees of his estate. The trustees have been desirous of winding-up the estate, hut because of an embargo by the New South Wales Ministry arrangements for the sale of the property could not be completed until last year. Some interesting figures concerning the working of the huge property were detailed by Mr. Lavender to the large crowd present. According to the statements prepared by the trustees' accountants, the station has in the last 32 years produced 29,602 bales of wool, or an averagd of 923 bales a year; 363.500 sheep have been sold, and 397,600 lambs have been reared. In tho period specified, working expenses, including shearing, amounted to £208,11], an average of £6503 a year. Rates 'and taxes amounted to £597 a year, and the unimproved value is 24s an acre. The gross return fo> last year amounted to £73,682.

The first bid received was £250,000, and by a rapid succession of bids the amount offered rose to £325,(XX), at which figure the bidding ceased. This amount, it is understood, was close to the reserve price fixed, but it was decided to pass the property in at auction and to treat privately with intending buyers. Later in the afternoon it was announced that the property had been sold privately for £340,000 to the Willandra Pastoral Company, Ltd., of Sydney, the firm which had hid £325.000 at auction. Mr. F. W. Hughes, of Sydney, was the runner-up at auction, his bid being £320.000.