Historic family farm up for grabs
AFTER more than a century, the Faust family are set to exit the agriculture sector.
The farm is one of the largest agricultural enterprises in Proserpine, making up five per cent of the district's 1.5 million tonnes of sugar cane for the 2018 harvest.
The sale of their historical 3134-hectare beef and cane aggregation will be handled by Elders, and agent Robert Murolo said it's the first property of it's size in the Proserpine milling area to be opened up to the market.
"It's taken the last five to six years to build the property up to a very substantial enterprise, to get the farm up to where it is today,” he said.
Third generation farmer and Faust Farm general manager Peter Faust said they're very mindful of sustainable farming, and 99 per cent of the water used on the property recycled or recyclable.
"Probably as far as infrastructure goes, the key thing we've done is to install a very modern low operational cost flooding infrastructure, as well as the levelling of the paddock to accommodate drainage,” Mr Faust said.
The property has more than 1100 hectares of cane, and carrying capacity of 500 breeders plus followers and Mr Murolo said there may be some local interest for the property, but it's more likely corporate farmers and large private operators will be putting forward expressions of interest.
"I feel very confident the property will be sold. The right buyer will come along and we're putting it out for expressions of interest,” he said.
Mr Faust said he was open to interest from any potential buyer.
"It's going through an expression of interest sale- it could be sold in smaller portions, but there seems to be interest at the corporate level for larger holdings,” he said.
The price tag for the historic property is 'entirely up to the buyer,' but Mr Murolo said it could fetch between $18 to $20 million if sold in its entirety.
Proserpine has an average yearly rainfall of 1400mm, and Mr Murolo said the unique parcel of land, right on the edge of town has increased water security, and the age of the crop is in good rotation.
"The plant equipment is all in good order, the cattle country has been improved, with 85 per cent improved pastures,” he said.
The property's proximity to the Mill, makes it a major asset to the local Sugar Cane Producing industry.
The Faust family became involved in cattle production in 1910, expanding into sugar in the 1990s when the industry was deregulated and sugar assignments became available.