ESTABLISHED Riverina lot-feeders, graziers and cotton-growers the Paterson family has purchased the 19,896-hectare Kooba Ag Hay Aggregation for $63 million.
Located 20 kilometres south-west of Hay in the Riverina region of New South Wales, the irrigated cotton operation sold short of the anticipated price point of more than $70M.
Land, Agribusiness, Water and Development (LAWD) agents Danny Thomas and Elizabeth Doyle handled the transaction.
Mr Thomas said although the property did not reach expectations, the price reflected the strong market for highly-developed cropping aggregations.
“Although it is a bit below the guidance we gave to the market, it is still an exceptional result,” Mr Thomas said.
“Everyone should still be happy with it as an outcome, it exceeds accepted district land values and it’s a very good outcome on the water.
“It’s a very good deal; just a straight cash, unconditional deal.”
Settlement is imminent.
“It happened very quickly which is quite remarkable when you consider it is a $63M sale, which is testament to the strength of the family that has bought it.”
The Paterson family already have substantial land-holdings in the Riverina, including the 13,000ha property Hells Gate, which includes a beef feedlot.
The sale moves Kooba Ag into 100 per cent Australian hands.
Under former ownership, Kooba Ag was mostly held by Australians Chris Corrigan and David Fitzsimons, with Canada’s PSP Investments a minor stakeholder.
The vendors remain the owners of an almond development at Darlington Point.