CULCAIRN’S HURRICANE HILL OPERATING HARD ROCK QUARRY WITH ROYALTY STREAM SOLD AT AUCTION FOR $4.5 MILLION
The Hurricane Hill Quarry at Culcairn, NSW about 50 kms north of Albury sold at auction in Albury on Friday for $4.5 million.
The purchasers is Tranternet Pty Ltd a company representing interests in the extractive industries proposing to hold the property as a long term investment.
Ruralco Property’s state manager real estate Mike Everard who auctioned the property says the fully operating quarry is located on Weeamera Road about twelve kilometres southwest of Culcairn and produces crushed rock ranging from 7 mm aggregate up to 63 mm rail ballast.
“The quarry is based on a reserve of rhyodacite rock estimated at an unquarried resource of about nine million tonnes with recent annual production volumes of about 250,000 tonnes with a permitted expansion up to 750,000 tonnes.
“A member of the BORAL Group operates the quarry under a licence which has about twelve years to run.
“The royalty paid by BORAL on a per tonne mined or quarried basis will therefore flow to the new owner as a return on investment” Mr Everard says.
Hurricane Hill Quarry was offered with all extractive licences and permits in place and includes a freehold land area of about 110 hectares or 275 acres, part of which has been cropped or used for dryland grazing.
The quarry is uniquely situated about 50kms north of Albury and is a potential beneficiary from regional infrastructure projects in roads and railways in particular.
Ruralco Property’s Michael Everard says that a quarry has operated on this site for about eighty years with BORAL having acquired the operating licence about twenty years ago.
“At the auction sale the Hurricane Hill Quarry investment offered a potentially attractive indicated investment return to the purchaser”.
“Long term the quarry may offered potential waste disposal capacity as well”.
Mr Everard added the auction concludes a family inheritance matter on behalf of a descendant of the original family that has owned the freehold property for many generations.
“It was certainly one of the more unusual properties I have been called upon to auction and our marketing campaign attracted a lot of interest with the sale price achieved at the high end of expectations”.
Ruralco Property contact: Michael Everard on 0408 653 161.