Cowl Cowl improvements include permanent grain storages.

ADJOINING Riverina assets carrying substantial water entitlements are expected to attract more than $200 million as large-scale irrigated agricultural assets continue to draw institutional interest.

The adjoining 19,496ha Cowl Cowl and Wyadra Stations, 12km from Hillston and 100km from Griffith in southern New South Wales, last traded in early 2020 for over $120 million.

Now Canada’s Manulife Investment Management has decided to deploy capital elsewhere and list the diversified, institutional-grade portfolio via an expressions-of-interest process closing August 27.

Divided by the Lachlan River but run as a single operation, Cowl Cowl and Wyadra feature irrigated and dryland cropping, as well as an almond enterprise.

Across the aggregation, 8838ha has been developed to channel-fed lateral spray irrigation of cotton, canola, wheat and barley, while a further 1064ha has been laser-levelled for flood irrigation, with opportunity for redevelopment.

Complementing the operation is a 604ha almond orchard at Wyadra, planted between 2016 and 2017, with a weighted average tree age of 9.4 years.

Beyond the irrigated footprint and almond orchard is extensive dryland cropping, native pastoral grazing and operational support land.

LAWD consultant Danny Thomas described Cowl Cowl and Wyadra as an unparalleled asset in the region.

“The special listing combines scale, water, infrastructure and production flexibility that will draw the interest of institutional investors,” Mr Thomas said.

“This opportunity is as good as it gets, offering irrigated agriculture at scale and infrastructure that is second to none, with a huge amount of the best-value groundwater in the southern Murray Darling Basin.”

The aggregation has a proven production record, with cotton achieving yields of 11-12.5 bales per hectare, while dryland cereal production typically yielding 2.5-3.5 tonnes per hectare.

Mr Thomas said the property’s performance reinforces its reputation as one of the Lachlan Valley’s standout agricultural holdings.

“Cowl Cowl and Wyadra grow some of the best crops in the Riverina and the high-value almond plantings are about to reach their maturity window.

“This portfolio is undoubtedly one of the region’s highest-performing assets.”

The water security is extensive and includes 47km of Lachlan River frontage, 16km of it dual frontage, and 53,227ML of water entitlements.

These entitlements consist of 8482ML of Lower Lachlan groundwater and 44,745ML of Lachlan regulated river water, comprising 1722ML high security, 42,853ML general security and 170ML of domestic and stock water.

Underpinned by 420mm of annual rainfall, there is an additional 3950ML of water storage and upgraded primary water supply channels capable of delivering around 200ML a day to service irrigated areas and lateral-move irrigation systems.

Delivery channel redevelopment and pump upgrades have further enhanced energy use efficiency.

Infrastructure includes multiple residences, a large-scale grain-storage complex and various working improvements, together with extensive irrigation infrastructure.

An experienced management team currently oversees both properties and may be retained by the successful purchaser, providing a seamless transition and continuity of operations.

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