Property

Duxton consolidates in NSW with funds from SA sale

Liz Wells, August 4, 2021

West Plains at Forbes has sold to Duxton Broadacre Farms. Photo: Miller & James

INVESTMENT company Duxton Broadacre Farms (DBF) has increased the size of its holding in the Forbes district in Central West New South Wales to 22,882 hectares with its purchase of two additional properties, and exited farming in South Australia.

In a deal which settled in June, DBF paid $13.9 million for Lenborough and West Plains, both located between the Newell Highway and Lake Cowal south-west of Forbes, and covering 3506ha in total.

West Plains listed last year with Miller and James at Temora on behalf of vendors the Hammond family, while Lenborough was a private sale.

Along with Cowaribin, Kentucky, Merriment, Timberscombe, Walla Wallah and Yarranlea, the properties grow dryland and irrigated summer crops with a total entitlement of 10,035 megalitres, and a further 6798ML leased.

“In the shortterm, the properties have facilitated  an expansion of the company’s livestock operations and are currently being prepared to expand DBF’s dryland cropping program,” DBF said in a statement to the ASX.

“However, management notes that there is significant potential to develop both properties for irrigation in the longterm.”

DBF stated the purchase of Lenborough and West Plains was funded by the sale of Boorala, a 1980ha property at Frances in South Australia’s South East.

Following Foreign Investment Review Board approval, the sale of Boorala for $22 million bare settled in April following the exchanging of contracts in December.

DBF bought Boorala in March 2019 for $15 million on a walk-in walk-out basis.

Grain Central understands Boorala’s new owner is the Paterson family’s Excel Farms, which has its three other cropping aggregations in Victoria’s Mallee, Wimmera and south-west.

In its June newsletter, DBF said it would “target further valuation uplift” over the next 12 months by improving the condition of the combined 2532 arable hectares across West Plains and Lenborough to bring them into line with the standard on its existing farms.

Duxton Asset Management manages both DBF and Duxton Water Limited, which is also listed on the ASX.

Euglo, South Bowan Park sell

Media reports say the Worner family’s Euglo, a 4155ha holding 35km south of Condobolin, has been sold by Miller and James to an eastern Riverina consortium of agents and farmers for $16.2 million.

Euglo has been running 3000 composite ewes plus progeny, and last year grew 500ha of canola alone which averaged 3 tonnes per hectare.

Soils are a mix of red loams and red and grey self-mulching clays.

The property has frontage to Humbug Creek, and accesses Lachlan River water through the Euglo Water Scheme.

Further up the valley, South Bowan Park at Cargo, between Canowindra and Orange, has sold to a farmer with a diversified investment portfolio.

LAWD agent Ian Robertson said the property sold for more than the $15 million indicated in the price guide issued with the listing.

South Bowan Park has been running 120 Angus breeders and 2000 first-cross ewes and supporting 400ha of cropping. Photo: LAWD

South Bowan Park covers 1090ha, and has supported dryland cropping as well as the capacity to sustain a stocking rate of 13DSE/ha.

Traditionally, South Bowan Park has had 400ha cropped with brassicas including canola, and also cereals, for a mix of cash cropping and grazing.

Livestock income has been generated by prime lambs from 2000 first-cross ewes joined to Dorset rams, and 120 Angus breeders.

South Bowan Park sold via an expressions-of-interest campaign which closed on June 24.

 

 

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