Property

Daybreak buys goFARM’s Yarrabee Park

Grain Central, March 14, 2022

Daybreak Cropping has bought Yarrabee Park from goFARM for more than $60M. Photo: Elders Real Estate

DAYBREAK Cropping has bought Yarrabee Park in southern New South Wales for more than $60 million.

The 11,200-hectare property includes 10,000ha of cropping and is located 33 kilometres south-west of Narrandera.

“Yarrabee Park is a very special asset, and over the past eight years, we have improved it further with a focus on three strategic pillars: sustainability, productivity and operational efficiency,” goFARM managing director Liam Lenaghan said.

Elders Real Estate selling agent Nick Myer said the the property was exceptionally well received by the market, with very strong interest coming from both domestic and international purchasers.

Yarrabee Park is Daybreak’s first large-scale purchase since early 2020, when it bought the 18,000ha Erregulla Plains near Mingenew in Western Australia, and the 11,900ha Orana Farms near West Wyalong in NSW.

Daybreak was established in 2016 and the broadacre cropping business is managed by Warakirri Asset Management, and includes funds from Canada’s PSP Investments.

Yarrabee Park includes 740ha of lateral-spray irrigation.

In 2021, Yarrabee Park is estimated to have produced more than 41,500 tonnes of grain and hay

It is the eighth aggregation purchased by Daybreak, and its third in NSW.

Daybreak’s other holdings are located in Queensland and Victoria, and it has two further aggregations in WA.

Mr Lenaghan said while price is always important in a sale process, so too are other matters.

“To us it was critical that any purchaser could demonstrate a track record of developing people, delivering a safe work environment, ensuring strong land stewardship and engagement with the local community.

“As such, we recognise that Yarrabee Park, and its team, will continue to be in great hands with Daybreak Cropping.”

Yarrabee Park listed in September and was sold via an expressions-of-interest campaign.

goFARM includes capital from Costa Asset Management, as owned by the Costa family, which has extensive and long-term involvements in growing and marketing fruit and vegetables in Australia.

goFARM’s other main assets are the 6298ha Sandmount Farms in Victoria’s Murray Valley which is currently listed with LAWD, and the 10,000ha Canally Almond Orchards in the Sunraysia region of south-west NSW.

Source: goFARM, Daybreak Cropping

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