Cobungra Station, a landmark grazing property in the pristine Victorian alps, recognised for its premium Wagyu production and exceptional presentation, offers a unique opportunity to secure a flagship large-scale agricultural asset in one of Australia’s most tightly held regions.
Located at the foothills of Mt Hotham, Cobungra Station is one of the largest contiguous rural holdings in Victoria with a total area of 31,292* hectares, which includes a freehold land area of 6,497* hectares, and alpine lease land (Agricultural Licence) area of 24,795* hectares, providing seasonal flexibility.
For more than 170 years, Cobungra Station has successfully supported cattle breeding and backgrounding, with an estimated carrying capacity of 50,000 Dry Sheep Equivalents (DSEs). Its combined footprint of freehold and leased land underpins the property’s strong productivity and its capacity to support a premium Wagyu enterprise.
Currently owned by the listed Rural Funds Group (ASX: RFF) which is managed by Rural Funds Management (RFM), Cobungra Station is underpinned by a long-term lease to one of the world’s largest vertically integrated premium Wagyu producers, Stone Axe Pastoral Company, responsible for producing multiple premium Wagyu beef brands, including the award-winning “Cobungra Station Full Blood Wagyu” brand.
“Cobungra Station was purchased in March 2019 and was leased to Stone Axe Pastoral Company for a ten-year lease term, which is in place until February 2029 with options to extend,” RFM Chief Operating Officer, Tim Sheridan said.
“The existing lease gives a potential buyer a stable income stream from the property for a minimum of over three years, which can be rare in agriculture.”
Under RFM’s stewardship, Mr Sheridan said the property had benefitted from significant capital investment in pasture development, infrastructure, and water systems, ensuring exceptional operational efficiency and long-term resilience.
“A large portion of the capital development of Cobungra Station has been focused on improving the productivity of the grazing operation via improving pastures, fencing and livestock water,” Mr Sheridan said.
“Alongside these, infrastructure improvements such as roads and laneways and upgrades to cattle handling facilities, improve the functionality the property and the efficiency of the grazing operation.”
Supporting premium livestock production
The efficiency of livestock production and management is optimised through 66 paddocks and smaller holding pens, with a gravel lined laneway system providing internal access. This is complemented by extensive road frontages and multiple entry points, along with stockproof boundary.
More than 34% of the freehold land is improved pastures, with soil types across the property predominantly comprising grey to brown clay loams over a granitic base, renowned for its high pH balance.
Water security is a feature of the property with several independent river sources and numerous groundwater bores. A gravity-fed delivery system via header tanks reticulates water to approximately 60 catchment dams and concrete troughs.
Other operational infrastructure includes covered steel cattle yards with 500* head capacity, three large hay sheds, horse stables and a machinery shed.
Prestigious homestead standout feature
Adding to Cobungra Station’s appeal is the stunning circa-2003 architecturally designed five-bedroom homestead that has been meticulously maintained and features expansive vistas across Cobungra Valley and surrounding rural land. Spanning 1,200* square metres, the homestead features five bathrooms, two powder rooms, lounge, formal dining room, large kitchen, games rooms and cellar as well as an internal courtyard with a large stone fireplace.
The large wraparound verandah covers approximately 329 square metres and looks over the mature landscaped gardens designed by award-winning landscape architect Paul Bangay.
Additional accommodation on the property includes five dwellings currently used for staff accommodation.
Situated just nine* kilometres from the regional centre of Omeo, and 11* kilometres from Hotham Airport, Cobungra Station is also within easy reach of major ski fields, positioning it as an ideal base for those seeking to combine investment performance with lifestyle pursuits.
LAWD Senior Director, Danny Thomas, said opportunities to acquire a property that delivers on every front are rare. He expects Cobungra Station to be highly appealing to a diverse pool of buyers in the mid-$50 million range.
“Cobungra Station offers an exceptional combination of location, scale, productivity, presentation, and a secure income through a premium Wagyu tenant, making it particularly compelling for high-net-worth investors, or other agriculture fund managers,” Mr Thomas said.
“Whether it’s purchased as a cornerstone agricultural investment or as a private rural base with income security, Cobungra Station is a truly exceptional opportunity that balances commercial performance with lifestyle amenity.”
Cobungra Station is being offered for sale by Expressions of Interest, closing at 12pm (AEDT) Thursday 4 December 2025. For more information, contact LAWD Senior Director, Danny Thomas on +61 439 349 977, or LAWD Director, Elizabeth Doyle on +61 400 102 439 or LAWD Sales Executive, Patrick Kerr on +61 451 142 791.
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