Duxton Farms has been diversifying out of NSW cropping assets and into northern Australian farming holdings as well as permanent plantings. Photo: Duxton

AGRICULTURAL asset manager Duxton Farms will put its three cropping properties in the Forbes district of New South Wales on the market.

The move marks the company’s intention to completely exit irrigated and dryland cropping in NSW.

Duxton has commissioned CBRE Group to list 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.

In a statement published to the ASX, the listed company said it was a further step in a “strategic shift away from broadacre cropping” as the board “continues to execute on its strategy to expand and broaden the portfolio’s exposure to the Australian agricultural sector”.

“The properties will be marketed with the company’s significant 8.6-gigalitre portfolio of Lachlan River surface and groundwater,” the statement said.

“The company intends to use the proceeds of the proposed sale to invest further in the company’s development assets in horticulture, viticulture, apiculture and its expansion in northern Australia.”

West Plains and the neighbouring Lenborough are both owned by Duxton Farms, and are for sale through CBRE. Photo: CBRE

Expressions of interest are to be received by the end of March and, subject to agreement on sale terms, Duxton is targeting settlement before the end of the 2026 financial year.

The statement featured no financial expectations.

Official valuations by CBRE and Knight Frank published in July last year estimated the three properties could raise more than $60 million for Duxton.

West Plains led the three at $23.6M, followed by Walla Wallah at $20.8M and Yarranlea at $16.8M.

The announcement comes just weeks after the company announced it had sold Merriment, a 535ha irrigated cropping property, also in the Forbes district, for $5.1M.

The property reportedly went to a “private buyer on a vacant-possession basis”.

In August, Merriment came to market, alongside neighbouring 940ha cropping block Cowaribin.

Forbes agent Kevin Miller Whitty Lennon & Co still has Cowaribin listed for sale.

Source: Duxton Farms