Situated on the Great Alpine Road south of Mount Hotham, near Omeo, Cobungra Station has been purchased by Rural Funds Group with Stone Axe Pastoral to lease the 6486 hectare property for 10 years when settlement takes place next month.

Cobungra will become the 10^th cattle property purchased by Rural Funds Group with the majority based in Queensland.

Two other properties owned by Rural Funds Group in the New England area are also leased by Stone Axe Pastoral, a Wagyu producer.

Cobungra Station also has 24,512 hectares of leasehold alpine grazing country with the property starting out in the 1800s being a traditional breeder of Hereford cattle before Angus cattle were introduced in the early 2000s by owner Mark Suhr.

The property was put on the market 12 months ago with parent company Rural Funds Management Limited confirming the purchase of its first Victorian cattle property this week.

"We've been diversifying in different rainfall zones up and down the eastern seaboard,” investor relations general manager James Powell said.

"We were particularly attracted to Cobungra for two reasons.

"Firstly the genetics associated with the property and the Wagyu herd already there.

"And secondly we believe there is opportunity to improve the productivity of that property.

"It's a beautiful property and we are glad to have it in our portfolio.

"For all intents and purposes Stone Axe will run the property as if it's their own.”

The new owners have poultry farms and a vineyard in Victoria.

Cobungra Station has only been offered for sale three times in the last century with the late Don Richardson and his wife Carol also former part-owners and managers.

They also had farming interests in the Berrigan area.

The March settlement for Cobungra Station coincides with the traditional Mountain Cattle Sales held at Benambra, Omeo and Ensay.

Cobungra Station dates back to the 1850s when George Gray from Wangaratta, sent his two sons and four stockmen with a herd of 600 beef cattle in search of pasture following severe bushfires.

The Cobungra area was badly affected by the Black Friday bushfires in 1939 when a station employee, 30-year-old Ernest Richards, was killed.

The bushfires created major damage in nearby Omeo with the hospital and Golden Age Hotel destroyed along with 22 homes and 11 shops in the town.

The Omeo region including Cobungra has experienced below average rainfall in the last two years.