Cowaribin has been sold by Duxton Farms to local interests. Photo: KWML

TWO locals have paid more than $11 million in total for 1475ha of land in the Central West of New South Wales offloaded by Duxton Farms as it switches focus from dryland to irrigated cropping, and expands its Northern Territory footprint.

In August last year, the company announced the listing of the 940ha Cowaribin, with 281ha of irrigation, and the neighbouring 535ha Merriment, with 367ha of irrigation.

Both formed part of Duxton’s aggregation south-west of Forbes.

Situated on the fringe of Duxton’s wider cropping enterprise, the properties had run a livestock program which was reduced as the company’s cattle exposure in the NT
expanded.

While no sales expectations were made available at the time, valuations undertaken by CBRE and Knight Frank pegged the Cowaribin and Merriment holdings at $6.45M each.

Cowaribin is a productive mixed-farming operation near the Lachlan River, and its improvements include a four-stand shearing shed, and sheep and cattle yards. Photo: KWML

In December, the company announced it had sold Merriment for $5.1M, $1.35M below expections, to a private buyer on a bare basis.

This week, the company announced to the Australian Securities Exchange it had accepted an offer for the sale of its Cowaribin property to a private buyer for $6M  on a bare basis, including 32ML of stock and domestic water entitlements.

Forbes-based agent Kevin Miller, Whitty, Lennon & Co handled the sale of both properties.

The Duxton board described the Cowaribin sale as a strong result for shareholders, saying it demonstrated another step by the company to pursue its stated investment strategy.

Duxton told the ASX it will continue to rotate capital out of broadacre farms and into other opportunities in the post-merger portfolio, which the directors believe will offer a higher return on capital.

Duxton Farms last month announced it was selling the 1400ha Walla Wallah, 2174ha Yarranlea and 2709ha West Plains, which together comprise an institutional-grade cropping asset, one third of which is irrigable.

Along with West Plains, CBRE has also listed the Duxton-owned Lenborough in an offering which totals 3900ha.

The move marks the company’s intention to completely exit irrigated and dryland cropping in NSW, and follows its sale of Kentucky in the Wirrinya district, and Altora Ag’s purchase of Timberscombe.

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