To: Phil & Sue Gregory <>
Subject: Bowra
From: Simon Blanchflower <>
Date: Thu, 12 Jun 2008 8:49:32 +1000
This is an interesting debate. Perhaps one thing to consider is that people on 
this list and perhaps through the Birds Australia mailing list are specifically 
invited to particpate in a opportunity to part share the ownership of this 
property with others through say a trust structure or perhaps through a 
tennants in common arrangement. I think the trust structure is probably easiest 
(plus it would be easier to administer / provide liquidity for multiple 
interests) as there are a number of trustees available that can "run" the trust 
and allow for exit and entry of unit holders through time.

The key issue is the total funds needed in order to "run" the property in 
perpetuity. But let's say the property is worth $1.5m and the ongoing costs are 
say $200k per annum (which may be too little or too much) the total cost would 
be about $4m (assuming an 8% discount rate) needed in the trust to purchase the 
property and to run it.

So... if we could get say 1000 unit holders interested and assume equal 
ownership in the trust that would be $4000 each - almost equivalent to a set of 

Now that would be of interest to me and others I suspect, but we would of 
course need to see whether there are any other properties in the area which 
might be better suited from a cost/benefit perspective.

Just a thought!

---- Phil & Sue Gregory <> wrote: 
> Hi Peter,
>   Good summary of the Bowra situation on birding-aus; I had a a  
> wealthy American client a couple of years ago who was very impressed  
> with the place and actually got a group together to fund the purchase,  
> hoping to give it to one of the well-known conservation bodies. The  
> stumbling block proved to be the apparent need for hundreds of  
> thousands of $ as management each year.
>   This was a great shame as I too would love to see the place kept as  
> is, and aided in recovering from stocking. I fear new owners taking it  
> over, giving birders the flick then running intensive stocking and  
> clearance. I thought the price was very reasonable too, it seems such  
> shame we may lose this gem over what is a relatively paltry sum in  
> business terms.
> Phil Gregory
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